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Cash Basis Accounting vs. Accrual Basis Accounting

Cash basis accounting and accrual basis accounting are two methods used by businesses to record financial transactions.
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What is IRS Form 1040?

As a business owner or employee in the United States, calculating, deducting, and paying tax is a ma...
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Owner’s Equity: What it is and How to Calculate it

Owner’s equity is the value you arrive at when your business’ liabilities are deducted from your bus...
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What is a Journal Entry in Accounting?

A journal entry is the first stage of the accounting process. Its purpose is to record a business tr...
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What is Payroll Tax and How is it Calculated?

Payroll tax is a percentage of an employee's salary paid to the government to fund social insurance ...
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The 7 Most Common Accounting Mistakes Entrepreneurs Make

Statistically, your business is more likely to fail than flourish. If you are in business or looking...
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What is a W-9 Form and Why You Need To Fill It Out

Form W 9 is an IRS form used by businesses to request independent contractors and freelance workers ...
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Income Tax Deadlines: When Are Taxes Due? 2021 Filing & Extension Deadlines

Small business owners need to keep an eye on their income tax deadlines. It’s essential to file your...
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FIFO vs. LIFO method: Definitions, Differences, Examples, Advantages and Disadvantages

FIFO and LIFO are two accounting methods for valuing inventory. FIFO is considered to be superior, b...
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What Is Cost of Goods Sold (COGS), Formula, Example and How to Calculate

Monitoring your Cost Of Goods Sold or COGS can help improve your profitability. It’s also a tax-dedu...
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6 Most Important Small Business Accounting Tips

Most successful small businesses have one thing in common. Their accounting records are error-free a...
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The Best Accounting Tips For Businesses During COVID-19 Pandemic

If you're an entrepreneur, then you know that your business needs to stay floating no matter the cir...
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Business Accounting Explained

Having a good understanding of business accounting is essential to run a successful company. Even wi...
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A Business Owner's Guide to Accounting Methods

Tracking your revenues and earnings is one of the most important functions of operating your busines...
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