What is an Accounting Period and Its Types?
An accounting period is the time frame for which a business compiles its financial statements and discloses its financial performance and position to external stakeholders. Three, six, or twelve months may pass before this occurs. In simple words, we can say that The beginning and end of an accounting cycle, which frequently lasts from a […]
What Are the 10 Things You Should Know About 1099s?
The taxation system has incorporated a lot of components, and hence there are different forms as well. The first domain we will discuss is Form 1099 and some factors you need to know about. Form 1099 is required for those individuals who have some other income sources, and you need to file the same every […]
Form 1099: Filing Mistakes And How To Correct Them?
The IRS demands the correct filing of Form 1099, and it is imperative to ensure that you have enough idea about the right concepts. A crucial factor you need to keep in mind is that there are a set of rules you must abide by under all circumstances as well. The most common impact of […]
Form 1099-R: Passive Income Distributions
The IRS requires an organization that oversees any of the following accounts to complete a 1099-R form for each distribution of more than $10: Retirement or profit-sharing programmes. A personal retirement account of any kind (IRA). Plans provide survivor income benefits, annuities, pensions, or insurance policies. Payouts for total and permanent incapacity under life insurance […]
Run Your Business with More Clarity: Outsourced CFO Benefits
The chief financial officer is consulted when a corporation wishes to understand its financial situation better. And you are already aware of the benefits an outsourced CFO could offer if you own or manage a small firm. They manage and oversee all accounting and financial reporting standards as a crucial component of most large businesses, […]
6 Ways to Maximize Your 401(k) or IRA Plan Contributions
A survey taken in 2021 by Bankrate reveals that more than 50% of American adults don’t have a proper retirement plan and feel like they are not saving enough for retirement, which is quite a big figure. So if you are not sure how to save for your golden years, then it is an ideal […]
Is an LLC the right business structure for your eCommerce business?
Launching an e-commerce business is an exciting decision and also a very crucial one. But the first thing that comes to mind is whether to make a limited liability corporation or not. But to know whether it would be the right business structure for you, we need to understand LLCs; in-depth knowledge of an LLC […]
How To Check Your Tax Refund Status?
None of us can deny that when it comes to taxation, there are a lot of parameters that one needs to be sure about. However, the knowledge about the same is so restricted that even the basics, like checking the tax refund status, could be problematic. However, today we are here to give you a […]
The 5 Best Business Bank Accounts For LLCs
LLC stands for Limited Liability Company. It is a business structure that is highly popular in the US that protects and prevents business owners from being held personally responsible for the liabilities and debts of the company. So it is understandable that a business owner needs to have a separate personal account and another one […]
What Is Unearned Revenue, And Why Is it Good for Your Business?
There are a few specific ways through which a business can earn revenue. First, after selling products or services, the company receives the due amount from each customer they have duly served. This is the most genuine way to earn revenue. Nevertheless, there have been many instances where customers pay in advance for a product […]
