The accounting rules that you follow when reporting financial results are often different from the rules you follow when preparing income taxes for your business. As a result, the amount of tax you ...

One of the more interesting facets of the U.S. Tax Code is the allowance for depreciation. Depreciation expense is a theoretical cost of using a company asset that has a life longer than one year.

Income statements detail revenue, expenses, and net income from top to bottom. Reading starts with revenue, deducts expenses, and ends with net income. Subtotal figures help identify missing account ...

Understanding what not to do is crucial to avoid an audit. Below, I’ll share several actions LLC business owners make that I’ve seen commonly trigger an audit and discuss how to avoid these red flags.