The closing process is one of the steps in the accounting cycles. It is used to empty the temporary account and transfer them to a permanent one. A permanent account is an accounts that is reported on the balance sheet, they cannot be closed.
When you receive income from working in a profession, you have to pay taxes. The amount you have to pay is called your tax liability, based on your gross income.
The federal government oper-ates on the income taxes of it’s denizens. The tax law realizes two main goals – economic and social. The Internal Revenue Service, or IRS collects tax money
As if keeping track of what taxes to pay and when to pay wasn’t hard enough already, Congress has changed some important filing deadlines which are effective for tax years be-ginning after December 31, 2015.
Bookkeeping is one of the most essential tasks of any business owner who plans on running a profitable business that will grow over time. Without proper bookkeeping, your business could very quickly and easily crash into a wall. Small business owners can do their bookkeeping on their own, but many invest in a bookkeeping service to save time and to avoid the risk of making very costly financial mistakes.