Bookkeeping

31May

How Do Dividends Affect Retained Earnings

The Retained Earnings account can be negative due to large, cumulative net losses. Retained earnings are the portion of a company’s cumulative profit that is held or retained and saved for future use. Retained earnings could be used to fund an expansion or pay dividends at a later date. Retained earnings are related to net (as opposed to gross) income because they reflect the net income the company has saved over time. Traders who look for short-term gains may...

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17Jul

Self-Employed Accounting Software for Solopreneurs

Starting your entrepreneurship journey and learning how to run a business requires passion, strategy, and boldness. See your income, expenses, 
and quickbooks self employed login profit all in one place, helping you feel prepared 
throughout the year. Automate your income and expense tracking to maximize your deductions and simplify year-end filings. It’s always a busy time here at QuickBooks. Stay up to date on all the product improvements. By accessing and using this page you agree to the...

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26Jul

Illinois Income Tax: Rates, Calculations, and Filing Guide

Illinois residents and non-residents with Car Dealership Accounting Illinois income sources must file state tax returns using Form IL-1040, which aligns closely with the federal tax filing process. This guide provides insights into calculating taxable income, exploring credits and deductions, understanding filing requirements, and recognizing penalties for non-compliance. By understanding these elements, taxpayers can navigate responsibilities and avoid financial repercussions. The property tax credit is equal to 5% of the Illinois property tax paid on your primary residence. You...

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