They organize and record receipts, including donations and in-kind contributions, and keep track of disbursements, accounts receivable, and payroll. It’s essential for non-profits to comply with Generally Accepted Accounting Principles…
Ultimately, the company’s management and board of directors decides how to use retained earnings. When a company generates net income, it is typically recorded as a credit to the retained…
This deduction is taken from your gross income to calculate your adjusted gross income and is not an itemized deduction. Next, multiply your self-employment taxable income by the 15.3% self-employment…