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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…
Natee MeepianshutterstockWhether you are starting a company, exploring your current market, or discovering a new one, a market analysis can help you evaluate the attractiveness of a market. A market analysis is a key element of every business plan and makes sure that your idea or your plan is fit for the…
For most businesses, a profit and loss statement (P&L) is an essential part of the year-end closing. It provides a detailed breakdown of how profits or losses are calculated. But what is the meaning of P&L and what is the correct format of a P&L? To help you stay on top of…
UndreyshutterstockCalculating depreciation is essential for every entrepreneur. But how does the calculation of depreciation actually work, and what should you consider? These questions, along with others, will be answered through three examples that explain different depreciation methods and…
Andrey_PopovshutterstockNumbering your invoices isn’t required under U.S. law, but it’s a helpful tool for managing your business and tracking your transaction history. Utilizing a good invoice numbering system makes it easier to locate invoices for future referencing, and can come in handy when…
Watchara RitjanshutterstockA limited partnership in the U.S. offers flexible investment opportunities with limited liability, making it easier to bring in investors. Profit distribution can be fully customized in the partnership agreement, taking into account liability, involvement, or other agreed…