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 IRS Form 1128: Application to Adopt, Change, or Retain a Tax Year
Who Files Form 1128, Required Tax Years, and Automatic Approval Procedures.
How to File IRS Form 1310: Claiming a Refund for a Deceased Taxpayer
When Form 1310 Is Required, Three Categories of Filer (Part I of Form 1310), and Part II, Refund Distribution.
How to File IRS Form 2210: Underpayment of Estimated Tax
The safe harbour, uneven income, and when a waiver is available.
How to File IRS Form 2441: Child and Dependent Care Credit
Who Qualifies, Qualifying Expenses, and Dollar Limits on Qualifying Expenses.
How to File IRS Form 2555: Foreign Earned Income Exclusion (FEIE)
The two tests, what is excluded, and exclusion against credit.
How to File IRS Form 2848: Power of Attorney Authorization Guide
Who Can Be Authorized on Form 2848, What Form 2848 Authorizes, and What Form 2848 Does NOT Authorize.
How to File IRS Form 3115: Changing Your Accounting Method
Why You Need IRS Consent, Automatic vs. Non-Automatic Changes, and The Section 481(a) Adjustment.
How to File IRS Form 3520: Reporting Foreign Gifts and Trusts
Who Must File Form 3520, What Is a 'Gift' Under Form 3520 Rules, and Parts of Form 3520.
How to File IRS Form 3921: Incentive Stock Option (ISO) Exercise Reporting
What Is an ISO Exercise, Who Must File Form 3921, and What Information Goes on Form 3921.
How to File IRS Form 3922: Employee Stock Purchase Plan (ESPP) Reporting
What Is an ESPP Under Section 423, Why Form 3922 Is Filed, and Form 3922 Box-by-Box.
How to File IRS Form 4562: Depreciation and Amortization Guide
What Is Form 4562, Who Must File Form 4562, and The Six Parts of Form 4562.
How to File IRS Form 4684: Casualties and Thefts
What Is Form 4684, Major Change After TCJA 2017: Federal Disaster Requirement, and Section A: Personal Property Losses.
How to File IRS Form 4797: Sales of Business Property
What Types of Property Go on Form 4797, The Three Parts of Form 4797, and Step-by-Step: Completing Form 4797.
How to File IRS Form 5227: Split-Interest Trust Information Return
Types of Trusts That Must File Form 5227, Filing Deadline, and What Form 5227 Reports.
How to File IRS Form 5329: Reporting Additional Taxes on Retirement Accounts
Part I, Early Distributions (10% Additional Tax), Part VIII, RMD Failures (25% Excise Tax), and Part III, Excess.
How to File IRS Form 5330: Excise Taxes on Retirement Plans
Who Files Form 5330, Prohibited Transactions and the 15%/100% Excise Tax, and Excess Contributions, Defined Benefit.
How to File IRS Form 5498-SA: HSA, Archer MSA, and Medicare Advantage MSA
Who Files Form 5498-SA, Due Date, and What Form 5498-SA Reports.
How to File IRS Form 6198: At-Risk Limitations
What you are at risk for, and which rule is really restricting the loss.
How to File IRS Form 709: The United States Gift Tax Return
Who Must File Form 709, Annual Exclusion vs. Lifetime Exemption, and Gift Splitting with Spouse.
How to File IRS Form 720: Quarterly Federal Excise Tax Return
Who Must File Form 720, Major Excise Taxes on Form 720, and Quarterly Filing Deadlines.
How to File IRS Form 8275: Disclosure Statement to Avoid Accuracy Penalties
What Is the Accuracy-Related Penalty, How Form 8275 Avoids the Penalty, and Form 8275 vs. Form 8275-R.
How to File IRS Form 8288: FIRPTA Withholding on U.S. Real Property Transfers
Why the buyer carries it, and how reduced withholding works.
How to File IRS Form 8379: Injured Spouse Allocation
What Is an 'Injured Spouse', Injured Spouse vs. Innocent Spouse, and Who Qualifies for Injured Spouse Relief.
How to File IRS Form 8582: Passive Activity Loss Limitations
What Is a Passive Activity, The Seven Material Participation Tests, and Rental Activity, Presumed Passive.
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.