Reducing your tax liability can be a huge relief to your small business. Individual taxpayers and business owners alike have the option to lower their tax bill through business tax deductions and credits. What’s the difference between business tax credit vs. tax deduction?
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Accounting Tips, Training, and News
Different Types of Equity for Your Small Business: Get the Lowdown
November 3, 2022There are many different accounts you can use to record equity in your business accounting books. Before you can begin tracking equity, you must learn about the different types of equity that can apply to your company.
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Do You Know How to Calculate Your Business’s Burden Rate?
November 3, 2022Running a business has some indirect costs. These costs aren’t always apparent, which is why they’re the hidden costs of running a business. It’s important to keep track of your business’s indirect costs. And, you should know how your indirect costs compare to your direct costs. To do this, you’ll need to find your burden […]
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9 Money Management Tips to Keep Your Small Business Afloat
November 3, 2022No business owner likes being strapped for cash, but mismanaging cash flow happens. If you’re struggling to control your small business funds, check out the money management tips in this article.
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How to Change from Cash to Accrual Accounting
November 3, 2022When you started your business, you might have chosen to use cash-basis accounting. Cash basis is the simplest way to record your books. It is good for new businesses with few transactions.
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What Is the Difference Between S Corp and C Corp?
November 2, 2022Choosing a business structure is a big deal. The way you structure your business affects how much you pay in taxes, your personal liability for business losses, how you pay yourself from your business, and more. Sole proprietorships, partnerships, corporations (S Corp and C Corp), and LLCs (single-member and multi-member LLCs) are business structure types.
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Travel and Entertainment Expenses: Learn How to Deduct
November 2, 2022For some business owners, spending money on travel and entertainment is inevitable. You might need to take a business trip or decide to take a client out for lunch. Whatever your situation, you might be able to claim travel, meals, and entertainment tax deductions.
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Wrap up Your Accounting Period With Closing Entries
November 2, 2022When you manage your accounting books by hand, you are responsible for a lot of nitty-gritty details. One of your responsibilities is creating closing entries at the end of each accounting period.
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What Is an Indirect Cost?
November 2, 2022To turn a profit in your business, you need to make sure your products or services bring in more money than what you put into them. But if your business expenses are greater than your revenues, you won’t stay afloat. Learn about indirect cost and how to calculate and reduce it.
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What Are the Federal Tax Forms for an LLC?
November 2, 2022Structuring your business as a limited liability company (LLC) can have great benefits, but filing small business tax returns can get confusing. Because LLCs take aspects of both corporations and partnerships, there is not a standard LLC form you will use. Learn about the different tax forms for an LLC.
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