Category: Bookkeeping

Content Additional Topics Writers Self-employment Tax Deductions and Credits If your net earnings are above the Social Security wage base: Tax Deductions by Work Type Schedule E Tax Forms: Reporting Your Rental Income If your expenses are less than your income, the difference is net profit and is part of your income. If your expenses… Continue reading Self-Employed Must Prepare to Repay 2020 Deferred Social Security Tax by Rachel Kenney Rego, CPA Berkowitz Pollack Brant Advisors + CPAs

Content Straight-line depreciation in action Depreciation Problems and Answers Example: Calculating straight-line depreciation for a fixed asset What is your current financial priority? Straight Line Depreciation Formula Double Declining Balance For the remaining years, the double-declining percentage is multiplied by the remaining book value of the asset. Kenzie would continue to depreciate the asset until… Continue reading Depreciation Expense & Straight-Line Method w Example & Journal Entries

This is why keeping track of your inventory and having a good understanding of what’s happening in your stores is so important. Proper training on all workplace procedures will prevent shrinkage too. If employees are taught how to complete thorough inventory counts, for example, there is less room for error. Actions taken to prevent shrinkage… Continue reading Whats Behind All This Shrink? The New York Times

Revenue enrolled agents accept canceled checks, written records, bank account, debit and credit card statements, or other documentation as proofs for verification. If you get audited and don’t have receipts or additional proofs? Well, the Internal Revenue Service may disallow your deductions for the expenses. In addition to making a business purchase on a business… Continue reading 6 IRS Requirements for Every Donor Receipt to Ensure a Charitable Deduction

Content Adjusting Entries Want More Helpful Articles About Running a Business? Loan Payable How to record transactions related to long term loans process What are the main types of journal entries? Loan received from bank journal entry For instance, if the CIF mask is aaaannn (7characters), the account mask should consist 7 C’s to include… Continue reading Loan Transaction

After a hearing, the Special Referee valued the assets of White & Case, including the firm’s goodwill as an asset and excluding the present value of unfunded pension plan benefits as a liability of the dissolved firm. White & Case subsequently entered a partial satisfaction of judgment, reflecting payment to Dawson of the uncontested portion… Continue reading What is goodwill?

In addition, users gain a comprehensive, real-time understanding of their organization’s financial and operational health. ERP provides a fully integrated suite of finance and operations applications that are built on a common data model—providing a single source https://good-deeds-worldwide.com/cd-duplication-service/ of truth for data. Having the insight and support of these decision makers can boost adoption and… Continue reading What is ERP Enterprise Resource Planning?

Content Delaware Nonprofit Tax Exemptions I am not a Franchise. Why do I owe a franchise tax? Delaware Annual Report How to Pay Franchise Tax in Delaware Join over 140,000 fellow entrepreneurs who receive expert advice for their small business finances Delaware Franchise Tax: How to Calculate and Pay If you don’t want to pay… Continue reading Delaware franchise tax: an overview

Refine your return policies to be clear yet reasonable, balancing customer flexibility with business protection. Also, optimize your discount strategies by offering them selectively based on customer segment or purchase behavior. Regularly review these policies and adjust based on data-driven insights to align with market conditions and customer expectations. A contra revenue account allows a… Continue reading Sales Returns and Allowances Definition and Explanation

We also like that it syncs with popular payment gateways like Stripe, Square, and PayPal, with varying transaction fees. Users can also integrate QuickBooks Payments, with a variable fee of 1-3.5% per transaction. Cloud accounting software is accessed and used through the internet, rather than being installed and run by a local computer. The software… Continue reading Cloud Based Accounting Software