Is your income from your hobby taxable income?
Did you know that a taxpayer must report income on their tax return even it is made from a hobby? However, as a taxpayer, you must...
Charitable Contributions Tax Deduction
As we are about to end 2017, many people will donate to charities at this time due to the holiday season. As a taxpayer, you may benefit...
Accounting Word of the Week: Deferred Charge
Today we are looking at deferred charge. A deferred charge is a prepaid expense that is regarded as an asset on a balance sheet. This...
Word of the Week: Explicit Cost
As a business owner, one of the easiest things to identify is explicit cost. The most common examples of explicit costs include wages,...
Accounting word of the Week: Net-Profit Margin
Today, we are looking at the net-profit margin. The net profit margin is the ratio of net profits to revenues for a company or business...
Word of the Week: Acid Test Ratio
Liquidity! What is it? It is the ability of current assets to meet current liability when due. How does a business owner test they...
Accounting word of the Week: Target Income Sales
Target Income Sales
Accounting word of the Week: Receivable Turnover
Many banks will compute financial ratios to evaluate the liquidity of a company’s account receivables.
Accounting word of the Week: Sales Forecasting
Sales forecasting
Accounting word of the Week
Our word of the week is Sales Discounts. A sales discount is when cash is given from the seller to the purchaser for early payment of the...