5 Minute Bookkeeping

MARCH 25, 2021

As an accounting professional, you may have been trained to use journal entries liberally (I know I was), but in QBO there are some situations where journal entries help, and some where they can really mess up the books ! Many accountants and bookkeepers have been trained to do journal entries to fix the books. I know I was.

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ThomsonReuters

AUGUST 9, 2022

Effective July 1, 2022, as required by the Infrastructure Investment and Jobs Act (IIJA) passed last November, the Internal Revenue Service (IRS) has reinstated the Superfund Chemical Excise Tax on a wide range of chemicals and substances. What is the purpose of the Superfund Chemical Excise Taxes? Are exporters being taxed?

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Tax Manufacturing tax return Sales 97

Snyder

DECEMBER 27, 2022

Freelance accounting is increasing in popularity. Even if online accounting is something you’ve done for years, becoming a freelancer may seem tricky to begin with. Even if online accounting is something you’ve done for years, becoming a freelancer may seem tricky to begin with. What do freelance accountants need?

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ThomsonReuters

JULY 6, 2023

In today’s ultra-competitive business landscape, being an accountant means far more than preparing tax returns or compiling financial statements. But what does accounting advisory mean and how can your firm take advantage of this unique opportunity to showcase your knowledge and build deeper relationships with your clients?

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SchoolofBookkeeping

FEBRUARY 2, 2024

Advanced Inventory Tracking inventory Using QuickBooks Online For years the outcry from the accounting community has been “QBO doesn’t track inventory” and when QBO was first unveiled (circa 2000), that was 100% accurate. The basic idea is that of a reseller of goods. Think of a retail establishment.

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quickbooks E-commerce Manufacturing Approval Workflows 52

Mark Lee

NOVEMBER 22, 2022

The latest economic predictions in the UK prompted me to consider ways in which accountants could be more proactive as regards their clients. I know that some accountants hold back from being proactive with clients unless the fees they get paid warrant this approach. As so many were at the start of the pandemic in 2020.

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Mark Lee

OCTOBER 3, 2023

Before delving into the strategies that can help you win and maintain clients for your accountancy practice, I must manage your expectations. Do that effectively and you will stand out so positively compared with all of the other accountants who are still stuck with a traditional transactional mindset. I make mistakes.

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ThomsonReuters

MAY 6, 2022

Department of Labor regulations, record retention, federal payroll tax forms, payroll systems, and accounting. Basically, a statutory employee is one who is specifically defined as an employee by statute. Federal income tax withholding. Employers should not withhold federal income tax from the wages of a statutory employee.

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payroll income tax Agriculture payroll tax 95

Ronika Khanna CPA,CA

FEBRUARY 10, 2023

One of the major ones is ensuring that you are aware of, and fulfill, your tax obligations on a timely basis. In the beginning these tax obligations can seem mystifying and somewhat overwhelming, but once you understand what needs to be done, the enigma surrounding the process dissipates and it tends to become routine.

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tax return Tax accounting software business tax 52

ThomsonReuters

SEPTEMBER 8, 2023

Choosing the right business structure for entrepreneurs Business owners can structure their companies in several different ways , depending on the size of the business, its growth potential, how the business is managed, how the owners want to be taxed, and many other variables. Which is better, a C corp or S corp or LLC?

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income tax Tax Legal tax return 75

Ryan Lazanis

SEPTEMBER 1, 2023

If you want to see the best cloud accounting software apps all in one place, then you’ll LOVE this ultimate list. In it, I’ll be sharing 147 of the best cloud accounting software apps on the market. Each item in the list will contain a brief description and will focus on how you can level up your accounting automation.

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accounting software quickbooks Account accountant 98

DuctTapeMarketing

JULY 31, 2018

How Cloud-Based Accounting Software Can Benefit Your Business. How Cloud-Based Accounting Software Can Benefit Your Business. One area that business owners know is important is accounting and bookkeeping, although it’s often the last area they want to spend time on. Advertising. Small Business Finances. About Company.

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accounting software Account accountant accounted 147

ThomsonReuters

APRIL 6, 2023

Accounts payable and accounts receivable are opposite but interconnected procedures. Together, they comprise the very basics of business and can be used to gauge financial health. When accounts payable and accounts receivable are in balance, a business can plan ahead for growth.

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accounts payable Account accountant accounted 52

ThomsonReuters

OCTOBER 5, 2023

Jump to: What is amortization in accounting? Some assets will fall under amortization accounting. What is amortization in accounting? Amortization in accounting is a technique that is used to gradually write-down the cost of an intangible asset over its expected period of use or, in other words, useful life.

