Financial Planning
Get legal advice on how to take control of your personal or business finances, whether you're tackling student loans, medical bills, taxes, or bankruptcy.
-
What Is a FEIN, and How to Get Your Federal Tax ID Number?
Starting a new business or changing an existing one? Here's a guide to how to apply for a federal tax ID number, how long it takes to get one, why you might need one (and when you don't), and when you'll need to get a new FEIN for your business.
· 7 min read
-
How to Use Consolidated Financial Statements to Track Assets and Income
A consolidated financial statement is an excellent way to keep track of the assets and income of a group of legal entities owned by a parent—but you should be aware of the guidelines.
· 3 min read
-
How Will PPP Loans Be Taxed?
Small businesses have better clarity on federal PPP compliance and taxation, but states may include different requirements.
· 3 min read
-
Should I Publish an Annual Report?
Annual reports are not only beneficial to large, publicly traded corporations. Armed with an understanding of what an annual report can accomplish, small businesses stand to gain similar benefits by publishing annual reports of their own.
· 3 min read
-
Use a Cash Flow Statement to Keep Your Eye on Your Bottom Line
As a business owner, a cash flow statement, which shows the amount of money coming in and going out of an enterprise, is one of the main financial statements you should know about.
· 3 min read
-
What Is a General Ledger and How Does It Work?
A general ledger is simply a master document containing all of a company's transactions neatly categorized. Let's see how it works and how it can work for your business.
· 3 min read
-
Gross vs. Net Income: What Is the Difference?
Are you a new small business owner looking to understand your tax return a little more? How are gross and net income related? Here are the definitions of various types of income and how they related to your small business' taxes.
· 4 min read
-
Do I Need a Profit and Loss Statement if I'm Self-Employed?
Are you a self-employed individual who's not that concerned about financial statements? There is one financial statement you'll definitely need for federal and state tax purposes: the profit and loss statement the IRS requires from sole proprietors.
· 3 min read
-
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 to use your income statement for, and what level of financial detail you're intending to provide.
· 3 min read
-
What Is Gross Profit?
Gross profit is a key profitability figure for a small business. It's calculated by subtracting cost of goods sold from sales revenue. Here's how you can use gross profit, and the gross profit margin, to measure your business' production efficiency.
· 3 min read
