Day: October 1, 2021

How to Make a Financial Statement for Small Business?

A financial statement is a legal document that documents a company’s financial activity. These plans depict the current state of your small business and forecast the company’s future vision and plans. Beginning with your day-to-day bookkeeping, you can create financial statements for your small business. To put together your financial statements, you’ll pull and organise …

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Tax Deduction for Legal Fees: Is Legal Fees Tax Deductible for Business?

Legal fees incurred for business purposes are tax-deductible. The deduction can be claimed on business returns (such as Form 1065 for a partnership) or directly on Schedule C of personal income tax returns. The Internal Revenue Service allows individuals and businesses to deduct the cost of certain professional services, including legal fees, as a business …

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