The Difference Between a Balance Sheet and P&L

The Difference Between a Balance Sheet and P&L

Recently, we discussed Why Debt Payments and Owner’s Draws Don’t Show Up on a P&L, but Will be on the Balance Sheet. Since then, we’ve had a few questions on the major differences between the balance sheet and P&L statements. Therefore, we thought we’d dig in...
Top 5 Tax Audit Red Flags to Watch Out For

Top 5 Tax Audit Red Flags to Watch Out For

With the tax filing extension moving to July 15th this year, due to COVID-19, we will discuss the Top 5 Tax Audit Red Flags to Watch Out For. 1. Not Reporting All of Your Income As you’ll remember from our blog on 1099’s which involved filing 1099’s, because the IRS...
Is It Important to Build A Business Emergency Fund?

Is It Important to Build A Business Emergency Fund?

In today’s crazy environment, the importance of building an emergency fund for your household has been brought to the forefront. But, Is It Important to Build A Business Emergency Fund? You bet! The U.S. Bureau of Labor Statistics reports that approximately one-third...
Here’s our Successful Tax Day Checklist for an LLC

Here’s our Successful Tax Day Checklist for an LLC

The dreaded tax season is back, but it doesn’t have to be painful. Here’s our Successful Tax Day Checklist for an LLC! This will help your business file successfully without being overwhelmed with too much information. Confused if you’re supplying the right items or...
1099s – What Are They?

1099s – What Are They?

1099s – What Are They? With tax season quickly approaching, one of the big questions that we get is based around the 1099 form. While there are multiple kinds, we’re going to focus on the 1099 MISC. So, what is the 1099 MISC tax form? This is a tax return...