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.
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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
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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
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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
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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 to use your income statement for, and what level of financial detail you're intending to provide.
· 3 min read
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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
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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.
· 3 min read
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What Is Cost of Goods Sold and How to Calculate It
Your cost of goods sold (COGS) consists of all the direct costs associated with producing your goods or services. Calculating costs of goods sold helps you determine the true cost of the merchandise or services you sell.
· 4 min read
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How to Get Your Business Income & Expenses Tax Ready
LegalZoom's guide can help you prep your business for tax time
· 2 min read
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6 IRS Audit Red Flags to Avoid
About 1 to 2 percent of all tax returns are audited each year, here are some red flags the IRS looks for that you can avoid.
· 3 min read
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What Is an SG&A Expense?
Selling, general, and administrative expense is basically a fancy name for operating costs. Read this article to learn what is included in SG&A expense, and why it is a significant number.
· 3 min read
