In an S Corporation (S-corp), the business elects to pass any financial gains or losses through the business and to their owners/shareholders for tax purposes. Since an S-Corp is structured as a corporation (which is a legal entity in its own right), the profits belong to the corporation and owner's draws are not available to owners of an S-Corp. Owners [...]

Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. does not warrant that the material contained herein will continue to be accurate nor that it is completely free of errors when published. For example, let’s say you are normal balance in a partnership, and your share of income is $10,000. How are [...]

By mastering these practices, construction companies can gain better control of their financial performance and reduce inefficiencies in managing costs. Construction accounting is complex, but the right system can significantly affect how smoothly your projects run. At NorthStar Bookkeeping, we help construction firms develop clear accounting processes that fit the industry’s demands. With years of experience in construction bookkeeping, our [...]

You can avoid this by backing up all your records using services such as Backblaze or IDrive. While there are many places where you can find a certified accountant, your best option is to browse the American Institute of Certified Public Accountants database. Lastly, as Hubstaff records workers’ arrival and departure times, there is no need for them to note [...]