Learn critical differences between a trial balance and a balance sheet and why it’s essential to complete the process rather than relying on the trial balance.

Understand the high-low method in small business accounting, how to calculate it, and the risks of relying on this method exclusively.

Discover how depreciation is applied in small business financial reporting and the dangers of categorizing it incorrectly.

Check out the top ways to turn pass-through losses into tax savings, including strategic timing of income and expenses, NOL carryforwards, and more.

Find out whether businesses get tax refunds (and which types are eligible), how it works, and considerations for and against using this strategy intentionally.

Understand the definition of variable expenses, how they differ from fixed expenses, and strategies to optimize them as a small business owner.

Contra revenue and expense accounts are something business owners can’t afford to ignore. Find out why these accounts are essential for accurate finances.

Are there loose ends on your business’s financial statements? Discover how an adjusted trial balance helps you set things straight.

Learn about accumulated depreciation, how to calculate and record it, and why it’s essential to account for this when disposing of a company asset.

Learn what depreciable assets are, how they reduce taxable income, & why choosing the right depreciation method matters for your small business’s finances.

Check out the key differences between assets and expenses, and how proper classification impacts tax savings, cash flow, and financial decisions.

See how Unit-of-Production Depreciation tracks asset value based on usage (not time) & review examples from manufacturing and equipment rental companies.

Reduce your small business’s tax burden with these 11 effective strategies, explained by expert tax professionals.

Optimize your tax bill with these effective tax strategies for S corp owners, including tax deductions, tax credits, and accountable employee reimbursements.

Find out what happens if you get audited and don’t have receipts, and why it’s best to work through the IRS audit process with an Enrolled Agent.

Learn if money raised through GoFundMe is taxable and why campaigns for personal and business purposes are likely to be subject to different tax regulations.

Discover the main differences between cost accounting vs financial accounting and why both approaches are important for strategic decision-making.

Find out if you can write off business losses on your personal taxes, the limit on loss deductions, and how your business structure impacts eligibility.

Discover when you pay tax on IRA withdrawals and how your choice of traditional or Roth IRA impacts your freedom to withdraw from your account penalty-free.

Understand key medical practice financial statements, including the balance sheet, income statement, and cash flow statement.