What is the IRS Fresh Start Program? Regarding taxes, it’s common for people to catch up on their payments. The reasons for this can vary, but it’s often due to unexpected life events such as medical bills, job loss, or a family emergency. You may wonder about your options if you’ve found yourself in this…
As the world becomes more digitized and technology advances at an unprecedented rate, the financial industry is pressured to keep up. Traditional banks, long known for their brick-and-mortar approach, face fierce competition from fintech companies disrupting the industry with innovative solutions. With consumers increasingly demanding convenience and speed in their financial services, traditional banks need…
What is FUTA? FUTA is a federal law that requires employers to pay unemployment taxes to support the federal-state unemployment insurance program. The program provides temporary financial assistance to workers who have lost their jobs through no fault. The tax rate is 6% on the first $7,000 of each employee’s wages per year, and employers…
What is the qualified business income deduction? The qualified business income (QBI) deduction is a tax deduction for individuals who own and operate certain types of pass-through businesses, such as sole proprietorships, partnerships, S corporations, and limited liability companies (LLCs). The QBI deduction allows taxpayers to deduct up to 20% of their QBI, the net…
What is deferred revenue? Deferred revenue, also known as unearned revenue or advance payments, refers to the money that a company has received from its customers in advance for goods or services that are yet to be delivered or performed. In other words, deferred revenue represents a liability on the company’s balance sheet that reflects…
What is SG&A? SG&A stands for Selling, General, and administrative expenses. It is an accounting term that describes the costs associated with running a business that is not directly related to producing goods or services. Selling expenses are the costs of promoting and selling a company’s products or services. This includes advertising, sales commissions, trade…
What is LLC? LLC stands for Limited Liability Company. It is a type of legal entity that is separate from its owners, also known as members. LLCs offer a corporation’s liability protection but with a partnership’s tax flexibility. This means the members are not personally responsible for the company’s debts or legal obligations, and their…
Are you feeling anxious about not filing your taxes on time this year? You are not alone. Despite this being an annual occurrence, many people must prepare to request an extension. If you are facing unique circumstances, have experienced unexpected events, or are extremely busy during this time, you may qualify for an extension on…
What is an invoice An invoice is a commercial document that provides a detailed summary of goods or services, given by a seller to a buyer. It typically includes the quantity, description, price, total cost of the goods or services, and any taxes, discounts, or other fees. In addition, an invoice usually includes the payment…
What is marginal revenue? Marginal revenue is generated by selling one additional unit of a product or service. It is the difference between the revenue generated by the sale of an additional unit and the revenue generated by the sale of the previous unit. In other words, marginal revenue is the change in total revenue…
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