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In running a business, accounting plays a vital role as it helps you to monitor expenditure and income. It also enables record taking, organizing specific credentials, ensures statutory compliance, management services, and provides quantitative financial information which can be used to make business decisions. For starters, taking inventory, organizing a business structure, getting a trademark, and also getting customers and selling a product may seem very intense. Because you may be required to track income and expenses or unavoidably take the risk of running out of business in the early stage of your accounting business, continue reading this article to get an overview of the basics of accounting for new startups.

You are living the dream of many as a self-employed, being your boss, and having complete control of your actions. There are numerous perks to being self-employed, but being eligible for a number of tax benefits and deductions leads the bunch. Although the US tax code contains rigorous dictates specifically for self-employed workers, it is often better to manage and pay close attention to your business taxes because you can only save money from your business by doing so. With the use of the legal tax hacks highlighted below, you can help your business out and save more funds for future needs.