Archive for July 2023

Owners’ draws are crucial to accounting for businesses structured as partnerships, sole proprietorships, or limited liability companies (LLCs). As business owners invest their capital and labor into the company, they often take funds out for personal use, which are referred to as “draws” or “withdrawals.” This article comprehensively explains owners’ draws, their tax implications, and…

Working with an accounting firm can benefit your business, including accurate financial records, tax preparation, and financial planning. However, to get the most out of working with an accounting firm, there are some steps you can take. In this article, we will explore essential tips on how to maximize your partnership with an accounting firm.…