Entries by Team

Tax Form 1120 Guide: Everything Businesses Need to Know

Tax season can be difficult for business owners, and it’s tough when you don’t know what tax forms to fill out or how. If you have a domestic corporation, then you’ll need to use the IRS Tax Form 1120. Corporations and LLCs that are taxed as corporations must use this form to report their income, […]

What Is Deferred Revenue? Journal Entry and Examples

As a business owner, you may have heard the term deferred revenue before. But, what is deferred revenue and what does it mean for your business accounting?  Deferred revenue is money that you receive from clients or customers for products or services that you haven’t delivered yet. In accounting, deferred revenue can affect your balance […]

Straight-Line Depreciation Formula: How To Use and What It Means

At some point, you may need to buy equipment, tools, and other assets for your business. Those assets tend to wear out after several years and lose their value. Luckily, businesses can write off those expenses if they know about depreciation and how to calculate it.  The straight-line depreciation formula is the simplest and most […]

How Do You Pay Yourself From an LLC?

A common question that business owners ask is: How do you pay yourself? Depending on how you set up your business, the question may be how do you pay yourself from an LLC, sole proprietorship, S corps, or other business structure.  The type of business entity you run will impact how you pay yourself and […]

How to Deduct Business Travel Expenses (Even Some Vacation)

For the most part, business travel expenses are tax deductible, meaning that you could lower the amount of taxes you need to pay.  When it comes to tax-write offs for travel, the IRS provides specific guidelines around what you can claim. Mainly, your trip needs to be primarily for business purposes. However, there is some […]

1099 Forms and Independent Contractors: A Guide

Whether you are running your own freelancing business or are looking to hire an independent contractor for your company, you’ve probably heard of a 1099 form.  There are many different types of 1099 forms. When it comes to independent contractors, you’ll typically deal with the 1099-NEC. In this article, we’ll go into the specifics of […]

What Accounts Are Debit and Credit?

Most business owners understand that they need to keep track of their income and expenses but many get tripped up when figuring out what accounts are debits and credits. By getting a firm grasp on the concept of debits and credits, you’ll have a leg up when it comes to completing your accounting accurately. Debits […]

Small Business Owner’s Equity Guide

If you’re a small business owner, you know that keeping track of all the moving parts can be challenging. Most small business owners keep track of their profit and loss statement, but the owner’s equity is equally important (and often overlooked).   In this guide, we will explain what owner’s equity is and how to calculate […]