In this article, let’s take a look at what the equity section looks like for companies that are organized as partnerships.

The IRS defines it as the amount of a shareholder’s investment in the business for tax purposes. If you have ownership in an S corporation, it is important to have a general understanding of basis.

A 529 Plan is an investment account that offers tax benefits when used to pay for qualified education expenses. Investments grow tax free and withdraws are tax- and penalty-free as long as they are used to pay for eligible expenses.

While it’s not always possible to prevent an emergency, you can reduce the likelihood that an emergency will become a disaster by being prepared. Here are some tips to do just that.

On March 11, 2021, the President of the United States signed into law the American Rescue Plan Act (ARPA) that authorized a third round of stimulus payments and advanced payment of the Child Tax Credit. The IRS issued notices that provided the amounts you received for these payments. This information is necessary to accurately complete your 2021 individual tax return.

The Chart of Accounts is the backbone of your accounting records. It is a list of all of the accounts – bank, loan, asset, revenue, and expense – in your General Ledger, which holds all of your accounting transactions.

One of the best tools to forecast cash requirements is the 13-week cash flow forecast. It can help a business owner predict what their cash balance will be 13 weeks in the future. It helps to answer whether there will be enough cash to cover payroll and bills for a particular week.

Have you ever wondered why gains are separated between long-term and short-term when you receive your 1099 at tax time? There is a very good reason for that, and one you might want to consider more carefully when investing.

Many people have complained about the worker shortages this year. If you need additional workers in order to grow your business, here are some ideas for places to look.

Internal control is the series of processes and procedures that are performed within the organization to ensure the integrity and accuracy of the financial information and reporting of that organization.

If you earn additional income beyond your salaried income, if you are under-withheld, or if you have your own business, you may need to make estimated tax payments through the tax year.

The Consolidated Appropriations Act that was signed into law December 27, 2020 includes a temporary provision allowing a 100 percent write-off for business meals from January 1, 2021 through December 31, 2022.

Working from home has its benefits. Yet, if you are someone who enjoys going to the office every day, chatting with co-workers in person, attending meetings that are not all virtual, and having a little spontaneity each week, then we are here to help.

When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity.

There are many things to be grateful for, both in our business and personal lives. This is a great time of year to stop and practice gratitude.

Who doesn’t want to pay less taxes, as long as it’s legally permitted? Here are eight tips to consider taking action on before 2020 comes to a close.

With a record number of Americans filing for unemployment benefits due to the Covid-19 pandemic and struggling to make ends meet, it’s important to plan ahead in order to not have a shortfall.

When you first notice the envelope a twinge of fear skitters across the brain. You search your memories trying to see if there is something you forgot to report on your last tax return. After drawing a blank on your memory search, you open the envelope with trepidation and read through the jumbled jargon of IRS speak.

Employee theft feels horrible to a business owner. You’ve invested in training, mentoring, growing an individual within your small business and you feel betrayed.

The passing of the Tax Cuts and Jobs Act (TCJA) in 2017 brought more changes to the tax code than any other event since the Tax Reform Act of 1986. Business meals are still allowable after the passing of the TCJA.