Profit & Loss Statements

Am I making any money?

Properly monitor your operations

Besides answering this important question for you, Profit & Loss Statements (P&L) are required by the IRS for all businesses. It is the record of a business's operations that is used to assess taxes on profits earned. It is the only financial statement required by the IRS.

A P&L provides a summary of your revenues, expenses, and profits/losses over a given period of time. This helps to get an overall picture of your business's financial position, and it's an essential tool for making informed decisions.

Optimal Tax Solutions INC will guide you through the details of piecing together this essential document.

We recommend booking a one-on-one consultation to get started. This helps is help you!

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Know that your bases are covered.

Do your sales and costs match?

That is, the expenses incurred to generate the sales of your product (or services) must be related to actual sales during the accounting period.

Does your inventory method allow you to calculate or reasonably estimate the quantity and cost of goods sold during a specific time period?

Do you have records of general and administrative expenses?

Can you separate selling-related expenses from other expenses?

Optimal Tax Solutions INC will make sure your statement is accurate and polished.

For Frequently Asked Questions,

and to gain more knowledge for yourself on the tax process

visit our

Knowledge Hub

Additional Questions?

email us at info@optimaltaxsolutions.net