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Bookkeeping relies on debits and credits to ensure that a company's financial records are balanced. Debits are used to increase asset or expense accounts, while decreasing liability, revenue or equity accounts. Credits do the opposite.

Receipts are proof of a sales transactions and it is important that you hang on to these receipts just in case you need to provide proof to the IRS, retailers, or other entities.

Many people struggle to navigate the complexities of personal finance. But there's good news: personal financial advisors can be the guiding light you need to take control of your financial future.

As a freelancer, independent contractor, or self-employed worker, Tax Day can be more than just an annual hassle. In fact, depending on your self-employment income, you may be responsible for making estimated tax payments four times a year.