Glossary

means all income and expenses even if the transactions arent paid

are typically bank accounts and equipment

is recordkeeping of income and expenses

is a professional that has passed the state licensing exam

is a regulatary process to ensure drivers/owners are safely operating commercial vehicles

are transactions from personal accounts to business accounts. These dont typically count as income.

are expenses inccured to produce your product. Example being raw meat for a restrauant or leather for a craftsman.

are expenses that are can be used on taxes

is a person that cant financially support themselves so another indivdual claims them on the tax return. In the event that the dependant worked and received a tax form, they can still file a tax return but would need to make sure they mark that they are being claimed by another taxpayer.

an optional mini-tax returns done every 3 months/every quarter. They allow taxpayers to pay their taxes in smaller amounts instead of all at once at the end of the year.