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The Opening Balance Equity account value may be the same as that of the last year’s Retained earnings. All this frees you up to spend your time on what really matters, your business! Get in touch today for a no-obligation,…
T Accounts for Beginners Consider the word “double” in “double entry” standing for “debit” and “credit”. The two totals for each must balance, otherwise there is an error in the recording. Using T accounts offers several advantages for tracking financial…
Legislature passes Climate Superfund Act Vermont Business Magazine It plays a vital role in cleaning up the environment, preventing future contamination, and sharing the financial burden of environmental cleanup. While challenges exist, cost recovery remains a powerful tool for achieving…
Amortization intersects with tax considerations, as the Internal Revenue Code (IRC) allows specific deductions. For instance, Section 197 permits amortization of certain intangible assets, including software, over 15 years. If the software qualifies under Section 174 as research-related, different rules…
With more than 2,200 members nationally, CPB Canada elevates the professionalism of bookkeepers through our recognized Certified Professional Bookkeeper (CPB) accreditation. We allow our members gain access to the resources needed to advance their careers and achieve a sense of…
Double-entry accounting may seem daunting for beginners, but it is a critical system that provides accurate and reliable financial information. As you continue to grow your knowledge of this system, you’ll gain greater control over your business’s financial health, setting…
Therefore, to qualify for the EITC with a qualifying relative, you must meet specific requirements regarding your relationship to that individual and their income level. The primary difference between these two categories lies in the eligibility tests and the relationship…
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