Accounting, Bookkeeping, & Tax Blog

Unlike traditional corporations, pass-through entities avoid double taxation. Instead of taxing business income at the corporate level, the IRS requires th [...]

Before transferring money from your business account to your personal account, it's essential to understand how draws work and how they compare to salaries [...]

The QBI deduction, also known as the Section 199A deduction, allows eligible small business owners to deduct up to 20% of their qualified business income o [...]

LLC owners can opt to be taxed in different ways, and each tax structure has its own set of rules. Owner’s draws, guaranteed payments, salaries, and distri [...]

Choosing the right entity for your business isn't easy, as confusion surrounds each option and the long-term impact on numerous aspects of your business. I [...]

Both a sole proprietorship and an LLC offer distinct advantages and disadvantages. These will vary depending on your specific business needs and long-term [...]

A well-prepared SOE helps you show lenders and other stakeholders that your business is financially stable, empowers you to attract investors, and to make [...]

Understanding and accurately calculating operating income is crucial for making sound financial decisions and maintaining long-term business health. This m [...]

Debits and credits form the language of accounting, serving as the foundation of the double-entry bookkeeping (also known as double-entry accounting) syste [...]