Does Your Business Really Need to Account For Depreciation?
Simply put, depreciation is both the fact that an item (an asset) loses value over time and the way to... Continue reading →
Tax Reporting of Cost of Goods Sold
I’ve had a number of small business owners ask me how to calculate cost of goods sold on their tax... Continue reading →
12 More Important Accounting Terms Explained
My previous post focused on twelve general accounting terms (if you haven’t read it yet, I highly recommend it). The... Continue reading →12 Important Accounting Terms Explained
I think it’s important for all small business owners to know something about accounting so that they can better... Continue reading →Accounting Rules vs. Tax Rules: Tax Deductibility of Travel Expenses
There are generally accepted accounting principles that are used for bookkeeping purposes and there are tax laws that are used... Continue reading →Cash Accounting vs. Accrual Accounting: Which should your business use?
What’s the difference? The concept of cash basis accounting is rather easy to understand: A business records an expense only when... Continue reading →