What is Business Finance? Definition, Types, Benefits & Importance
The main and most likely cause of a small business risk is cash flow which affects most of the business undertakings. However, more defining statistics show that, in 2023, more than eighty-two percent of all start-ups fail because the owners fail to handle their cash well. This will give an understanding of how important efficient […]
Understanding Year-End Adjusting Entries: What Every Small Business Owner Should Know
Adjusting entries are prepared at the close of an accounting period so that your financial statement captures income and expenses as close to reality as possible. It’s usually done either at month-end or year-end, but not always on an accrual basis. If you have to adjust entries at the end before closing the books for […]
Common Tax Penalties and How to Avoid Them
If you’re a small business owner, then the act of being in your company means self-funding in nearly every respect. That includes doing your books. If you are a warden with just a few employees or even a hair-raising contractor in the gig economy, it is important that your small business does not sustain any […]
Every Business Tax Deadline You Need To Know
It may sound simple, but running a business involves doing and remembering so many things. One thing you cannot afford to overlook is the due dates and tax deadlines. If you generate some income, the IRS assumes that a tax return with their due share would be submitted one tax season or another. It is […]
End-of-Year Tax Moves Every Small Business Owner Should Know
Tax prep is part of being a well-oiled machine. After all, if you pay too much in tax you have less cash to invest in your business. A common mistake young entrepreneurs make is to be reactive with tax prep. It’s usually better to plan at the start of the year rather than the end. […]
Understanding Depreciation and Its Effect on Your Business Taxes
Most likely, a small business owner will make use of all possible tax breaks. Still, did you know that you may enjoy a deduction on account of the loss of value in your assets, and it passes most people by? The word “depreciation” sounds bad. In short, the word means that something you have gradually […]
