Business Accounting

Why are prepaid expenses considered assets? Prepaid expenses are recorded as an asset on a business's balance sheet because they signify a future…

Are there any benefits to filing taxes for a small business with no income? It depends. You should be aware of these specific tax situations.

Self-employment comes with many benefits — and a high tax rate. Learn what you can do to maximize your profits by minimizing your taxes.

You may not think it's hard to prepare and file your tax returns yourself. But you may be missing opportunities. Small business owners can save time…

Own a small business? You may benefit from utilizing these 10 deductions to lower your taxable income. Key deductions include those for home office…

Help! Your business is under audit! The word audit tends to trigger panic among business owners but be prepared and stay calm. It's likely not as bad…

Find out what might trigger a small business tax audit and how you can reduce your risk.

The Internal Revenue Service issued the standard mileage rates to be used beginning January 1, 2021, to calculate deductible costs of using a car for…

Tax avoidance is the use of legal methods to reduce the amount of tax owed. Who wouldn't want that?

Single step income statement or multi step income statement? Both have advantages and disadvantages. Your choice of format depends on what you intend…