The Profitjets Blog
Finance Writing for People Running the Business
Practical articles on bookkeeping, accounting, tax, payroll and financial strategy, written for founders and operators rather than for other accountants.
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What is Bookkeeping: A Step-by-Step Guide
What bookkeeping covers, how it differs from accounting, and the five-step process behind a clean set of books.
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How to File Form 8814: Parent's Election to Report Child's Interest and Dividends
Convenience against cost, and how narrow the eligibility is.
How to File Form 8824: Section 1031 Like-Kind Exchange
Timing first, what qualifies now, and the file you keep afterwards.
How to File Form 8858: Foreign Disregarded Entities and Foreign Branches
Knowing you hold one, and preparing the figures each year.
How to File Form 8862: Information to Claim Certain Credits After Disallowance
Why it was denied, what supports the claim, and avoiding a repeat.
How to File Form 8863: Education Credits (American Opportunity and Lifetime Learning)
Which credit, who claims it, and why the statement is not the answer.
How to File Form 8865: U.S. Persons With Respect to Certain Foreign Partnerships
Your category, the information problem, and the penalty exposure.
How to File Form 8868: Extension Request for Exempt Organization Returns
What the extension covers, and the cost of not filing at all.
How to File Form 8938: Statement of Specified Foreign Financial Assets (FATCA)
How it differs from FBAR, and what to do if you have missed years.
How to File Form 8960: Net Investment Income Tax (NIIT)
What falls inside the charge, and the two ways to reduce it.
How to File Form 8962: Premium Tax Credit (PTC)
Why reconciliation is required, and what changes the calculation.
How to File Form 8978: Partner's Additional Reporting Year Tax (BBA Audit Adjustments)
Why it arrives, what the recomputation involves, and who decided.
How to File Form 8990: Limitation on Business Interest Expense (Section 163(j))
Who files it, where the figures come from, and what carries forward.
How to File Form 8995: Qualified Business Income (QBI) Deduction
What qualifies, how structure affects it, and what supports the claim.
How to File Form 941-X: Amending Your Employer's Quarterly Tax Return
Why You Would File Form 941-X, Two Correction Processes, and Employee Retention Credit (ERC) Amendments.
How to File Form 982: Reduction of Tax Attributes Due to Discharge of Indebtedness
Proving insolvency, and the attribute reduction that follows.
How to File Form 990 Schedule A: Public Charity Status and Support
What Is Form 990 Schedule A, Who Must File Schedule A, and Part I: Reason for Public Charity Status.
How to File IRS Form 1040 Schedule C: Complete Guide for Self-Employed
Who Must File Schedule C, Key Deadlines, and Part I: Gross Income.
How to File IRS Form 1040: The Complete Individual Tax Return Guide
Who Must File, Filing Status, and Standard Deduction vs Itemized Deductions.
How to File IRS Form 1094-C: ACA Employer Reporting Guide
How the filings tie together, and how to answer an assessment.
How to File IRS Form 1098: Mortgage Interest Statement
What Is Form 1098, Who Files Form 1098, and Key Boxes on Form 1098.
How to File IRS Form 1116: Foreign Tax Credit for Individuals
What Is Form 1116, Who Uses Form 1116, and The Simple Election: Skip Form 1116 if Small Amounts.
How to File IRS Form 1118: Foreign Tax Credit for Corporations
Who Files Form 1118, Income Categories (Baskets), and The Foreign Tax Credit Limitation.
How to File IRS Form 1120-F: Guide for Foreign Corporations
Who Must File Form 1120-F, ECI vs. Non-ECI Income: The Core Distinction, and Filing Deadline.
How to File IRS Form 1120-H: Homeowners Association Tax Return
Why File Form 1120-H, Two Qualification Tests, and What Is Exempt Function Income.
What we write about
Eight topics we come back to
Pick a topic and the library above filters to it.
Bookkeeping
Clean books, reconciliations, chart of accounts and month-end close.
Accounting
Close process, financial statements, cash against accrual, and reporting that gets used.
Tax
Preparation, planning, entity choice, deductions, quarterly estimates and the IRS forms behind them.
CFO
Forecasting, cash flow, fundraising readiness and the executive roles founders confuse.
Payroll
Withholding, payroll taxes, W-2s and 1099s, and multi-state teams.
Metrics
The ratios and statements that tell you what is actually happening in the business.
Software
QuickBooks, Xero, NetSuite and the tools that feed them.
Business Finance
Entity formation, banking, budgeting, funding and getting the finances in order.
Would You Rather We Just Did It?
Reading about reconciliation is useful. Not having to do it is better.