Finance expert Mike Periu on ways to avoid costly tax errors.
Millions of small businesses use accounting software packages like QuickBooks. Many, however, don’t have the proper training which can lead to overstating or understating your revenues. The first will cause you to overpay income taxes; the latter could lead to an audit and underpayment penalties.
If you have multiple bank accounts and transfer money between them, make sure that you use the bank transfer module in your software to account for this to avoid mistakenly recording the transfer as revenue. When receiving payments from customers, it’s better to use the “receive payments” screen instead of manually entering the deposits to avoid double-counting the payment. Cash that enters the company not related to sales, such as loans to the company, cash advances and owners paid in capital, are not considered income and should not be taxed.
Who is Mike Periu?
Mike Periu is the President of Proximo, LLC, a company that markets education and training programs to small business owners, entrepreneurs and consumers.
Mike Periu has been interviewed over 500 times for broadcasters including CNN, NBC TVE, RTE and others. Mike is a contributing author to OpenForum, Yahoo! Finanzas and the Huffington Post.
Mike graduated from Georgetown University in Washington, DC. His degrees are in Finance and International Business. In addition to his work Mike is also on the Board of the Council for Economic Education.
A little about Mike Periu
Periu founded Proximo, LLC nearly 15 years ago. The company provides small business education and training services with an emphasis on finance and technology.
Periu teaches empowerment through entrepreneurship and economic opportunity. He regularly appears on television and radio talking about these subjects.
Periu also writes for leading blogs about finance. These include: American Express OpenForum, Yahoo! Finanzas and the Huffington Post.
Periu studied Finance and International Business at Georgetown University. He is a Board member at the Council for Economic Education.
