No. The sales taxes collected in retail aren’t included in earnings figures. Hence, sales tax isn’t displayed in an income report. The collected sales tax is listed as a current liability until it is remitted to the government. As an example, let’s suppose that a retailer’s products face a state sales tax of 8.5%. If […]
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Some business owners mix their business and personal finances too frequently. When it comes time for taxes, intermingling these can be a problem! Right from the beginning it’s necessary to separate your business and personal finances. Here’s how you can peel your business away from your personal finances. Keep different bank accounts: An important first
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1. Do The Math! The government calculates it will cost a middle-class family more than a quarter of a million dollars to raise a child born in 2012. The cost of raising a child though depends on parents’ goals and expectations for the child as well their level of income. Google search for Baby Calculators
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Find the best software – Quickbooks Desktop should work for most small business owners who spend most of their day behind a desk. However, there are some other great solutions for business owners that are on the road. An affordable solution is Xero, and if you primarily tend to use your iPad then Easy Books
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Keeping tax records is an important thing not just for entrepreneurs but also for the average taxpayer. Forgetting to keep the right paperwork can cause problems later on if the IRS inquires about your finances. With that in mind, what kind of tax records should you keep? There are everyday items to hold on to
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