BUSINESS EDUCATION
Build your understanding of business finances, credit, and accounting with practical guides for your next steps.
Giving business owners the financialFinancial and accounting knowledge to help improve operations, efficiency and cash flow to successfully grow and operate a small business.
Lost your EIN? Learn how to find your Employer Identification Number using IRS records, tax returns, bank records and official EIN lookup methods.
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An Individual Taxpayer Identification Number, or ITIN, is a nine-digit tax-processing number issued by the Internal Revenue Service. It is for a person who needs a U.S. taxpayer identification number for a federal tax purpose but does not have—and is not eligible to receive—a Social Security number.
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Retained earnings are one of the most useful numbers on a company’s balance sheet because they show how much profit—or loss—the business has accumulated over time after accounting for dividends or applicable owner distributions.
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Learn what an LLC operating agreement is, what it includes, how it protects your business, and how to create one for a single- or multi-member LLC.
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Buying an existing business can provide immediate access to customers, revenue, employees, equipment and operating systems—but the buyer also inherits transition risk and any obligations included in the deal.
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Learn how to fill out Form 1120, the U.S. Corporation Income Tax Return. This guide covers who must file, records to gather, income and deductions, key schedules, filing deadlines, extensions, and e-filing requirements.
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Need to apply for or renew an ITIN? Download the official W-7 form and follow the application steps, document checklist, and mailing instructions.
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IRS Form 9465 is used to request a monthly installment agreement when you cannot pay your federal tax balance in full. This guide explains what the form means, how to fill it out, how the 72-month payment calculation works, and how to set up a payment plan with the IRS online or by mail.
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What Is Form 941? IRS Form 941, Employer’s Quarterly Federal Tax Return, is used by employers to report income and payroll tax withholdings, Social Security, and Medicare tax burden. The complete list of items
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What Is IRS Form 4506-T? IRS Form 4506-T is an official IRS form used to request a tax return transcript. Typically, Form 4506-T is used when you need to provide your tax return information for
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A voided check is a check with “VOID” written across the front to show it should not be accepted for payment. Employers, billers, and funding providers use it to get your bank details without receiving a usable check.
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LLC vs. Partnership: What Is the Difference?
Deciding on the right structure is an important first step in setting up your business.
If you’re going into business together, whether it’s formal business partners,
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An ABA routing number is a nine-digit code that identifies a U.S. financial institution when checks and electronic payments are processed. This guide explains what an ABA routing number is, whether an ABA number is the same as a routing number, where the routing number appears on a check, and how to choose the correct number for direct deposit, ACH payments, or wire transfers.
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IRS Form 2553, Election by a Small Business Corporation, is the form an eligible corporation or business entity uses to make an S corporation election for federal tax purposes.
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What is IRS Schedule C (Form 1040)?
Unlike an employee, when you’re self-employed, you need to track your own taxes.
Schedule C (Form 1040) generally reports profit or loss from a sole proprietorship, including
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Compare Schedule K-1 Forms 1120-S, 1065, 1041 and 8865. Learn what each version reports, explore its fields, and understand how income, distributions and tax reporting differ for shareholders, partners and beneficiaries.
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Lost your EIN? Learn how to find your Employer Identification Number using IRS records, tax returns, bank records and official EIN lookup methods.
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What is net income?
Net income, or net profit, is one of the single most important business metrics.
Why? Positive net income is a sign of growth.
It means you have extra cash flow left
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What Is IRS Form 4562?
If you’ve made a new equipment purchase for your business over the past year, you’re probably looking to report that purchase on your taxes to make the most
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What is the Section 179 deduction?
Recently made a vehicle or equipment purchase for your business? Heard about Section 179 or simply looking for possible deductions for your purchase?
Section 179 is one tax deduction
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Wondering how to do a 1031 exchange with real estate? Read on to find out more about what a 1031 exchange is, specific rules to keep in mind, and the different types of exchanges.
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What is profit margin?
As a business owner, it’s important to not only know how much revenue your company is generating, but how much profit you’re actually making from that revenue.
That’s
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What is incorporation?
Thinking of incorporating your business? Or are you just starting out and want to know what exactly a corporation is?
Corporations enjoy several significant benefits, from tax advantages to liability protection. Not
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Need to extend your 2019 personal taxes? Form 4868 is what you need.
Daily life is both busy and hectic. But when tax season comes around, things get even more complicated, and sometimes, downright
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Need an extension on your business taxes? IRS Form 7004 can help.
If you need more time to prepare an eligible business tax return, Form 7004 can extend the filing deadline, but it does
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As a business owner, there are several ways you can choose to classify those who work for you. The two primary ways are as a 1099 or W2 employee. A W2 employee is what most
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What is a W-2 Employee?
Chances are you have had some work on a W-2 before from a previous employer and know what it’s like being a traditional employee. As a new business owner,
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Excited to get to the fun stuff but bogged down figuring which business structure– single member LLC or sole proprietorship– is best for you? We break down both below to help make the decision clear
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What is gross profit?
If you’re just starting to dig into the accounting metrics of your business, gross profit is easily one of the most important of those metrics to understand.
Put it simply,
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Learn what depreciation means, how to calculate it, compare straight-line and accelerated methods, and use our depreciation calculator for assets, vehicles, and rental property.
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Similar to a power of attorney, but offering less authority in comparison, IRS Form 8821 authorizes a person or organization to both receive and receive a copy of filed tax returns and inspect a person’
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This guide shows you how to find a UCC filing, read the form and request a termination when the financing arrangement ends.
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So I recently had to get health insurance for me and my family and did not realize that there are great loopholes to help bring down the cost of you are self-employed so I decided
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Knowing how to assess the financial health of your business is important. This starts at understanding assets liabilities & equity.
However, with so many different numbers, reports, and ways to look at those critical metrics
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As an entrepreneur, it’s important to get your hands on every advantage available to help you succeed.
If you are reading this you should know that any resource is an edge of the competition
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Most business owners don’t fully understand the effects of long-term interest or how an amortization schedule works. As a result, they get locked into a loan and end up paying more interest than they
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As a small business owner, it’s important to be able to gauge how much you’ll pay in taxes for the upcoming year.
The last thing you want is to go file your business
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As a business owner, you want to utilize every advantage available to maximize your success.
And one of the ways you can do that is by full understanding– and making a smart choice about– IRS
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The debt service coverage ratio, or DSCR, compares the cash flow available to repay debt with the principal and interest a business or income-producing property must pay during the same period. It is one of
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An accounts receivable aging report, also known simply as an A/R report or aging A/R report,is used by many business owners who invoice their clients to keep track of what payments are
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We know– deciding between being an S corp vs. C corp for a business entity is the last thing you have time for. Unfortunately, before your business can turn a profit (or file its taxes…)
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How to Prepare a Profit and Loss Statement: The basics
Imagine for a moment, that you went to a doctor to get a checkup.
Only they didn’t actually give you a checkup; they simply
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Hard inquiries generally stay on a credit report for up to two years, while FICO usually considers inquiries from the previous 12 months. Learn how recent inquiries can affect credit scores and business funding reviews.
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As a business owner at one point in time or another, you have had to hear the word balance sheet when evaluating the strength of a business's financial health
A balance sheet is an important
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Explore small business loan options, including business lines of credit and term loans. Complete a simple application to see which funding options may fit your business.
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