The Tax Flow

In the most general sense, equity is assets minus liabilities. An owner’s equity is typically explained in terms of the percentage of stock a person has ownership interest in the company. The owners of the stock are known as shareholders.

Tax Planning 101: An “Accounts Receivable” is a Claim against a debtor for an uncollected amount, generally from a completed transaction of sales or services rendered.

A “Tangible Asset” is assets having a physical existence, such as cash, land, buildings, machinery, or claims on property, investments or goods in process.

Question: What if I can't file my return on time? Answer: April 15* is the tax filing deadline for most individual income tax returns. If you can't complete your tax return by then, file Form 4868 with the IRS to give yourself up to six additional months to complete your return.

Filing Online: Most rejections are caused by things such as misspellings, typos on Social Security numbers, or missing forms. When an e-filed tax return is rejected, the IRS e-filing system sends back rejection codes. These codes are specific to lines on the tax return and descriptions of the problem are readily available.