Glossary: Gross Income/Gross Profit
Gross income is all money coming in the door, before any expenses. Gross profit is what’s left after cost of goods sold are subtracted.
Gross income is all money coming in the door, before any expenses. Gross profit is what’s left after cost of goods sold are subtracted.
What does amortization mean?
What is an LPA? It stands for licensed public accountant and is a rare designation that is currently only issued in 3 states: Iowa, Delaware and Minnesota.
S-corporation is a tax term that refers to a corporation or an LLC that elects to be taxed under the rules of Subchapter S of the Internal Revenue Code.
In financial accounting, an audit refers to a CPA firm reviewing a company’s financials and internal controls, and reviewing documentation to verify the amounts shown on the financials.
MACRS refers to “modified accelerated cost recovery system,” which is the default depreciation method used for tax purposes.
The Patient-Centered Outcomes Research Fee is due on July 31 of each year.
In the tax world, an asset is generally refers to the purchase of something that will last for more than one year.
LLC stands for Limited Liability Company. The tax treatment of LLC varies.
The term net income (or net loss) refers to what’s left of a business’s gross profit after expenses are accounted for.