Bookkeeping

This includes independent contractors, freelancers, consultants, and self-employed individuals. Businesses like partnerships, limited liability companies (LLCs), and corporations also need to provide it when they get paid. Backup withholding is a tax withholding mechanism used by the IRS to ensure that individuals and businesses pay their taxes. If certain conditions are met, payers must withhold […]

It is used to report various types of income that do not come from regular jobs. This form includes payments such as rent, royalties, prizes, medical payments, and money made from fishing boats. By taking care and checking your details before you send it, you can lower the chance of errors. As you are preparing

In recent years, social media influencers have become a popular tool for marketers to promote their products and services. Digital creators need to be aware of specific tax obligations related to self-employment and possibly international taxation. This includes paying self-employment tax, making estimated quarterly tax payments, and understanding the tax implications of the various income

We invite you to reach out to us for additional details about our services. In cash basis accounting, you do not record revenue when you send the invoice, you actually have to wait until you get paid. So for example, if you’re doing a tax return and you’re waiting on payment, you do not record

Only costs directly related to their influencer activities are eligible for deductions. Consulting with a tax professional can provide clarity and ensure compliance with tax regulations. Content creators must prioritize proper accounting and documentation to protect their earnings and ensure IRS compliance. By keeping detailed records and separating personal and business finances, you can maximize

Bring years of best practices in accounting and financial reporting to your team. With our custom bookkeeping services, you no longer have to be confused about the best way to manage your transactions. Yes, virtual and outsourced bookkeeping is just as legitimate as in-house bookkeeping and accounting. However, as with any in-person accounting professionals you’d

It’s not just about keeping the books; it’s about growing your business with confidence. But, if you sign up through them, you snag a 50% discount on the subscription. We call our process of client engagement Fourlane DRIVETM because it helps us “drive” long-term success by gaining a deep outsourced bookkeeping understanding of your processes, projects,

As a result, Lucy cannot accurately determine which expenses are directly related to producing cupcakes and which are necessary for running her business. The four principles of GAAP include the principle of consistency, the principle of regularity, the principle of sincerity, and the principle of full disclosure. As tax laws vary by business structure and

User groups consist of those most interested in or affected by accounting rules. Some accountants have said that politicization in the development and acceptance of generally accepted accounting principles (i.e., rule-making) is taking place. Generally Accepted Accounting Principles were eventually established in response to the 1929 Stock Market Crash and the Great Depression it caused.