Most bookkeepers will prepare three major financial statements for your business—the profit and loss statement, balance sheet, and cash flow statement. It...

But let’s say he operates his business as an S Corp and pays himself a salary of $50,000 while taking $50,000 as a shareholder distribution. In this scena...

For tax year 2019, you will need to file a return if you are unmarried and at least 65 years of age, and your gross income is $13,850 or more. When do sen...

Idiom: ‘No question’ Meaning: This idiom means that something is certain or definite. How do you answer yes or no questions? When we answer yes or no ques...

If the account is closed, the bank will reject the refund. Once we receive the refund back from the bank, the Comptroller’s Office will issue a paper chec...

In most states, even though you are presumed to be a resident after you’ve lived there six months, you may have to be gone from your old state for 18 mont...

Daley, voted to give Chicago and Cook County property owners a 60-day extension on payment of the 2020 real estate taxes because of the pandemic. The exte...

Beneficiaries generally don’t have to pay income tax on money or other property they inherit, with the common exception of money withdrawn from an inherit...

An LLC partnership can have two or more owners, called members. Limited liability companies with multiple members are referred to as multi-member LLCs or ...

Relief Program 2: Paycheck Protection Program (PPP) Landlords cannot qualify for a PPP to replace their lost rental income, since that does not qualify as...