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How to Enter Payroll
This is the best (and the ONLY best) way to enter payroll into an accounting system: Enter debits for the expenses and credits for the liabilities. Use a general journal dated on the last day of the payroll period. Let me illustrate: Account Debit Credit DEBITS Officer’s Salary (Corps) $50,000.00 Payroll Expense […]
The S Corp Check List
S Corps are a popular choice for operating a small business. But they have some peculiarities that are commonly overlooked and could dramatically impact your tax liability. If you have an S Corp, or want one, read on. S Corp Checklist S Corps are frequently formed for the purpose of avoiding SE tax on a […]
Awakening the Heroes Within
In January 2006, when the 29-year old Blake MyCoskie vacationed in Argentina, he discovered the “alpargatas,” a canvas shoe worn by Argentine farmers. He also noticed the extreme poverty and lack of shoes (particularly for children). Inspired, he reminisced on this inspiration in a 2011 article for The Business Insider saying “….the intense pockets of […]