What is Prepaid Insurance?

The ins and outs, literally, of prepaid expenses are an important concept when it comes to bookkeeping. Common examples of prepaid expenses would be a prepaid insurance account, prepaid rent account, utilities, legal fees, and subscriptions. Let’s focus here on prepaid insurance. Prepaid insurance is considered as any insurance premium paid in advance for insurance …

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How can an LLC be taxed?

What is a Limited Liability Company (LLC)? An LLC is a business where the owners are not personally liable for the debts and liabilities. The business structure of an LLC combines the limited liability protection of a corporation but with the flexible tax structure of a partnership or sole proprietorship. An LLC is therefore regarded …

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COVID-19 Bill Enhances Your Unemployment Benefits

The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act provides individuals and businesses significant financial relief from the financial strain caused by the coronavirus epidemic. Here is a snapshot of the unemployment benefits section of the bill and how it affects individuals and businesses. WHO QUALIFIES TO RECEIVE STATE UNEMPLOYMENT BENEFITS? In addition …

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