Business Accounting

Keeping your books in order is key to running a successful business. Learn how to do it right with tips on managing debt, tax obligations, and more.

What Are Prepaid Expenses?

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

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Filing Taxes for a Small Business With No Income: What You Should Know

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.

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Self Employment Deductions You Might Be Missing

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

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Does Your Business Need Tax Preparation Services?

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…

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10 Key Tax Deductions for Your Small Business

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

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What to Do If Your Business Is Audited

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…

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How to Avoid a Tax Audit: 7 Tips for Small Business Owners

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

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What is the IRS Standard Mileage Rate?

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…

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Why Tax Avoidance is Perfectly Legal

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

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Single Step vs. Multi Step Income Statement: Which One Should I Use?

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

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