Introduction IRS Form W-2, known as the Wage and Tax Statement, is a key document for employees when filing their tax returns. It reports wages, tax withholdings, and other...
Introduction A balance sheet is one of the three main financial statements that provide a snapshot of a company’s financial position at a given point in time. It outlines...
Introduction An income statement (also called a profit and loss statement) provides a detailed breakdown of a company’s revenue, expenses, and net profit over a specific period. Understanding how...
Introduction EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is a key financial metric used to evaluate a company’s profitability and cash flow. It helps investors, lenders, and business...
Introduction A cash flow statement tracks how money moves in and out of a business over a specific period. Unlike an income statement, which focuses on revenue and expenses,...
Introduction Year-end financial statements provide a summary of a company’s financial position and performance for the fiscal year. These reports are essential for tax filing, business valuation, investor reporting,...
Introduction Financial statements provide a snapshot of a company’s financial health, helping business owners, investors, and stakeholders make informed decisions. These reports summarize revenues, expenses, assets, liabilities, and cash...
Introduction Welcoming a newborn into your family comes with financial responsibilities, but it also provides valuable tax benefits. Parents can claim their newborn as a dependent, reducing their taxable...
Introduction Many taxpayers support aging parents financially and may qualify for tax benefits by claiming them as dependents. The IRS allows taxpayers to claim elderly parents as dependents, leading...
Introduction Most taxpayers assume that dependents must be immediate family members, but the IRS allows certain non-family members to be claimed as dependents if they meet specific residency and...