Most people file a tax return because they have to, but even if you don’t, you might be eligible for a tax refund and not know it. The tax tips below should help determine whether you must file a tax return this year. General Filing Rules Whether you need to file a tax return depends […]
There are different kinds of tax preparers, and a taxpayer’s needs will help determine which kind of preparer is best for them. With that in mind, here are some quick tips to help people choose a preparer. When choosing a tax professional, taxpayers should: Check the IRS Directory of Preparers. While it is not a […]
If you or someone you know (i.e., relatives, friends, partners, employees) is currently facing IRS difficulties, you can find out how to get back on track with these insider secrets to tax relief. Learn how to get a leg up on back taxes and delinquent tax returns so that you can avoid severe IRS penalties […]
The balance sheet displays the company’s total assets and how the assets are financed, either through either debt or equity. It can also be referred to as a statement of net worth or a statement of financial position. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity. The assets and […]
Profit and Loss Profit and loss are two of the most important concepts in business. They tell you how much money your business is making and how much money it is spending. Profit and loss are also important for tax purposes. Profit and loss are calculated as the difference between revenue (the money your […]
Your business structure How to form your business effectively is not an easy task for any business owners. Legal protection, tax advantages, and financial expectation are the key factors that could significantly affect your business for many years to come. The business structure you choose influences everything from day-to-day operations, to taxes and how much […]
Cash flow diagrams are visual representations of revenue and spending over a period of time. A horizontal line with markers at various time intervals forms the basis of the diagram. Expenses and expenditures are displayed at the proper moments. The circulation of money in and out of a business is referred to as cash flow. […]
• Restaurant accounting Many restaurateurs try to avoid accounting for restaurants, but it is an essential element of running a business. Restaurant accounting is the process of interpreting and analyzing the revenue, cash flow, inventory, and income statements of a restaurant. It allows you to document all financial transactions of your business and determine its […]