Published August 24, 2023 – Tax season can be overwhelming, especially if you’re a freelancer or an independent contractor. One tax form that often raises questions is the 1099-NEC. In this casual guide, we’ll break down the basics of the 1099-NEC tax form, helping you easily navigate this essential document. Suppose you’re seeking professional assistance […]
Published August 21, 2023 – Leasing is a common practice for businesses looking to acquire assets without the upfront costs of purchasing them outright. Whether it’s office space, equipment, or vehicles, leases can provide flexibility and financial advantages. Table of Contents Introduction Understanding Business Expenses Lease Expenses: What You Need to Know Qualifying for Lease […]
Published August 18, 2023 – Imagine you’re keeping track of your finances, like income, expenses, and assets. The double entry system is like a super organized way of doing this. It’s a special method used in accounting, which is like the language of business money stuff. It’s significant because it helps us keep everything balanced […]
Published August 18, 2023 – As a business owner, deciding how much to pay yourself is more than just a financial choice; it’s a strategic decision with important consequences. The compensation method you choose can impact not only your personal finances but also how much taxes your business has to pay. Table of Contents IntroductionThe […]
Published August 14, 2023 – In modern business, lawyers play dual roles: legal counsel and entrepreneurs. Often, they establish an LLC for liability protection, tax flexibility, and operational versatility. Let’s lawyer compensation within an LLC. Table of Contents IntroductionSetting the Foundation: Basics of LLCs and Self-PaymentDetermining Reasonable CompensationStructuring Self-Payment: Different ApproachesTax Considerations and ImplicationsThe Role […]
Published August 9, 2023 – The trial balance stands as a pivotal component that aids in the process of accurate financial reporting. It serves as a crucial checkpoint in the accounting cycle, ensuring the correctness and balance of recorded transactions. This section will delve into the definition of a trial balance, elucidate the paramount importance […]