In business, it seems like you dole out money for anything and everything. Employee wages and inventory purchases are just some of the payments you might make. Sometimes, you may make payments that fall under the IRS’s miscellaneous category. And if you do, you must report them as miscellaneous information (formerly miscellaneous income). So, what […]
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Author:
Mike Kappel
Mike Kappel, serial entrepreneur and CEO of Patriot Software, offers payroll advice from more than 30 years of experience to small business owners.
What Is Market Price? Pinpointing Where Supply Meets Demand
August 19, 2026Knowing the market price for products or services is key to knowing how to get a deal, increase sales, and grow your business. And when it comes to running your company, you likely participate in different markets to provide your goods or services. Depending on your offerings and industry, your business’s market price may vary. […]
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What Is Liquidation? | Small Business Liquidation
August 19, 2026As an entrepreneur, you need to have a plan in case you have to close your business. Perhaps your business can’t pay its debts, or maybe you want to retire. Regardless of what happens, you should be aware of one of your options for closing your business: small business liquidation. What is liquidation?
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What Is an LLC, and How Do You Form One?
August 19, 2026When it comes to forming a business, there are a number of business structures you can choose from. Your structure can determine how you handle taxes and which forms you need to file. One business entity you can choose is an LLC. So, what is an LLC?
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What Are Liabilities?
August 19, 2026As a small business owner, you might owe money to vendors, employees, and the government. You need to keep track of your business’s debts in your accounting books. When it comes to recording the money you owe, mark your debts as liabilities. What are liabilities?
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What Is Interest?
August 18, 2026As a business owner, you likely borrow money to help fund your startup. And when you need a business loan, lenders typically charge you interest. So, what is interest?
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What Are Intangible Assets?
August 18, 2026If you’re like many small businesses, you account for company assets that you can see and touch. But, what about the items of value that aren’t physical? You may be undervaluing your business by forgetting your intangible assets. What are intangible assets?
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What Is an Independent Contractor?
August 18, 2026As a business owner, you might need to hire a worker at some point or another. And depending on your type of business, you might need to hire employees, independent contractors, or both to get the job done.
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What Is an Income Statement?
August 18, 2026Quick: Off the top of your head, how much money is your business bringing in? How much are you spending? At some point, investors, lenders, and (cough) you will need to know. But don’t panic when someone asks about your company’s revenue and expenses. Just whip out your income statement. What is an income statement, […]
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What Is Gross Profit?
August 18, 2026Do you know how profitable your small business’s operations are? You don’t have to be a financial expert to find out. You can calculate your gross profit to compare the funds you put into your business.
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