How to Maintain Your Entity’s Legal Standing and Protect Your Assets
As a new business owner, you know that protecting your personal assets is one of the main reasons for forming a... Continue reading →Accounting Rules vs. Tax Rules: Tax Deductibility of Travel Expenses
There are generally accepted accounting principles that are used for bookkeeping purposes and there are tax laws that are used... Continue reading →
The Top 10 IRS Publications for Small Business Owners
A number of accounting rules evolved from tax rules and vice versa. Therefore, as a small business owner, if you... Continue reading →Cash Accounting vs. Accrual Accounting: Which should your business use?
What’s the difference? The concept of cash basis accounting is rather easy to understand: A business records an expense only when... Continue reading →Forming Your Business Entity: Which Business Type is Right For Your Business Model? – Part II
There are many issues to consider when deciding which business type will be best for your business model. In my... Continue reading →
Forming Your Business Entity: Which Business Type is Right For Your Business Model? – Part I
The answer to the question, of course, depends on a number of factors. There are four business entity types:... Continue reading →
How to Set Up Your Company’s Books: Understanding the Chart of Accounts
The terms “books” comes from the old days – before computers – when businesses actually maintained ledger books that... Continue reading →