About Michele Bossart

Michele Bossart has a vast knowledge of the accounting world, and she shares it freely with American small business owners on Patriot Software's Accounting Blog. Because she's a giver.

Author Archive | Michele Bossart

What is a not-for-profit business?

What Is a Not-for-profit Organization?

There are countless organizations and charities that work to help individuals or communities in need. These types of organizations are typically considered not-for-profits. Read on to find out what is a not-for-profit organization and how not-for-profits differ from nonprofits.

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estimated-taxes-start-with-collecting-records

What Is Estimated Tax?

Employers are responsible for withholding taxes from employee wages and sending them to the correct government agencies. But what about self-employed individuals or people whose income isn’t taxed? What do they do? If you’re self-employed or receive untaxed income, you may need to pay estimated taxes each quarter to avoid any penalties or interest. Read […]

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Misclassifying Independent contractors

How to Avoid Independent Contractor Misclassification and Protect Yourself From Penalties

An estimated 3.4 million workers deal with independent contractor misclassification. It’s no secret that the IRS has strict policies in place to crack down on employers who misclassify contractors. So, how do you avoid misclassifying independent contractors?

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ESOP plan

Understanding an Employee Stock Ownership Plan, And How It Can Benefit Your Business

As a business owner, you might offer a variety of benefits to your employees, including health insurance and retirement plans. One option you can offer employees is an employee stock ownership plan (ESOP). Along with other benefits, ESOPs are growing in popularity for small businesses. According to the National Center for Employee Ownership (NCEO), as […]

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disposable personal income explaination

What Is Disposable Personal Income?

How much money do you really have to spend? What about your employees? To figure out your available spending money, you need to find your disposable personal income. What is disposable personal income?

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what is adjusted gross income

What Is Adjusted Gross Income?

As a small business owner, you have likely heard of the terms gross or net income. But, are you familiar with adjusted gross income? Learn what is adjusted gross income, how to calculate it, and uses for adjusted gross income below.

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petty cash

Benefits of Using Petty Cash for Your Small Business

Do you find yourself purchasing or asking an employee to buy something for your business from time-to-time? If so, you may benefit from using a petty cash fund. Learn more about what is petty cash, the purpose of petty cash, and petty cash uses for your small business.

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accounting-for-your-inventory

What Is Inventory?

Unless you own a service-based business, you likely have inventory. Knowing how much inventory you have is crucial for managing accurate small business accounting books, ordering new stock, and making pricing decisions. So, what is inventory?

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What Is Your Small Business Tax Liability?

Juggling different expenses comes with the job of being a small business owner. One cost you’re responsible for is your company’s taxes. There are several aspects of your business that the government enforces taxes on. To stay legally compliant, you must stay on top of your small business tax liability.

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cost of goods sold

Do You Know Your Cost of Goods Sold?

Before you start calculating your business’s profit, you need to know your cost of goods sold. And, knowing what the cost of goods sold is plays an important role in setting prices. But what is the cost of goods sold? Understand what the cost of goods is, how to calculate it, and why it’s important […]

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