News & Advice

How Do You Categorize Paying Yourself?

Paying yourself as a business owner involves categorizing the compensation you receive from your business for the work you perform. The categorization of paying yourself depends on your business structure and how…

July 31, 2023

business advice

Is An LLC A Draw Or Salary?

An LLC (Limited Liability Company) is a business entity that offers a flexible and simplified business structure with liability protection for its owners, known as members. Unlike a corporation, an LLC does…

July 30, 2023

bookkeeping, business management

Can I Buy Personal Items With My Business Account?

Using your business account to purchase personal items is generally not recommended and can lead to various issues. Compliance and Tax Implications - Mixing personal and business expenses can make it challenging…

July 30, 2023

business management

What Are The 5 Components Of Business Management?

The five components of business management represent key areas that collectively contribute to the effective operation and success of a business. These components encompass various aspects of managing a business and play…

July 30, 2023

business management

Can I Buy Personal Stuff With Business Account?

No, buying personal items or using a business account for personal expenses is not advisable. Keeping personal and business expenses separate is essential for several reasons: Legal & Tax Implications: Mixing personal…

July 29, 2023

business advice

What Is A Good Example Of Service?

An excellent example of a service is a professional cleaning service for residential homes or commercial properties. Here's why it is considered a service: Intangible: Services are intangible, meaning they cannot be…

July 29, 2023

business management, payroll

Is A Draw Considered A Salary?

A draw is not the same as a salary, and they are treated differently in terms of accounting and taxation. Here's the key distinction between the two: Draw: A draw, specifically an…

July 29, 2023

personal finances

What Is A Good Spending Rule?

A good spending rule, often referred to as a budgeting guideline, can help individuals and households manage their finances effectively and make informed decisions about their spending. One widely recognized rule is…

July 28, 2023

services

What Is 1 Example Of A Service?

One example of a service is "House Cleaning Service." House cleaning services are provided by individuals or companies to clean and maintain the cleanliness of residential properties. These services typically include tasks…

July 28, 2023

business strategy

Does Owner Draw Show Up On Profit And Loss?

Owner's draws typically do not appear on a business's profit and loss (P&L) statement. The profit and loss statement, also known as the income statement, primarily focuses on the revenue and expenses…

July 28, 2023

How Do You Categorize Paying Yourself?

Is An LLC A Draw Or Salary?

Can I Buy Personal Items With My Business Account?

What Are The 5 Components Of Business Management?

Can I Buy Personal Stuff With Business Account?

What Is A Good Example Of Service?

Is A Draw Considered A Salary?

What Is A Good Spending Rule?

What Is 1 Example Of A Service?

Does Owner Draw Show Up On Profit And Loss?

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