Category: Accounting

    You need to know your LLC tax rate so that you can figure out what your dues are when tax season rolls around. A mistake can mean either overpaying or underpaying on your taxes. Both are not good for your business.   Without a solid tax plan, you can even end up owing… Continue reading What Is the LLC Tax Rate? A Guide to Small Business Tax Rates

    Are you preparing to meet the LLC tax filing deadline 2024? We’ve got you covered!   In this post, you’ll get a rundown of what you need to know for correct tax filing. We’ll also give you some information on the penalties for being late and the amounts you can expect to pay.… Continue reading LLC Tax Filing Deadline 2024: A Complete Guide

    The U.S. tax code is notoriously complex, with myriad forms, schedules, and deductions to navigate. For small business owners, one of the critical elements to understand is the Qualified Business Income (QBI) deduction, which can significantly impact your tax liability. Form 8995 is a key document related to this deduction, and in this… Continue reading What Is Form 8995? A Guide to Small Business Tax Rates

    Depreciation is a fundamental concept in accounting, representing the allocation of an asset’s cost over its useful life. Various depreciation methods are available to businesses, each with its own advantages and drawbacks. One such method is the Double Declining Balance Method, an accelerated depreciation technique that allows for a more significant portion of… Continue reading Double Declining Balance Method for Depreciation (With Examples)

  Proper record-keeping and documentation are crucial when it comes to managing your business’s tax affairs. The Internal Revenue Service (IRS) has specific requirements for maintaining receipts and other financial records to support your tax deductions and claims.   In this comprehensive guide, we will explore the IRS receipt requirements, what a Business Tax Receipt… Continue reading What are the IRS Receipt Requirements?

  Incorporating your business is a significant step that can have far-reaching implications for your company’s future. The state you choose for incorporation plays a crucial role in determining the legal and financial aspects of your business.   In this guide, we will explore the best states to incorporate your business in 2023, the process… Continue reading 3 Best States to Incorporate Your Business in 2023

  What are pro forma financial statements and how can I use them to benefit my business?   In this article, we will be defining these unique financial reports in detail. You will know how they are similar and different to the financial statements you are already familiar with. You will also know the general… Continue reading What Are Pro Forma Financial Statements? Definition & Examples

  If you want to know how to change from sole proprietor to LLC, this is the post for you. We’ll go through the steps for making the change and look into some key points to pay attention to.    What is Sole Proprietorship?   The sole proprietorship form of business is the simplest one… Continue reading How to Change from Sole Proprietor to LLC: A Step-by-Step Guide

  In this article, we’re going to dive into the world of liabilities. We’re also going to provide a list of liabilities to give you a better idea of what they are.    Having a good grasp of liabilities is essential. This is true for small businesses in particular. It isn’t uncommon for business owners… Continue reading What are Liabilities on a Balance Sheet? (List of Examples)

  Are you looking for an accounting solution and other methods to improve your financial management? Well, in this article we will talk about the accounting process and ways you can refine the way you do your books.    1. Streamlining Your Accounting Process   If you’re new to accounting, or you are doing it… Continue reading Accounting Solution Options: The Top 10 Ways to Get Your Accounting Done