article thumbnail

Business Expenses and Tax Deductions: Indinero’s Ultimate Guide

inDinero Tax Tips

Small Business Tax Deductions Home Office Deductions Cash vs Accrual Accounting Nondeductible Expenses Form 941 Commingling Funds What Counts as a Business Expense for Tax Purposes? Cash accounting means registering transactions only when money lands in or leaves your account. Each method has advantages and disadvantages.

Tax 80
article thumbnail

Getting Paid 101: Accounts Payable and Accounts Receivable

xendoo

However, typical categories of accounts payable include: . Transportation and logistics. To record accounts payable, here are a few examples. Debts past due dates (with several months) might translate to bad debts, which you should remove from accounts receivable and record as an expense. . Cash vs. Accrual Accounting.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Small Business Tax Deductions 101: What You Can (and Can’t) Write Off

inDinero Accounting

Vehicle and Travel Expenses Your business vehicle isn’t just a mode of transportation; it’s a mobile tax deduction. Airfare, lodging, ground transportation – it’s all fair game. An indinero accounting and tax services professional can advise on the correct strategic decision for your business.

article thumbnail

Profit and Loss Statement (P&L): A Beginner’s Guide

Snyder

This type of financial statement is prepared using the cash or accrual accounting method and gives information about how much your business is making or losing. There are two ways a business may use to prepare profit and loss statements – using the cash or accrual accounting method. Let’s break them down.

article thumbnail

Padgett & Padgett, PLLC CPA’s Guide to the Profit and Loss Statement

SkagitCountyTaxServices

For services, this can include labor, materials used and transportation, and other incidentals. In this top line, break down the totals by month (include income sources by month) and, if applicable, account for discounts and returns. Total costs for items in your inventory that your customers buy. Calculate your expenses.