A Profit and Loss is a statement that provides a financial breakdown of your business and its financial health. In addition, the Profit and Loss Statement assists when applying for business loans and personal loans.
If you are a self-employed independent contractor, you are probably wondering if you can reduce self-employment taxes. The answer is yes you can!
Knowing what type of tax deductions your business can benefit from makes your business more profitable.
Tax deductions for your business will cut your tax liability.
I am going to start off by saying that income taxes do not go smoothly without the help of good bookkeeping practices in place.
Business owners and entrepreneurs outsource bookkeeping or employ an in house bookkeeper to keep their finances and paperwork in order all year. Here are my tips to help you to prepare for income tax season so you can achieve a smooth season year after year.