Financial Statements Blog Posts

Keeping Annual Meeting Minutes for Your PLLC/LLC

24

Mar

Bookkeeping, Financial Statements, LLC, PLLC

Keeping Annual Meeting Minutes for Your PLLC/LLC

Deposition Reporter: [reading off paper] "Mr. Scott, do you realize you just contradicted yourself?" "I did?" "Yes you did." "Can I go to the bathroom?" "No." "I really have to, I've been drinking lots of water." "You went five minutes ago." "That wasn't to go to the bathroom, that was to get out of a question." "You still have to answer it." "First can I go to the bathroom?" "No."~ “The Office” Season 4 Episode 12, “The Deposition” Taking notes is important. It got you through school (you did take notes, right?) and it helps you remember things that were…

Federal Taxes Are Not a Tax Deduction

Do you remember the IRS mantra for determining if a business expense is deductible? We’ll give you a hint: it’s the acronym RON. Business expenses are deductible if they’re Reasonable, Ordinary, and Necessary. Reasonable is a bit of a judgment call, but a good way to think of it is to consider the amount of money spent. Ask yourself honestly if you’re spending extra money because you consider it an investment in your business, or if you’re just trying to get a bigger tax deduction. Ordinary is easier to determine. Are your competitors in the same industry spending “about” the…

Basic Financial Terms Every Business Owner Should Know

“You keep using that word. I do not think it means what you think it means.” ~ Inigo Montoya, The Princess Bride It’s entirely conceivable that you’ll encounter some utterly mystifying financial jargon when you talk to your bank representative, financial advisor, or accountant. We’re not trying to confuse you on purpose; we use industry-specific words often because they represent specific concepts. Imagine how awkward a conversation would be if we said things like, “Well, your assets that we expect will be turned into cash within a year are high enough that we expect that it won’t be too difficult…