Which of the following is one of the advantages of forming a corporation?
Depending on the corporate structure, income statement such as C-corps or S-corps, businesses can take advantage of different tax deductions and strategies to minimize their tax burden. For example, S-corps allow income to pass through to shareholders’ personal tax returns, avoiding double taxation. Additionally, corporations can offer tax-free benefits like pension plans and insurance, further […]
What to Know About Accounts Receivable
Thus, in order to record an accounts receivable journal entry for a sale to a customer, we would debit AR and credit sales. At the end of the year, the AR T-account is added up and transferred to the financial statements. Managing AR effectively is essential to ensure a business’s financial health. Document everything in […]