December 31st is Coming Up. Do I Need to Spend Any Money?

December 31st is Coming Up. Do I Need to Spend Any Money?

https://youtu.be/enuzMvlmRko December 31st is just around the corner. Before you ring in the new year, it’s time to go on that epic last-minute shopping spree so that you can maximize your deductions! … right? Let’s lead in with a piece of accounting wisdom, and then we’ll unpack it below: The key is to maximize your after-tax profit, not minimize your taxes. Maximizing Your After-Tax Profit Let’s use a basic example to show how all of this works. You have spare money in your business checking account, and you really want (but don’t actually need) to upgrade your office coffee machine.…
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What are Financial Statements and why do I care?

What are Financial Statements and why do I care?

Let’s get to the most important part first, namely why you should care about your financial statements. Your financial statements show how your business is doing, they provide various ways to measure goals and output, and, if you don’t know what’s going on in your business, they will show you. Most significantly, they will let you know if you are making money. Your financial statements will help you answer questions like: Can I hire a new employee? Do I have enough money to pay my bills? Can I spend this money on new computers? Am I reaching my goals for…
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