It’s easier to set up a business and even run it to achieve business goals, but there’s a lot more to running a business than just producing and selling goods and/or services. One of the many overwhelming things that can bog a business’ operations down, is the several types of tax forms that are required…
Tax season can be a disorienting time for many, where you feel like you’re faced with an alphabet soup of forms and numbers. If you’ve heard whispers of K-2 and K-3 tax forms and are wondering what they’re all about, you’ve come to the right place. In this blog, we’ll explain these forms and clarify…
What is Salvage Value? Salvage value is the remaining book value of something valuable (like a machine or equipment) after it has gone through wear and tear, based on what a company thinks it can get when it sells or exchanges that thing at the end of its useful life. So, when a company figures…
No matter what they do, small businesses will always require help with their financial records. If you’re considering becoming a bookkeeper, our guide can help you with personal bookkeeping services in 2023. We’ll guide you through everything, from the legal aspects of setting up a new business to how to price your services and promote…
How can you see a snapshot of your business’ financial situation at any time? You can use a document called a balance sheet. This special report tells you about the things your business owns and what it owes to others, as well as how much value your business has for its owners. One key thing…
During the tax filing season, you must consider various expenses related to your car and business meals. A recent survey by Capital One found that 56% of small business owners worry the most about taxes. Filing your taxes can be complex, but whether you do it yourself with IRS forms, use tax software, or hire…
The term “gross sales” is a common one in the world of business and finance. It helps us understand how much money a company has earned during a specific period and provides clues about how they are spending their money. In this blog, we will delve into the concept of gross sales in business. We’ll…
Accountants and bookkeepers use “account reconciliation” to ensure all the transactions are recorded correctly in the company’s financial records. It helps keep track of the company’s money and ensures everything is in order. They do this reconciliation at the end of each month and year to ensure everything is correct. They can also use special…
Financial forecasting is like looking into a crystal ball for your business’s money. It helps us guess how much money we might make or spend in the future. Read on to know more about how financial forecasting is planned, what is its importance and what are its types. Why is Financial Forecasting so important? Imagine…
Have you hired any employees for your small business this year? Managing employment taxes, specifically federal unemployment (FUTA) taxes, is essential when you have a workforce. Each staff member on your payroll must allocate a portion of their earnings towards federal unemployment taxes. Submit these tax payments to the IRS and report your tax obligations…
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