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These inconspicuous missteps can lower your bottom line and inhibit yourwealth-buildingpotential.
GoBankingRates spoke to financial experts about six common mistakes entrepreneurs should watch out for and how to fix them.
Check Out:4 Things You Should Do if You Want To Retire Early
1.
You Tie Up Cash Flow
One of thebiggest mistakes entrepreneurs makeis tying up their cashflow.
She advises business owners to reduce pressure by rethinking where they store cash reserves.
Lamboy recommends the following cash flow fixes.
One benefit to consider is ahealth savings account, or HSA.
Maxing out your HSA, a powerful, tax-advantaged tool, couldsave you thousandseach year, said Crocco.
You Overlook Tax Deductions
Its surprising how often entrepreneurs overlooktax deductionswhen it comes time to file.
Think smaller, like home office deductions, mileage tracking, and client gifts.
These small expenses accumulate and are fully legitimate write-offs.
He added thatwhole or universal life policiescan serve as potent tax-deferred investment vehicles while protecting loved ones.
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