The W-2 reports all money paid to an employee as well as withholdings for taxes and tax-deferred retirement accounts. 1099-NEC forms are used to report payments to freelancers and other independent contractors and generally don’t include withholdings. If you aren’t an employee on a business’ payroll but receive compensation from a business for services, you […]
Category Archives: Bookkeeping
There are three different parts to any nonprofit cash flow statement that should be worked into a Non Profit Financial Statement Template. The investing section covers any money the nonprofit has spent for investment or other longer term assets. The financing section is a report of any funds that have been borrowed and any loan […]
They live in a different state than their Client Advocate but between Zoom, email, texting and online bookkeeping software, they are able to work together seamlessly. The Harper Family had little control of their finances before starting with MPB. Mr. & Mrs. Harper, both in their 40’s, have been blessed with several children. Mrs. Harper […]
This helps you make informed decisions, optimize pricing, manage inventory, and improve cost control—ultimately boosting your restaurant’s profitability. It’s recommended to review your restaurant’s bookkeeping reports regularly to stay informed about your restaurant’s financial health. Daily and weekly sales reports should be reviewed, while performance evaluations, based on monthly, quarterly, and annual reports, help assess […]
The whole idea is to automate and makes everything as easy and painless as possible with these tools. Look for expense tracking features that provide clear insights into Top Benefits of Accounting Services for Nonprofit Organizations You Should Know your spending patterns so they can be adjusted accordingly. There are also templates that can be […]
Rules of Debit and Credit Definition, Explanation and Examples Examples include Accounts Payable, which are short-term obligations to suppliers for goods or services purchased on credit. Another liability is Unearned Revenue, which occurs when a business receives payment for services or goods before they are delivered, creating an obligation to the customer. When these obligations […]
How To Record Employee Advances In QuickBooks Online From the HR perspective, eligibility criteria must align with the company’s broader financial policies and workforce management strategies. They consider factors such as tenure, employment status (full-time, part-time, contract), and previous advance history. From the employee’s standpoint, the criteria should be straightforward and easily understandable, without complex […]
Form 2553: Election by a Small Business Corporation IRS Form 2553 (Under section 1362) is what helps you elect to be taxed as an S corporation instead of the default C corporation status. A business that files for incorporation with the IRS is designated as a C corporation by default. It makes sense to have […]
Retained earnings hold enormous significance for business owners and potential investors as they are a barometer of a company’s financial health and historical profitability. When a company consistently boasts positive retained earnings, it’s generally seen as a signal of a profitable company that can self-fund its growth, appealing to investors seeking stable investments. The statement […]
At Taxfyle, we connect small businesses with licensed, experienced CPAs or EAs in the US. We handle the hard part of finding the right tax professional by matching you with a Pro who has the right experience to meet your unique needs and will manage your bookkeeping and file taxes for you. Rho is a […]