Bookkeeping

What Are the Differences Between a Traditional Income Statement and a Contribution Margin Income Statement

It’s a snapshot of your whole business as it stands at a specific point in time. COGS only involves direct expenses like raw materials, labor and shipping costs. If you roast and sell coffee like Coffee Roaster Enterprises, this might include the cost make this au payroll year end the smoothest yet of raw coffee… Continue reading What Are the Differences Between a Traditional Income Statement and a Contribution Margin Income Statement

What Is An Invoice Number And How To Generate It Guide With Examples

In accounting, the rule of thumb is that invoices shouldn’t get deleted, no matter the reason. So, to fix the problem, we recommend creating a new invoice with the correct information. Then, it’s best to send this invoice to your client with a note of correction, in order to avoid any confusion. There are several… Continue reading What Is An Invoice Number And How To Generate It Guide With Examples

What Is an Income Tax Return? Definition, How Long to Keep

Form 1040-A also gave taxpayers the opportunity to claim several tax deductions to reduce their taxable income. However, the only deductions they could claim included student loan interest, post-secondary tuition and fees, classroom expenses, and individual retirement account (IRA) contributions. Taxpayers using Form 1040-A could not claim 1040 form meaning itemized deductions. A tax return… Continue reading What Is an Income Tax Return? Definition, How Long to Keep