The Importance of the Income Statement

The Importance of the Income Statement There are four basic financial statements: Balance Sheet, Cash Flow Statement, Income Statement and Statement of Retained Earnings. External users such as investors, creditors, etc. use these statements to gain insight into the financial…

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Entertainment gifts meals

Entertainment, Meals, and Gift Expenses – Tax Deductible This can be a confusing area for business owners and is often misunderstood.  In an effort to help business owners to plan ahead for the 2014 tax year, the focus will be…

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Understanding the Cash Flow Statement

The purpose of the cash flow statement is to show owners/investors the amount of money that is flowing in and out of the business over a period of time, typically a year or one quarter.  It also ties together both…

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