All your accounting needs

Umar Choudhary

Reporting Non-Employee Compensation – Form 1099-NEC

If you operate as an independent contractor or freelancer or hire them in your firm, you must be familiar with Form 1099-NEC. Businesses use this form to report payments made to non-employees who provided a service during the tax year, such as freelancers, independent contractors, and sole proprietors. what is form 1099-NEC? Form 1099-NEC is

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The Most Comprehensive Guide To General Partnerships

LLC stands for “limited liability company,” is a type of business that acts like a corporation at the state level but doesn’t have to pay corporate taxes. According to the IRS, as a  LLC, your business can pay income tax like a partnership or sole proprietorship. Here, we’ll explain what a general partnership is, if

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Is a Registered Agent Required For Your Company?

You’re filling out the documentation for your limited liability company (LLC) or corporation with confidence until you’re asked to name a registered agent. Perplexed? You are not alone! Why Do I Need A Registered Agent? Many small business owners need a registered agent to meet the legal requirements for their business entity. Every state in

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Accounting Diary Entries: Definition, Examples, and Instructions

Every transaction that your company conducts necessitates the creation of journal entries. They collect transactions and convert them into data. You and your bookkeeper or accountant can use that data to generate financial reports and file taxes. Here’s all you need to know about this crucial bookkeeping-building component. What it is, why it’s necessary, and

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