Money Matters

Get legal advice on how to take control of your personal finances, whether you're tackling student loans, medical bills, taxes, or bankruptcy.

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.
February 5, 2024 · 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.
February 5, 2024 · 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.
February 5, 2024 · 3 min read
What is retained earnings? How to calculate them
Retained earnings are the profits that remain in your business after all expenses have been paid and all distributions have been paid out to shareholders.
February 5, 2024 · 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.
February 5, 2024 · 3 min read
What is a profit and loss statement?
At its most basic, a profit and loss statement gives users information about a business's revenue, its expenses, and its net income.
February 5, 2024 · 3 min read
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.
February 2, 2024 · 3 min read
Everything a CPA can do for your business besides tax prep
When business owners think about services CPAs can provide, preparing tax returns may be on the top of their lists. There are a number of other services CPAs offer that are relevant and can be very helpful.
February 2, 2024 · 3 min read
What are the codes in Form W2 Box 12?
Form W-2 can appear overwhelming, particularly Box 12 with its long list of technical codes. As an employer, it is up to you to furnish accurate information with the correct presentation. Start with an understanding of what the codes represent.
February 2, 2024 · 3 min read
What are your financial statements telling you?
Your small business's financial statements provide a wealth of relevant information for measuring your progress. Each one—balance sheet, income statement, cash flow statement, and statement of equity—provides another piece of your financial puzzle.
February 2, 2024 · 3 min read

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