Clean bookkeeping and expense-tracking have a ripple effect. Beyond simplifying tax time, you’re better prepared to write off expenses. Below, you’ll find a list of some of the most common small business expense categories that can be ded... Read more
Without great records, no one can prepare an accurate tax return and we can’t provide you with great tax strategies that will actually be impactful because we’d just be guessing. Accounting service fees vary depending on the services you ... Read more
Your company reports the expense of $10,000 and denotes $12,000 as tax payable. It adds future economic value to your company, making it an asset. Deferred tax is caused by the temporary differences between book and taxable income, which are those di... Read more
In this lesson, you'll learn about the different types of bank assets and liabilities. We'll look at examples of bank assets and liabilities including a discussion of rate sensitive assets and liabilities. If the answer to any of these questions is y... Read more
Your deposit schedule is based on a lookback period of the taxes you previously reported on Form 941 or Form 944. You can learn more about the lookback period and how to determine your deposit schedule in Publication 15. Your lookback period can chan... Read more
In the example of the loan transaction above, the increase in cash would be recorded as a debit to the company's cash on hand, increasing it by the loan amount. When an accountant is executing a transaction on the balance sheet of a company, debits a... Read more
To make the salary vs. draw decision, you need to understand the concept of owner’s equity. With protection from personal liability, it’s easy to see why LLCs are a common choice for small and medium business owners. Filing as an LLC prov... Read more
In short, the Imprest petty cash procedure is a rudimentary method for tracking petty cash disbursements. Find out more with our simple guide, starting with a quick overview of the meaning of Imprest. Read more
Payroll taxes, on the other hand, are usually filed quarterly. Especially if you only have one employee. But, you may need to pay the tax monthly depending upon how much payroll tax you have to pay. You’ve been running your business successfull... Read more
A historical cost is a measure of value used in accounting in which an asset on the balance sheet is recorded at its original cost when acquired by the company. ABC Company, based in Florida, purchased a building many years ago at a historical cost o... Read more
