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.
Read More How to Read a Credit Card Statement [+ Example]
Patriot Software's Blog
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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What Is 2% Shareholder Health Insurance?
March 4, 2025Do you own an S corporation and offer health insurance to employees? If so, handling health insurance may get confusing if you have a 2% shareholder-employee. Learn how 2% shareholder health insurance works for S corporations.
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Which States Require an EITC Notice (IRS Notice 797) for Employees?
February 28, 2025Several states require that employers give tax notices to employees regarding their possible eligibility for the Earned Income Tax Credit (EITC, or EIC). The tax notice is typically IRS Notice 797, although you can give alternative notifications.
Read More Which States Require an EITC Notice (IRS Notice 797) for Employees?
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.
Read More 2025 Common Tax Scams: IRS “Dirty Dozen” Highlights
Invoice Generators: A Guide on How To Make an Invoice
February 28, 2025For many businesses, invoicing customers is how you get paid. But manual invoicing processes can be time-consuming, and invoices can look unprofessional. Invoice generators streamline the essential invoicing process, which can speed up how quickly you get paid.
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The Difference Between Gross Profit vs. Net Profit
February 27, 2025Calculating your business profits shows you how much money your company brings in. But, not all profit data is the same. There are two types of profit you should understand and use to measure your financial health: gross profit and net profit. What’s the difference between gross profit vs. net profit?
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