Bookkeeping

Ultimately, Makayla got $195,000 for her property, or 97.5% of the list price. In contrast, the sales price of the home is the amount it actually sells for. Just like in the example of a retail store, you should encourage your clients to budget accordingly – assume that the sales price will be lower than […]

If an owner invests money in the business, it will be treated as a liability for the business. However, if the owner takes out some money from the business for personal use, it will be considered drawings. Therefore, assets and liabilities of a business are the business’s assets and liabilities, not the owner’s. Hence, the

As a self-employed individual, it’s mandatory to pay taxes, and evading this responsibility constitutes tax evasion. However, you can legally lower your tax bill by claiming allowable deductions for business expenses. The IRS permits deductions for various business-related costs, including office supplies, equipment, gasoline, utilities, and insurance, which can reduce your taxable income. Join the