Tips for avoiding an IRS audit

Small businesses and their owners are more likely to be the subject of tax audits, says CPA Scott Berger, who notes that red flags include sole proprietorships that report losses every year and minimal pay for shareholders or officers. Berger recommends keeping stringent records for your business and making sure business records are completely separate from personal ones. Bloomberg Businessweek (3/11)

Tips for boosting cash flow

Cash is still king, and, especially for a new business, getting cash flow rolling is vital, Brad Sugars writes. He advises keeping 10% to 20% of your monthly revenue on hand to reinvest when you need it, carefully considering the discounts you offer -- and he advises never discounting -- and preselling as many products and services as possible. Entrepreneur.com (4/14)

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