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Expense Tracking & Accounting Tips | SparkReceipt

Expense Tracking & Accounting Tips

Our blog is where we share tips, guides, and insights to help freelancers and small business owners manage expenses, stay tax-ready, and grow their business.

All Tax Guides AI & Technology Bookkeeping & Accounting Cash Flow Expense Tracking How to Find Receipts Mileage & Vehicle Expenses Product Updates Receipts & Record Keeping Software & Tools

Retained Earnings: What They Are and Who Actually Has Them

Bookkeeping & Accounting

Retained Earnings: What They Are and Who Actually Has Them

Retained earnings are profits a company keeps in the business instead of paying them out to owners. This guide walks the formula with a worked example, shows where retained earnings sit on the balance sheet, and explains why a sole proprietor or partnership has none.

Aug 18, 2026·10 min read

S Corp Reasonable Salary: How to Set One That Survives Audit

S Corp Reasonable Salary: How to Set One That Survives Audit

An S corporation owner who works in the business must pay themselves a reasonable salary before taking tax-advantaged distributions. There is no IRS percentage rule. This guide walks the nine factors, a worked example, the Watson case, and what a lowball salary costs on audit.

Aug 18, 2026·11 min read

Depreciation Recapture: The Tax When You Sell a Business Asset

Depreciation Recapture: The Tax When You Sell a Business Asset

Selling a fully written-off truck or machine can produce a surprise tax bill: the gain is taxed as ordinary income up to the depreciation you claimed, not at the lower capital-gains rate. Here's how Section 1245 and 1250 recapture work on Form 4797, plus the Section 179 business-use trap.

Aug 17, 2026·11 min read

Depreciation vs. Amortization: The Difference, With Examples

Bookkeeping & Accounting

Depreciation vs. Amortization: The Difference, With Examples

Depreciation and amortization both spread an asset's cost across the years it earns you money, but they cover different assets under different IRS rules. This guide walks a $10,000 machine and $30,000 of goodwill through Form 4562 so you can see which is which.

Aug 17, 2026·9 min read

The Augusta Rule: Rent Your Home to Your Business

The Augusta Rule: Rent Your Home to Your Business

The Augusta Rule (IRC Section 280A(g)) lets a homeowner rent their residence to their business for up to 14 days a year and exclude the income entirely. Here's who can actually use it, the fair-market-rent standard the Tax Court enforces, and the records that keep the deduction.

Aug 16, 2026·10 min read

Hobby vs Business: The IRS Test and 4 Costly Myths

Hobby vs Business: The IRS Test and 4 Costly Myths

The IRS decides whether your side activity is a hobby or a business with a nine-factor test under IRC Section 183, not a single profit rule. Here's how the test works, the four myths that cost freelancers money at audit, and the records that prove your profit motive.

Aug 16, 2026·10 min read

How to Do a Bank Reconciliation (Small Business Guide)

Bookkeeping & Accounting

How to Do a Bank Reconciliation (Small Business Guide)

A bank reconciliation matches your books to the bank statement and finds the difference. The four reconciling items, a worked monthly example that ties out to the penny, and what a clean reconciliation catches before it reaches your Schedule C.

Aug 15, 2026·11 min read

Owner's Draw vs Salary: How to Pay Yourself and Be Taxed

Bookkeeping & Accounting

Owner's Draw vs Salary: How to Pay Yourself and Be Taxed

An owner's draw is money you take out of your business's equity for personal use. For a sole proprietor it is not a salary, not a deductible expense, and not taxed when you take it. This guide walks a worked example, compares a draw to a W-2 salary by business structure, and shows how to record one.

Aug 15, 2026·11 min read

Cost of Goods Sold: How to Calculate It on Schedule C

Bookkeeping & Accounting

Cost of Goods Sold: How to Calculate It on Schedule C

Cost of goods sold is the direct cost of the products you sold, sitting between your sales and your gross profit. This guide defines COGS, gives the formula, and runs one candle maker's year through IRS Schedule C Part III line by line.

Aug 14, 2026·11 min read

De Minimis Safe Harbor: The $2,500 Deduction Rule

De Minimis Safe Harbor: The $2,500 Deduction Rule

The de minimis safe harbor lets a small business deduct tangible property up to $2,500 per invoice in the year of purchase instead of depreciating it. Here are the thresholds, what counts toward the limit, how to make the election, and the records the IRS expects.

Aug 14, 2026·12 min read

Accounts Payable vs Accounts Receivable: A Worked Month

Bookkeeping & Accounting

Accounts Payable vs Accounts Receivable: A Worked Month

Accounts receivable is money customers owe you; accounts payable is money you owe suppliers. This guide runs one cleaning business's month through both ledgers, shows where each lands on the balance sheet, and explains why a cash-basis sole proprietor has neither on the books.

Aug 13, 2026·10 min read

Chart of Accounts for Small Business: A Schedule C Guide

Bookkeeping & Accounting

Chart of Accounts for Small Business: A Schedule C Guide

A chart of accounts is the organized list of every account your bookkeeping posts to, grouped into five types. This guide builds one for a one-person business and maps each expense account to the exact IRS Schedule C line it feeds, so your books and your tax return speak the same language.

Aug 12, 2026·11 min read

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