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

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?

Continue Reading
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 […]

Continue Reading
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?

Continue Reading
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.

Continue Reading
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.

Continue Reading
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?

Continue Reading

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.

Continue Reading
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 […]

Continue Reading
A tax notice is a letter from the IRS indicating an issue with your account or tax refund.

What to Do If You Receive an IRS Notice

Receiving a tax notice from the IRS can be scary. But, there are basic steps that you can take when responding to IRS notice.

Continue Reading
owner's equity representation of kid in wing suit

What Is Owner’s Equity?

If you are a sole proprietor or partner, you or you and your partners are entitled to everything in your business. You don’t provide dividends to shareholders. You have full ownership of your business. However, you still have liabilities that you need to handle. Failing to consider your liabilities will give you a false picture […]

Continue Reading