QuickBooks lets you choose either method, but accrual is better for getting the full picture of your financial health. In other words, you record income and expenses when they happen, not when the money...

Read more

The terms “contributed capital” and “paid-in capital” are often used interchangeably, and for most practical purposes, they describe the same thing. This amount shows the tangible commitment from owners and reflects the company’s ability...

Read more

If you buy a home in a non-arm’s length transaction, you may face extra taxes for a gift of equity. You may be subject to capital gains taxes if you buy a house in...

Read more

Unlike current assets, they are not directly converted to cash, but rather they serve as tools in a company’s operations. Learn the key differences between current and fixed assets and how they impact...

Read more