Paying yourself: What should be in your profit and loss statement

From Michael Stone's latest Markup and Profit newsletter:

"You aren't in business to file and pay taxes, you're in business to provide a service and make a profit doing it. It is critical that you have the financial information you need to make decisions, because if you don't, your business will fail.... If your P&L works for the tax man but doesn't work for you, your accounting is backwards."

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