2 Ways to Pick the Right Business Opportunity in a Difficult Economy
The beneficial news for small business owners during a downturn is that running a small business is difficult regardless of the economy. So, when things become tough, the strong resolve you’ve established as an entrepreneur will help you persevere and, ideally, expand. And your resolve will be crucial when calculating opportunity cost. What Is Opportunity […]
Close the books in bookkeeping: The basics and quick guide
Navigating the financial landscape of a business requires meticulous attention to detail, especially when it comes to bookkeeping. One of the most crucial aspects of this process is “bookkeeping closing the books“. This guide delves into the basics of how to close books in bookkeeping, the steps involved, and common mistakes to avoid. Whether you’re […]
Double Entry Bookkeeping: A Method to Keep Your Books Balanced and Perfect
When it comes to managing your finances, there’s one method that stands out for its simplicity and effectiveness – double entry bookkeeping. You might have heard of it, but don’t be daunted by the jargon; it’s a straightforward way to keep your financial records in check. In this guide, we’ll break down the basics of […]
Spending Through the Tax Code – Infographic
Source: U.S. Government Accountability Office People Also Read: How The U.S. Tax System Works – Infographic 2 Ways to Pick the Right Business Opportunity in a Difficult Economy Tax Extension Deadline 2023 What You Need To Know
What Effects Recessions Have on Borrowing and Lending
Recessions, or even the fear of a possible one, can have a significant impact on business owners in two ways: they can reduce sales and revenue, and if the business lacks scale, market power, or financial leverage, they can limit the resources available to help a business owner weather a tough economic. As a result, […]
Understanding Cash Flow Statements in Bookkeeping
Companies can create hundreds, if not thousands, of monthly transactions, which can overwhelm many owners and investors when they look at the ledgers. As a result, accountants have created high-level statements that report on the company’s activities and allow managers to make decisions based on these reports. One of the most significant is the cash […]
What Is a Recession? What Business Owners Must Know
A recession is defined as a severe and long-term fall in economic activity, which is frequently accompanied by negative GDP, rising unemployment, declining retail sales, and decreasing economic production. It is a normal stage of the economic cycle: it occurs after periods of growth or following events such as bubbles, crashes, or pandemics. How Often […]
How The U.S. Tax System Works – Infographic
How the U.S tax system works? Most lawmakers and voters believe that our tax system needs to be reformed. It is perplexing and complex, and it favors certain individuals and economic activities over others. However, how to alter the tax code can be a contentious matter, exacerbated further by widespread misconceptions about how the current […]
Filing business taxes for LLC for the first time?
Filing business taxes for LLC for the first time? Your options for filing federal income tax on business income expand if you form a limited liability corporation (LLC). The tax reporting requirements you must follow will be directly affected by your decision. For tax purposes, the Internal Revenue Service treats LLC either as a corporation, […]
What is the Additional Medicare Tax for high earners?
The Additional Medicare Tax is an extra tax levied on high-income individuals in addition to the standard Medicare tax. It’s essential to grasp the key aspects of this tax, including thresholds, filing requirements, and its purpose. Let’s explore the details. Key takeaways: Additional Medicare Tax is an extra tax, amounting to 0.9% of earned income […]