Managing a small business requires more than just passion and hard work. It demands clear insight into your financial health. One of the most effective tools to gain this insight is through business financial reporting. These reports provide a snapshot of your company’s financial status, helping you make informed decisions. I will explain why monthly financial reports are essential and how they can drive your business toward success. Understanding Business Financial Reporting

By: Sonia Lee Ng, CPA Date: September 15, 2025 What is Form 1120 U.S. Corporation Income Tax Return? Form 1120 U.S. Corporation Income Tax Return is the federal corporate tax return filed by C Corporations, including certain LLCs taxed as corporations. This form reports corporate income, deductions, credits, and tax liability. Form 1120 U.S. Corporation Income Tax Return Deadlines Original Due Date: April 15 for calendar year corporations. Due Date with Extension: October 15

What is Form 1065 Return of Partnership Income? Form 1065, U.S. Return of Partnership Income, is an informational return that partnerships file to report their income, gains, losses, deductions, credits, and other tax-related items. Partnerships generally do not pay federal income tax directly. Instead, these items are "passed through" to partners, who report their share on their personal tax returns. Filing Form 1065 accurately is important because errors may affect each par

Summary of Tax Form 1120-S for S Corporations

By: Sonia Lee Ng, CPA Date: August 27, 2025 Introduction In this article we summarize accounting aspects that small businesses should consider geting the accounting records ready for tax preparation for year 2025. Here are the most common business expenses. Business Expenses Most individuals and sole proprietors with no inventory use the cash method since it is easier for recordkeeping. Under the cash method, in general, you deduct expenses in the year you actually paid the

Date: August 26, 2024 By: Sonia Lee Ng, CPA Depending on how your business entity is structured to operate determines how it is taxed. The five general business taxes are: Income tax, Estimated Taxes, Self-Employment Taxes and Excise Tax. Business Structures: Sole proprietorships, partnerships, corporations, S corporations, and Limited Liability Company (LLC) I. Sole Proprietors A person who owns an unincorporated business. Single Member LLCs are treated as an entity disregar

Date: August 7, 2025 By: Sonia Lee Ng, CPA This Bill was signed into law on July 4th, 2025. Public Law 119-21 Disclaimer The information provided in this post is for general information purposes only and is not intended to be a substitute for professional tax, legal, or financial advice. You should consult with a qualified tax professional or CPA regarding your specific situation before making any tax-related decisions. Highlights About the One Big Beautiful Bill Act Tax Chan

Fecha: 25 de noviembre de 2023 Actualizado: 28 de agosto de 2025 Introducción Crédito tributario para contribuyentes con ingresos bajos a moderados, por realizar aportaciones elegibles a su cuenta IRA o plan de jubilación patrocinado por un empleador. También puede ser elegible para obtener un crédito por las aportaciones a una cuenta Logro de una mejor experiencia de vida (ABLE), si es el beneficiario designado. Crédito de contribuciones de ahorro para la jubilación (Crédito

Updated: August 19, 2025 Depending on the nature and business or entity structure, entrepreneurs should become familiar with federal, state, and local regulations before establishing their business. It is recommended to seek legal, tax and financial advice before starting a business or entity. Considerations when electing a business structure Capital Investment Regulations Permits y licenses Complexity Flexibility Control Tax Treatment Responsibility 1. Sole Proprietor Doin

Herramientas de Contabilidad para empresas 22 de mayo de 2019