Two important aspects of running a small business is accounting and filing income taxes. In fact, they come together during tax season when small business owners file their Schedule C tax form. This ...

If you are a sole proprietor, you report your business profit or loss on Internal Revenue Service Schedule C of Form 1040, Profit or Loss From Business. If you sell merchandise or manufacture a ...

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which generally took effect in 2018, provides welcome simplifications for small business taxpayers. This article highlights some of ...

Section 446(e) requires a taxpayer to obtain IRS consent prior to changing its accounting method. A change in method of accounting may include either a change in an overall plan of accounting for ...

Accrual accounting is one of the primary accounting methods and is based on the matching principle, which dictates that revenues and their associated expenses be recorded in the same accounting period ...