IRS Receipts Requirements: What You Need to Know
Publications of IRS receipts follow more flexible regulations than you might likely expect. You must track your expenses yet you don’t legally need to keep physical receipt records for deducting costs at tax time. Understanding the formal IRS receipt requirements for small businesses helps you monitor your expenses during tax filing season. Your records will […]
All the Financial Ratios Every Small Business Owner Should Know
A financial ratio measures the relationship between two or more components on the company’s financial statements. These ratios provide a quick and easy way to track performance, benchmark with those in the industry, identify trouble spots and proactively implement solutions. Why is measuring financial ratios important? Ratios allow business owners to benchmark the company against […]
Negative Balances On Balance Sheets: A Warning Sign
Your negative Balance Sheet entry serves as a warning signal for business operations yet remains consistent with your account structure and industry type and business growth stage requirements. The Balance Sheet components of your company can generate negative entries. During moments when expenses escalate higher than existing funds, negative information appears on the Balance Sheet. […]
How Much to Set Aside for Small Business Taxes
On one hand, ownership of a business has some real economic payoffs, and on the other hand, it’s sure to leave some ugly scars on new owners. On the one hand, being in business offers almost complete independence. But on the other hand, individual owners get really anxious because it tends to create a tax […]
How to Create a Financial Forecast
Financial reporting starts by examining how well a company did in the past. People who invest in and follow companies rely on financial results to measure their success. Business planning holds equal weight under today’s system. To earn support from investors a firm needs to prove success from past performance plus show investors they will […]
How Does a Sales Tax Deduction Work, and When Should You Claim It?
Shrewd business operators use tax deductions as reduction strategies for their taxation obligations while many useful deductions exist for enterprise owners. Tax deductions work for specific business types although some deductions may include hidden elements. The sales tax deduction functions as an example. The majority of state municipal budgets draws substantial funding from sales taxes […]
