Like busi­nesses, an individual’s or household’s net worth is taken by balan­cing assets against lia­bi­li­ties. For most house­holds, lia­bi­li­ties will include taxes due, bills that must be paid, rent or mor­tga­ge pay­ments, loan inte­rest and prin­ci­pal due, and so on. If you are pre-paid for per­forming work or a ser­vice, the work owed may also […]

Con­tent Taxed tran­sac­tions of the taxa­ble per­son More Pro­ducts from Intuit Com­mon Tax Deduc­tions for Small-Busi­­ness Owners What Is a Wri­­te-Off? Defi­ni­ti­on & Examp­les for Small Busi­nesses Sole pro­prie­tor accoun­ting soft­ware Whe­ther you make an appoint­ment with one of our know­led­geable tax pros or choo­se one of our online tax fil­ing pro­ducts, you can count on H&R Block to […]

Below lia­bi­li­ties on the balan­ce sheet is equi­ty, or the amount owed to the owners of the com­pa­ny. Sin­ce they own the com­pa­ny, this amount is intui­tively based on the accoun­ting equation—whatever assets are left over after the lia­bi­li­ties have been accoun­ted for must be owned by the owners, by equi­ty. The­se are lis­ted at […]