When small business owners overpay taxes for the year or delay current taxes to the future, the balance sheet might appear off. Your balance sheet must give an exact description of your company's ...

"Tax payable" and "deferred income tax liability" both appear as liabilities on a company's balance sheet; both represent taxes that must be paid in the future. However, they arise in different ways.

Traditional financial reports miss critical business drivers like frozen capital, deferred taxes and relationship quality.

While you may consider a balance sheet to be an essential financial statement for a company, assessing your own personal assets, equity and wealth in a well-laid-out financial report is equally ...