Income Statement Simplified and Defined

The Income Statement Simplified

The purpose of the income statement is to present revenues, expenses, net income, and earnings per share for an accounting period.  For the income statement the earnings are normally measured on an accrual basis so the income reported on it is not the same as cash generated during the accounting period.  However some small businesses prefer cash basis due to its simplicity. Continue reading

What is a 1099 Form and why should a small business care?

So what is a 1099 form?  The dreaded Form 1099-MISC may be one of the worst, most-time consuming requirements that the IRS puts on small businesses.  However, we are all compelled to send out the forms although if I was you I would outsource the crap out of it.  Even if you outsource the filling-out and submission of the form it is essential that you understand the why and how. Continue reading

Make a Difference: By Dragging One Donkey Up Hill At A Time

Last night I was faced with a dilemma that many of us are forced into almost everyday, however this one proved to be very public. On our way home from a father’s day party my family and I were traveling on the highway when we passed a donkey running the opposite direction down the hill. My first thought was “that is pretty funny but lets go home.” Unfortunately, I let that little thing called caring or try to make a difference take hold. Continue reading

Itemized Deductions – The Seven Categories

Standard Deduction vs. Itemized Deduction 

There is often confusion during tax time when talking about how or when to take itemized deductions. The standard deduction is applicable only if it exceeds a taxpayer’s allowable itemized deductions. The basic standard deduction depends on your filing status and is adjusted for inflation. For 2014, the standard deductions are:

  • $12,400 married filing joint
  • $6,200 single
  • $9,100 head of household
  • $6,200 married filing separately

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Setting Goals – Turn Brain Crack into Pure Awesomeness

Setting goals may seem easy but sometimes we fail to realize the goals.  I come from a family of dreamers with varying degrees of idealism but this has instilled in me that I can achieve whatever I put my efforts toward as long as I work hard. This may seem like a bold statement because obviously it is not true to the extent that I will ever be talented enough to play a professional sport nor will I ever receive a Nobel Prize.  Although curling may be an option since I am handy with a broom! Continue reading