Introduction Freelancers and self-employed individuals must pay taxes throughout the year instead of having them withheld from a paycheck. The IRS requires freelancers to make quarterly estimated tax payments...
Introduction Tax deductions help small businesses legally reduce taxable income, lowering overall tax liability. The IRS allows businesses to deduct ordinary and necessary expenses related to operations under IRC...
Introduction A financial audit is an in-depth review of a company’s financial statements, transactions, and records to ensure accuracy and compliance with IRS regulations, accounting standards, and industry best...
Introduction Businesses must choose between cash basis accounting and accrual accounting for financial reporting. The IRS allows small businesses with annual revenue under $27 million (as of 2025) to...
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...