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  • articleWhat Is the Qualified Business Income Deduction?

    …income for small business owners and the self-employed, which can lower the amount they owe in taxes.  What is the QBI deduction? The QBI deduction gives some owners of…

  • articleWhat Is a Cash Flow Statement, and How Do You Make One?

    …its operating expenses, while cash flow is how cash and cash equivalents move into and out of a company.   What is the difference between positive vs. negative cash flow…

  • articleWhat Is a Profit and Loss Statement and How Do You Make One?

    …understand what a profit and loss statement looks like, consider the following example for a fictional small business with a sole proprietor. In this fictional example, our business owner is…

  • articleWhat Is a Schedule K-1 Tax Form?

    …taxation, meaning K-1 income is taxed at the individual tax rate rather than the corporate tax rate. What happens if I don’t receive my K-1 on time…

  • articleWhat Is a Tax Credit, and Which Credits Might Apply to Your Business?

    …income. Companies that actively seek out the many available tax credits sometimes discover an unexpected windfall. What is a tax credit? All tax credits offset tax liabilities dollar for dollar…

  • articleWhat Is Medical Power of Attorney?

    …is essential. What is a medical power of attorney? A power of attorney is a legal document that appoints someone as your representative and gives that person the power to…

  • articleWhat Is a Wet Signature? Everything You Need to Know

    …What is a wet signature? A wet signature is a handwritten mark of approval on a physical document, such as a contract, agreement, or proposal. Generally, “wet signature" is…

  • articleWhat Is an Annual Report?

    …employees, and the community informed regarding the company's financial health. What is the purpose of an annual report? In general, most states require corporations and other businesses with shareholders…

  • articleWhat Is Beneficial Ownership Information Reporting?

    …requests that certain  foreign reporting companies make a beneficial ownership report directly to the federal government under the FinCEN beneficial ownership final rule. What is beneficial ownership? As per FinCEN…

  • articleWhat Is a Foreign Limited Liability Company?

    …It does not refer to entities headquartered in other countries. When is registration as a foreign LLC required? Each state has its own laws regulating who must register as a…