How to Choose: S-Corp, C-Corp, or LLC

Are you about to start your own business and trying to figure out which type of business structure is best for it? It’s essential to understand the basic principles of each business structure to help you make the right choice. Both Corporations and Limited Liability Companies (LLCs) provide a shield of limited liability. This separation…

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How to Set Up Your Company’s Chart of Accounts

Whether you’re a small business owner, an aspiring entrepreneur, or just starting your own venture, understanding the ins and outs of a chart of accounts is essential for effective financial management. In a nutshell, a chart of accounts is a comprehensive list of all your financial transactions, organized into categories and subcategories. It’s the financial…

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Common Tax Write-Offs for Solopreneurs

What exactly are tax write-offs, and why are they so vital? In simple terms, tax write-offs are the expenses that you can subtract from your total income, effectively lowering the portion of your earnings that is subject to taxation. So, if you’re a solopreneur with a small business, freelance gig, or entrepreneurial venture, these deductions…

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How to Choose: Cash vs Accrual Basis Accounting

How do you decide between cash-basis and accrual-basis accounting methods, and what legal rules apply to each? This choice can greatly affect your financial reporting and tax responsibilities, so gaining a solid understanding of each method is important to ensure you’re making the right decision for your business.   Understanding Cash Basis Accounting Cash basis…

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Small Business Accounting 101

Starting and running a small business can be an exciting journey, but it also comes with its fair share of challenges, especially when it comes to managing finances. Small business owners often wear many hats, and one of the most crucial roles they play is that of an accountant. Understanding the basics of small business…

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