What is an enrolled agent?

An enrolled agent (EA) can represent you before the IRS if you’re audited. These pros know practically everything about taxes. They must pass a comprehensive IRS exam and continue studying to meet education requirements.

What is a Certified Public Accountant?

A Certified Public Accountant (CPA) provides individuals and families with valuable knowledge and advice on taxes and financial planning. They have the smarts for everything finance-related, and they have the education, experience, and state examinations to prove it.

What is tax depreciation?

Depreciation means stuff wears out and loses value over time. For example, after five years, a $1 million crane might depreciate by $500,000. Tax depreciation takes this idea a step further. The government doesn’t want to give you a $1 million tax deduction. They’d be even more broke. Instead, they’ll take the life expectancy of a machine (say, 10 years) and divide it by the price you paid ($1 million). That number (in our case, $100,000) is how much you would deduct over the expected life of the machine.

What is a balance sheet?

Your balance sheet is a breakdown of what you owe versus what you own. It shows the assets, liabilities and owner’s equity for your business. Remember, assets are items owned by your company, and liabilities are things you owe on. Equity is the value of your business assets minus the liabilities; it’s basically the value you’d place on your company if you had to put a price tag on it today.

What is a profit and loss statement?

Your profit and loss statement is a summary of your revenue (profits) minus expenses (losses) for a period of time, usually a quarter of the year. It shows your profits or losses at a glance for that chunk of time.

What is a cash flow statement?

Your cash flow statement categorizes cash flow into three types of activities: Operating: How much does your business make day-to-day? Investing: Are the assets you’ve purchased for your business paying off? Financing: How much cash have you invested in your business?

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Common Small-Business Accounting Terms

What is an enrolled agent?: An enrolled agent (EA) can represent you before the IRS if you’re audited. These pros know practically everything about taxes. They must pass a comprehensive IRS exam and continue studying to meet education requirements.
What is a Certified Public Accountant?: A Certified Public Accountant (CPA) provides individuals and families with valuable knowledge and advice on taxes and financial planning. They have the smarts for everything finance-related, and they have the education, experience, and state examinations to prove it.
What is tax depreciation?: Depreciation means stuff wears out and loses value over time. For example, after five years, a $1 million crane might depreciate by $500,000. Tax depreciation takes this idea a step further. The government doesn’t want to give you a $1 million tax deduction. They’d be even more broke. Instead, they’ll take the life expectancy of a machine (say, 10 years) and divide it by the price you paid ($1 million). That number (in our case, $100,000) is how much you would deduct over the expected life of the machine.
What is a balance sheet?: Your balance sheet is a breakdown of what you owe versus what you own. It shows the assets, liabilities and owner’s equity for your business. Remember, assets are items owned by your company, and liabilities are things you owe on. Equity is the value of your business assets minus the liabilities; it’s basically the value you’d place on your company if you had to put a price tag on it today.
What is a profit and loss statement?: Your profit and loss statement is a summary of your revenue (profits) minus expenses (losses) for a period of time, usually a quarter of the year. It shows your profits or losses at a glance for that chunk of time.
What is a cash flow statement?: Your cash flow statement categorizes cash flow into three types of activities:
Operating: How much does your business make day-to-day?
Investing: Are the assets you’ve purchased for your business paying off?
Financing: How much cash have you invested in your business?

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