Understanding accounts receivable is an essential aspect of your business’s finances and payment terms. Accounts receivable are legally enforceable claims for payment held by a company for goods supplied or services rendered that customers/clients have ordered but haven’t yet been paid for. What is Accounts Receivable? Accounts receivable is goods, money, or services owed to […]
Transforming a dream into a thriving business requires ingenuity, planning, and tireless dedication. But to truly elevate your venture and foster growth, there’s another essential skill to acquire – understanding the profit and loss (P&L) statement. Navigating the financial landscape is critical to keep your company thriving, and while you don’t need to be an […]
If you drive trucks, sell trucks, or run any trucking-related business, you need to be familiar with all the taxes and fees associated with trucks. For truckers just starting, you may need to budget for these tax responsibilities ahead of time. Truck drivers who drive big rigs on the highway must pay the Heavy Highway Vehicle […]
All small businesses, regardless of industry, require good management and accounting. Your company is a complex system. To run the business well, you need a cool head and the ability to juggle many moving pieces. The real estate business is certainly no exception. From working with clients to acquiring and managing properties, there are a […]
With high gas prices and new car offers every year, there’s never been a better time to explore electric vehicles. The newly updated EV tax credit provides an added incentive, making it more affordable than ever to make the switch. A federal electric vehicle tax credit is not a totally new innovation, but it has […]
You can’t take anything for granted when you own a small business. If you fail to grow, you’ll fall behind. The market is constantly changing and you won’t expand by sitting on your hands. To grow your small business, you need a thoughtful and strategic plan. Of course, growing your business isn’t a simple task. […]
Have you been dreaming about starting your own business? That’s wonderful! Becoming an entrepreneur can be an exciting and fulfilling journey. But where do you start? There is a lot to think about when establishing your new business. One of the first steps for many business owners is setting up their business entity. What is […]
The IRS audits small businesses every tax year for different reasons. The audit process is simple for some companies, but other audits can be a lot more serious and thorough. Business audits can vary in depth and severity, so you’ll want to know how you can best prepare yourself. You have the right to know […]
Did you get hit with some unexpected IRS tax penalties? If you’re in a financial bind and you meet specific criteria, the IRS has options to help you. One-time forgiveness allows certain taxpayers to explain how they may have made errors in their tax filing that resulted in penalties and fees and receive forgiveness. The […]
The end of the year is a crucial time for organizing your finances and assessing the state of your work. Despite the holiday rush, December is the perfect time for reflection on the past year and planning for the year to come. On top of the regular planning, reviewing, and other things freelancers should do, there […]
