For many businesses, collecting sales tax is a mandatory part of selling goods and providing services. After collecting sales tax from customers, you are responsible for remitting the tax to your state or local government. But before you start collecting, you need to know how to calculate sales tax.
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Accounting Tips, Training, and News
Types of Accounts in Accounting to Memorize
March 7, 2025You’ve heard about debits and credits. You know they increase and decrease certain accounts. But, how much do you know about the accounts they affect? There are five types of accounts in accounting.
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Transposition Error, the Little Mistake That Causes Big Problems
March 6, 2025Mistakes happen, especially when it comes to recording transactions in your books. One type of accounting mistake that’s easy to make is a transposition error. Read on to learn what is a transposition error and how it can affect your accounting books.
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What Is a Purchase Order, and When Would You Need to Create One?
March 6, 2025As a seller, you prepare invoices requesting payment from customers who make purchases on credit. And as a buyer, you may also need to create some documents, like a purchase order (PO). What is a purchase order?
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How to Read a Credit Card Statement [+ Example]
March 6, 2025Nearly 80% of small businesses have and use credit cards for business purposes. If you’re part of this majority, you’ll receive a credit card statement each month.
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What Are the Three Golden Rules of Accounting?
March 5, 2025You might have heard of the Golden Rule in life: Treat others as you want to be treated. But, did you know that there’s also a golden rule for accounting? In fact, there are three golden rules of accounting. And no … one of them is not treating your accounts the way you want to […]
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Form 3115: Changing Your Accounting Method
March 4, 2025As a business owner, you’re responsible for keeping your business’s books in shipshape. To do that, you need to choose an accounting method and stick with it. But as your small business grows, you might need to change your accounting method. You can do this with Form 3115.
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Pros and Cons of Cash-basis Accounting
March 4, 2025Choosing your accounting method is the first step in handling your company’s books. If you’re a small business owner, you may prefer the simplicity of cash basis as opposed to accrual or modified cash-basis accounting. But before solidifying your decision, learn the pros and cons of cash-basis accounting.
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Throwback Rule: Does Your State Have a Throwout or Throwback Rule for Corporations?
March 4, 2025When it comes to company taxation, each state has its own set of laws for businesses. And depending on your type of business structure, you might be subject to different types of laws, such as the throwback rule.
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2025 Common Tax Scams: IRS “Dirty Dozen” Highlights
February 28, 2025Tax scams are afoot in 2025. Are you prepared? The IRS compiles an annual list of common scams known as the “Dirty Dozen” list to help taxpayers navigate threats.
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