Mistakes 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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Accounting Tips, Training, and News
March 6, 2025
What Is a Purchase Order, and When Would You Need to Create One?
As 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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March 6, 2025
How to Read a Credit Card Statement [+ Example]
Nearly 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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March 5, 2025
What Are the Three Golden Rules of Accounting?
You 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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March 4, 2025
Form 3115: Changing Your Accounting Method
As 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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March 4, 2025
Pros and Cons of Cash-basis Accounting
Choosing 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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March 4, 2025
Throwback Rule: Does Your State Have a Throwout or Throwback Rule for Corporations?
When 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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March 3, 2025
Business Mileage Deduction 101
Miles spent driving to meet clients, going to an office supply store, and depositing a customer’s check at the bank can add up. If you use a vehicle for small business purposes, you might qualify for a business mileage deduction from the IRS.
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March 3, 2025
What to Do If You Receive an IRS Notice (Besides Panic)
Receiving a tax notice from the IRS can be scary. But, there are basic steps that you can take when responding to IRS notice.
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February 28, 2025
2025 Common Tax Scams: IRS “Dirty Dozen” Highlights
Tax 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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