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 […]