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Small Business Tips To Avoid Money Problems

Small businesses (defined as businesses with fewer than 500 employees) account for 99.7 percent of all business in the United States and there are nearly 28 million of them. But running a small business can be difficult. According to a U.S. Bank study, 82 percent of businesses that fail do so because of cash flow problems. According to the Wells Fargo Small Business Index, $10,000 is the average amount of startup capital required by a small business owner.


For small businesses, especially Mom and Pop stores, paying taxes correctly and bills on time is crucial. The IRS can audit any business tax return within three years of filing and it can collect back taxes owed for up to 10 years. To avoid the hassle and keep your small business going, here are some important steps to take:

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