The IRS two-part test disqualifies suits and business attire but allows uniforms, protective gear, scrubs, and branded items. Here's exactly what qualifies as a clothing deduction and how self-employed workers claim it on Schedule C.
Small businesses lose an average of $3,000 per year from bookkeeping errors. This guide covers the 12 most common mistakes—from mixing personal and business finances to misclassifying workers—with concrete fixes for each.
A practical guide to business asset depreciation covering MACRS, Section 179 (2026 limit $2,560,000), bonus depreciation restored to 100%, five depreciation methods, recapture rules, and the most common mistakes that cause small business owners to overpay taxes.
A practical guide to sales tax for small business owners — understand physical and economic nexus, apply the correct rate across 10,000+ U.S. jurisdictions, and avoid the penalties that catch most growing businesses off guard.
A practical guide to hiring an accountant for your small business — covering when you actually need one, the difference between a CPA, general accountant, and enrolled agent, what to ask in an interview, and what you'll pay ($200–$5,000+ depending on scope).
Neglecting bookkeeping for a year costs $3,500–$8,000 in catch-up fees, plus a 30–50% CPA premium at tax time. Here's a practical system for staying current — daily, weekly, or monthly — and why real-time financial records are a business asset, not a chore.
Your income statement reveals whether your business model actually works—not just whether the bank balance is positive. Learn every line item from revenue to net income, how to calculate all three profit margins, and how to spot cost trends before they compound.
Facing an IRS audit with missing receipts? Learn how the Cohan Rule lets you claim deductions without documentation, which expense categories require strict proof, and how to reconstruct records step by step to minimize your tax liability.
A practical guide to outsourcing bookkeeping — covering the 6 warning signs it's time to hire out, realistic cost breakdowns ($200–$800/month vs. $39K+ in-house), and how to evaluate bookkeeping services before signing a contract.
S corp basis determines how much of your losses you can deduct and when distributions become taxable. This guide covers stock basis vs. debt basis calculations, Form 7203 requirements, the order of adjustments prescribed by the IRS, and five common mistakes that permanently cost shareholders thousands in disallowed deductions.
Take control of your finances with our open-source double-entry accounting system. Start your ledger today.
© 2019 - 2026 Beancount.io
