Bookkeeping

Any changes in the balance sheet over the reporting period should be consistent with the information you provide about income and capital accounts on Schedules M-1 and M-2, respectively. Schedule L is a balance sheet, detailing all of your business’s assets, liabilities and capital, and is designed to keep the IRS apprised about the financial …

Understanding Partnership Taxation: A Guide to Form 1065, Small Business Taxation, and Partnership Tax Leia mais »

If you’re paying your taxes in instalments, quarterly and even monthly financial reports can really come in handy. A clear picture of your income within a specific quarter makes it easy to figure out how much tax to pay for that three-month period. In single-entry bookkeeping, each transaction is recorded as a single entry in …

How to Do Accounting for Small Business: Basics of Accounting Leia mais »