The prime rate is often the interest rate a bank charges to its most well-qualified borrowers.
The prime rate can affect the interest rate you get on a loan, although lenders may use varying methods. It can fluctuate over time, so being aware of the prime rate can give you an idea of the range of interest rates you might be able to get. As a general rule of thumb, the…
Multifamily financing can be used to purchase, refinance, rehabilitate, or construct a multifamily property. This generally includes properties that include residential units, whether it be homes with multiple units or apartment complexes. Rates, terms, and qualification criteria will vary depending on the lender and the type of multifamily financing needed for your real estate investment….
Form 6252 is used to report income from the disposition of property sold under the installment method. In the course of a sale, when one or more payments are made after the close of the tax year, the installment method applies. What Sales Are Reported on Form 6252? Generally, when property is sold, a seller…
A learning management system (LMS) is a software that makes it easy to organize, manage, and deliver your small business’ training content. Also commonly referred to as a training management system or learning experience platform, an LMS streamlines the administration of employee-specific and company-wide training while tracking employee progress, performance, and satisfaction. This makes it…
Nanny taxes are federal and state obligations from employing household workers like nannies, housekeepers, or personal assistants. Employers must withhold taxes once an employee’s annual pay is or exceeds $2,700. These taxes cover Social Security, Medicare, federal and state income taxes, and unemployment taxes. Employers have their own financial contributions separate from employee withholdings. This…
Product validation is an important process whether you’re starting a new retail business or launching a new product for your existing brand. If you’ve ever come up with a product idea, product validation essentially tells you whether your product is pursuing or not. While it’s not foolproof, it is a great way to ensure you…
A petty cash log (also called a petty cash register) is the official record of all petty cash transactions. The petty cash custodian is in charge of maintaining the petty cash log for all petty cash transactions that were taken out of the fund. We have prepared a free downloadable petty cash log template that…
Since N/P is debt, the borrower incurs interest expense that must be paid together with the principal amount at maturity date. N/P ranges from short-term loans for solving cash flow problems to long-term loans for purchasing machinery or even buildings. In this article, we discuss the purpose of N/P, the interest computation, and the journal…
