Rental property financial reports such as cash flow, profit and loss, capital expense, and the real estate balance sheet all pull data from different parts of the chart of accounts.…

But when you start hiring people, you have to pay employment taxes, which breaks down into social security and Medicare taxes. While how much you can deduct depends heavily on…

Fixed and current assets are considered assets, but they have some key differences. To accurately determine the Net Income (profit) for a period, incremental depreciation of the total value of…

Accountants, on the other hand, typically must complete at least a bachelor’s degree in accounting or economics. Most accountants choose between being an accountant or a Certified Public Account (CPA),…

Balance sheets allow the user to get an at-a-glance view of the assets and liabilities of the company. This represents the residual interest in the assets of the company after…

Otherwise, you will have to download your 1099 forms manually from the payments section–you’ll also need to double-check if any automatically issued documents match your tax return. Accurate records of…

It also implies verifiability, which means that there is some way of ascertaining the correctness of the information reported. According to the American Institute of Certified Public Accountants (AICPA), the…

Starting a small business is expensive, and it takes time and hard work to generate cash inflows that exceed investments. Negative cash flow is among the challenges your growing small…

An accountant is a professional who takes care of all of the boring—um, essential—math tasks that go along with running a business. They do bookkeeping, financial planning, and prepare financial…

Assume if RSP was unable to pay the final installment of USD20,000 and the related interest of USD165 and MPC has been accruing this interest income. Upgrading to a paid…