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Accounting and Tax Tips Blog

What is a W9 Form and How to Get One

If you work as an employee, your employer automatically withholds money to cover your taxes. However, freelancers and independent contractors need to handle their own taxes. If you’ve been freelancing for a while, you’ve probably had a client that asked...

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How to Get Your IRS Tax Transcript Online

If you’re an American taxpayer, the IRS has a file on you. The IRS tracks tax payments, income, deductions, and other important tax information. If you ever find yourself in need of this information, you can ask the IRS to send you a tax transcript that details...

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Choosing an Entity that Fits Your Business Structure

Most businesses start out as a simple sole proprietorship. However, if your business is successful, you will probably start looking rethinking your business structure relatively soon. Sole props are fine in the beginning but, as you grow, you run a greater risk of tax...

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Tax Tips: Understanding Book to Tax Adjustments

 Book income measures your business’s financial performance, but it doesn’t always line up with your business’s taxable totals. Sometimes, you need to adjust your book income to accurately report your taxable income. However, the process requires...

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What is a Profit and Loss Statement?

  One of the most significant financial reports for your business is going to be your profit and loss statement. The overall financial health of your business can be displayed in your profit and loss, it’s what banks will use in determining your eligibility...

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