Bookkeeping

Liabilities embrace things like loans, mortgages, accounts payable, accrued bills, warranties, bonds, and more. The liabilities are contracted with the belongings listed in the left column. Total the liabilities by adding all the values and write the sum at the bottom. This step consolidates the period’s web revenue or loss into the equity section. For Read Post

Below we’ll explore major categories of small business deductions, including special rules and limits for each. For 2025, the OBBBA introduced new rules around qualifying employee overtime pay. Under this provision, business owners can claim additional deductions for qualifying overtime compensation paid to employees from 2025 through 2028. This represents a unique opportunity to reduce Read Post