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Category: Accounting Terms & Definitions

What Are Costs of Goods Sold?

We work with small business owners and entrepreneurs. Some are seasoned, others are just growing their side hustle. Their skills are varied and they have

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What Are Operating Costs?

We work with small business owners and entrepreneurs. Some are seasoned, others are just growing their side hustle. Their skills are varied and they have

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What is an Overhead Expense?

We work with small business owners and entrepreneurs. Some are seasoned, others are just growing their side hustle. Their skills are varied and they have

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Tax Forms Explained

  As we approach tax season, it is important to understand different types of tax forms, and why we need them.  If you’re hiring a

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What is a balance sheet?

  Here at Mazuma, we know financial statements are important for running a small business.  There are three basic financial statements; the balance sheet, income

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What is the Widow’s Exemption?

What is the Widow’s Exemption? The widow’s exemption reduces the tax burden on widows by reducing the amount of a widow’s taxable income. States individually

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What is Underwithholding?

What is Underwithholding? Underwithholding is when you haven’t had enough income taxes withheld during a year. If a tax payer’s incomes taxes are underwithheld, it does not

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What is a Tax Credit?

What is a Tax Credit? A tax credit reduces the amount of tax a business or individual has to pay. The government uses tax credits

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What is Sales Tax?

What is Sales Tax? Sales tax is a consumption tax on goods and services. State governments, along with county and local governments, set the sales

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