Can a salaried person show business income?

Can a salaried person show business income

Yes! A salaried person can show business income. Just because you are a salaried employee does not preclude you or your spouse from earning business income from other sources, including self-employment and contract or gig work, to name a few. Income from any other source besides an employment position would necessitate that you would show … Read more

Bookkeeping Methods & Forms

Before you can begin your bookkeeping journey, you must first choose between the methods of available to you. Things To Consider Before You Decide These are important considerations because If you have a small business with minimal assets, it is probably not appropriate to use a method designed for an enterprise. Single Entry Bookkeeping Single … Read more

What Are Some Examples Of Accounting Policies

What Are Some Examples Of Accounting Policies

There are two commonly followed accounting principles, GAAP and IFRS. General Accepted Accounting Principles (GAAP) A common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB). In the U.S. any Public Company must follow GAAP rules when compiling their financial statements. International Financial Reporting Standards (IFRS) A set of … Read more

Bookkeeping & Write-Up

Bookkeeping & Write-Up

Bookkeeping This page is all about bookkeeping, so, let’s start with the basics. Bookkeeping is an essential part of the accounting process for any business. Proper planning and organization are essential in order to have a clear overview of the health of any business. The process of bookkeeping is the categorizing and then recording of … Read more

Entity Selection & Restructuring

Entity Selection & Restructuring

Business Entity Selection When starting a new business, you must decide which business entity you want to structure. Which structure you choose will have its own tax and legal considerations. This will also dictate which tax forms you need to file each year. Sole Proprietor Anyone that owns an unincorporated business by himself or herself. … Read more