Counting came easy for you as a kid, math was your forte in high school, and you aced your first accounting class in college. If this sounds like you, accounting may be your calling. Congratulations, you have just embarked on one of the most lucrative, stable professions available to the Americans. But easy there turbo, in the words of the … Read More

All about the Paper Some accountants consider a cash flow statement the most important component of a financial statement. A cash flow statement will differ from an income statement by reporting what funds are actually available. For instance, an income statement will not account for revenues that will never be collected, or expenses that have no effect on cash flow … Read More

Those starting a new business can sometimes become overwhelmed with the complexities associated with business related tax issues. As such, here are some useful and simple tax tips for new businesses worth considering. Getting any business off to a good start often means knowing in advance what to expect with regard to tax obligations. For example, the business structure can … Read More

As the end of the year approaches individuals and businesses alike would be well advised to consider a few simple year-end tax-planning tips. While working with a tax accounting firm is often the best strategy, there are still some important basic strategies that each individual and business should be aware of as a way to enjoy greater tax savings. For … Read More

Tax time can be a daunting experience for taxpayers who don’t have their tax documents ae organized before consulting a tax preparation firm. But it must be done to ensure that your taxes are in order and that you are getting all the deductions to which you are entitled. The best thing to do is to organize your tax documents … Read More

If you export a U.S. made product, then you ought to consider forming an Interest Charge Domestic International Sales Corporation (IC-DISC) in order to maximize profits. An IC-DISC is corporation that elects to be taxed in a unique fashion. Actually, the corporation’s income is not taxed. The earnings generated by the ID-DISC are taxed after they have been distributed to … Read More