Author:

Michele Bossart

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 […]

What Is Gross Income for a Business?

By Michele Bossart

Gross income is an important financial figure you can use to calculate other figures and determine how your business is doing. Learn about gross income, how to calculate it, and how to use it.

What Is Inventory?

By Michele Bossart

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?

What Is Your Small Business Tax Liability?

By Michele Bossart

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.

What to Do If You Receive an IRS Notice (Besides Panic)

By Michele Bossart

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

What Is Adjusted Gross Income?

By Michele Bossart

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.

Don’t Get in Over Your Head: Understanding Overhead Cost

By Michele Bossart

Overhead costs are the ongoing expenses that support your business but don’t generate revenue.

Employee Stock Ownership Plan: How Can It Benefit Your Business?

By Michele Bossart

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 […]

Independent Contractor Misclassification: How to Avoid

By Michele Bossart

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?

What Is a Not-for-profit Organization?

By Michele Bossart

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 nonprofit organizations.