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RomanRshutterstockWith the concept of a net operating loss (NOL) deduction, you can reduce your loss through tax relief and save taxes in the prior or future year. To apply for this, you would use the NOL carryforward or NOL carryback provisions with the IRS. We explain what these terms mean and…
Mohd KhairilXshutterstockHow can you make the most of tax deductions as a self-employed individual? This article outlines essential tax tips for freelancers and business owners in the U.S. Learn about the deductions you can claim, which taxes you need to pay, and how to reduce your tax liability with…
Andrey_PopovshutterstockInvoices are primarily known from business transactions. However, private individuals can also issue invoices—for example, when selling a used item or providing a one-time service. It is important to follow certain guidelines to ensure that the private invoice is correct and…
Billion PhotosshutterstockMany U.S. companies must comply with records management or face hefty penalties. The Sarbanes-Oxley Act was passed in 2002 to crack down on corporate fraud and to regulate accounting in companies. Our dedicated article has all the information you need to know about the…
In the USA, the tax return deadline is usually April 15. Many freelancers (self-employed individuals or independent contractors) often have questions about earnings, deductions, and required forms. Staying organized and maintaining good records throughout the year can…
SFIO CRACHOshutterstockMany businesses—whether large or small—depend on orderliness in their warehouses. To prevent organizational errors that could lead to significant business issues, companies should use inventory management software. These programs help businesses keep track of their inventory.…
SFIO CRACHOshutterstockWithdrawing from company assets for personal use is common for business owners, as they need income. This process, known as an owner’s draw, can be complex in terms of accounting and tax law. What should you consider when withdrawing money, what types of withdrawals exist, and is…
NDAB CreativityshutterstockAccounting is a complex task and especially entrepreneurs who are just starting their projects can use all the help they can get. With the right bookkeeping software, founders, freelancers, and SMEs have tools at their disposal that make the work easier and less error-prone. What…
Billion PhotosshutterstockIf you want to use your company assets to strengthen company funds from your personal account, that isn’t a problem initially. However, you have to book these contributions and withdrawals correctly. It is important that these transactions do not affect the company’s profit or…
When tax season rolls around, you might find yourself asking: What’s my TIN? Where can I find it? Which number do I need—my Social Security number, a TIN, an ITIN, or an EIN? It can be confusing to keep it all straight. But don’t worry—there are easy ways to figure out which tax…
A solid business growth strategy is paramount for any business owner. This category focuses on all the aspects that follow the establishment of a company; from business strategy and growth, to recruitment, bookkeeping, and taxes.