How To Calculate AMT: A Step-By-Step Guide
Let us take you through a history lesson. In 1969, Congress realized that 155 high-income individuals were legally using so many deductions and other tax breaks that they were paying absolutely nothing in federal income taxes. Such nonexistent tax bills were an embarrassment. So, Congress came up with the AMT in order to make a […]
Debits and Credits 101: Definitions & Example
Let’s ask the most basic question that you might have an answer for but it’s the most important one: What exactly does it mean to “debit” and “credit” an account? Why is it important to know the difference between such a basic concept? Trust us when we say this, what you might think is “basic” […]
What Is Cost Accounting and When to Use It
When one hears the phrase “cost accounting”, the first thing that may come to mind is an uneventful routine that is often carried out after all the business activities have been performed. However, in practical terms, it is the most critical element of business decision making. Call it the navigation system that you require to […]
