Alicia Tuovila
CPA
More From This Author
1099 NEC vs. 1099 MISC
You may have noticed that independent contractor payments are now reported on the tax form 1099-NEC rather than the 1099-MISC. What prompted this…
What is straight line depreciation?
How do you calculate straight line depreciation? What are the pros and cons of straight line depreciation versus accelerated depreciation methods?…
What Is a Trial Balance?
While a trial balance is not a financial statement, this internal report is a useful tool for business owners. It lists all of the account balances…
What Is Gross Profit?
Gross profit is a key profitability figure for a small business. It's calculated by subtracting cost of goods sold from sales revenue. Here's how you…
Gross vs. Net Income: What Is the Difference?
Are you a new small business owner looking to understand your tax return a little more? How are gross and net income related? Here are the…
What Is a Schedule K1 Tax Form?
Why might you receive a Schedule K-1 and what do you need to do with it? If you have an ownership interest in a partnership, S corp, or LLC, you may…
A small business owner's guide to the California tax rate
As a small business owner, you will be subject to many types of taxes in California. Here is an overview of the types of taxes you will encounter and…
How to reconcile your bank statements
What is the best way to catch fraudulent or erroneous bank transactions? Proper bank statement reconciliations. Here's a step-by-step guide to help…
What Is a W-9 Form, and When Do I Need One?
The taxpayer information on a W-9 is used by a business to report to the IRS on payments made to independent contractors and other vendors. Should…
How to obtain old tax documents
Do you need old tax documents from the IRS? Here's the difference between a tax return transcript and an exact copy of your tax return. Learn which…