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Young Entrepreneurs Often Make These Tax Mistakes. Here's How to Avoid Them. The right tax tactics and guidance may help you run a business and achieve your objectives more confidently.

By Kimberly Zhang

Key Takeaways

  • Be smart with your planning to save money and avoid liabilities
  • Classify your workers correctly
  • Don't forget about local and state taxes

This story originally appeared on Under30CEO

Establishing a business is a thrilling adventure full of possibilities and difficulties. Young people with enthusiasm and creative ideas frequently jump into the startup industry with all their might, wanting to leave their mark. Tax compliance, however, is one area that often gets neglected in their rush to upend markets and provide value. Ignoring or mismanaging tax duties and costly tax mistakes can have severe financial and legal repercussions, destroying a promising enterprise from the ground up.

In this context, understanding debt resolution is important to safeguard your startup's financial health and future. Let's explore common tax mistakes young entrepreneurs make and provide practical advice on avoiding them, ensuring a smoother path to success.

1. Overlooking tax planning

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