MYTH: /miTH/ (noun) – a commonly held but incorrect belief or idea. Misinformation about the IRS and tax code has grown online, leading many to believe in myths that could result in costly tax surprises. Here are some common misconceptions: Home Office Deductions Myth #1: I work from home, so I can deduct home office […]
Understanding Your Business’s P&L Why It’s Crucial to Grasp Profitability In the world of business, few documents are as fundamental to the success of a company as the Profit and Loss Statement (P&L), also known as the Income Statement. It provides a snapshot of your business’s financial health, tracking revenues, costs, and profits over a […]
If you’re wondering, “Do I need a bookkeeper?”—let’s explore the signs that indicate it might be time to bring one on board. Many business owners start out handling their accounting themselves. It’s common to take on every task when your business is just getting off the ground. However, to thrive and grow, delegating responsibilities—especially those […]