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Nancy McClelland, LLC

DECEMBER 26, 2023

It is true that over time, these forms have continued to change, and the rules have become more specific… but the basics remain the same. So, keep in mind that a company can be an LLC but be taxed as a corporation. The person filling out the W-9 will indicate their entity type and whether or not they are taxed as a corporation.

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bookkeeping tax return Non-Profits Tax 52

Nancy McClelland, LLC

DECEMBER 26, 2023

It is true that over time, these forms have continued to change, and the rules have become more specific… but the basics remain the same. So, keep in mind that a company can be an LLC but be taxed as a corporation. The person filling out the W-9 will indicate their entity type and whether or not they are taxed as a corporation.

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bookkeeping tax return Non-Profits Tax 52

DuctTapeMarketing

JULY 24, 2018

When payroll is handled in-house, you need the appropriate software to support the job, an employee who has hours to dedicate to the process each week, and a keen understanding of tax laws and employer obligations. Some companies are looking for just the basics: issuing checks and W2 forms, plus managing tax obligations.

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payroll accounting and finance Start-ups Tax 142

Snyder

MAY 24, 2022

That means hiring a knowledgeable staff that can assist with accounting tasks. The good news is that there are several accounting processes you can do yourself. Let’s take a look at the areas of accounting you can do on your own and the best ways to do them. 3 ways to account for inventory costs in retail accounting.

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LyfeAccounting

JUNE 11, 2021

Well, it’s a thing because by paying yourself a very low salary in an S-Corporation, you are effectively lowering the amount of taxes you pay. And then, on the backend, you can pay yourself with distribution and not pay self-employment taxes because S-Corporations don’t have to pay them anyway. An S-Corporation is a tax entity.

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ThomsonReuters

SEPTEMBER 2, 2021

What is a tax provision? Simply put, a tax provision is the estimated amount of income tax that a company is legally expected to pay to the IRS for the current year. A tax provision is just one type of provision that corporate finance departments set aside to cover a probable future expense. Current income tax expense.

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income tax Tax corporation tax accounting and finance 52

Nancy McClelland, LLC

JULY 22, 2022

On June 27th I woke to find dozens of notifications from MyTax Illinois in my email inbox — one for each and every client of ours who files sales taxes. It costs small businesses more in accounting and bookkeeping work than it could possibly save anyone.

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LyfeAccounting

JANUARY 12, 2021

This is really not a surprise to me because most business owners are not CPAs or accountants. And at the end of the day, accounting is the language of business. Well for one, your tax accountant will need to see your income and expenses for just the business to file those taxes. BUT not only that.

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ThomsonReuters

AUGUST 24, 2021

To build a persuasive business case for sales tax software , professionals need to explain how automating certain tax functions and improving reporting and analysis will benefit the company as a whole. In other words, don’t tell your CEO why tax software is a wise investment – show them.

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Technology Sales Tax audit 52

ThomsonReuters

OCTOBER 12, 2023

Tax implications for owning property abroad What is FATCA? Helping clients with foreign income tax forms For U.S. To support this effort, forward-thinking accounting firms are increasingly using tax preparation software and scan-and-populate solutions to tackle the challenges of foreign income reporting. What is FEIE?

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Xero

FEBRUARY 12, 2023

Basically, reporting is one of our most-loved products and a core part of the Xero platform, so it’s not something that we can keep as an outdated or supported version. The Account Transactions report also lets you view transactions in their original currency amounts. Q: How do I know I’m using the old version?

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tax return Tax Sales Technology 105

ThomsonReuters

DECEMBER 7, 2022

without immediately paying duties, taxes, and fees on them. Duties, taxes, and fees on goods warehoused in an FTZ are only due when the goods enter the US market for sale and are not paid if the goods are re-exported outside the US. To learn how to build the business case for an FTZ, download the updated free e-book now.

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LyfeAccounting

OCTOBER 28, 2020

?. As Warren Buffet says, accounting is the language of business. He and other savvy business owners use accounting to make investment decisions and decisions to grow the businesses they invest in. But interestingly enough, many small businesses often neglect their accounting until tax time, or don’t do it all.

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ThomsonReuters

MAY 1, 2023

To ensure your firm can meet the needs of these clients, it is essential for your staff to be equipped with a basic understanding of digital currency. Attestation ledger : A register or account book created to provide support/ evidence of individual transactions. Bitcoin : The world’s first and largest cryptocurrency by market cap.

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ThomsonReuters

JUNE 14, 2021

If an advertising team needed some data on shoe sales to decide how best to spend their resources, they could not email analytics and ask for it; they needed to go to the analytics dashboard themselves and get it. Learn more about Thomson Reuters tax and accounting APIs . If that dashboard didn’t exist, it needed to be created.

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E-commerce Tax Account accountant 52

LyfeAccounting

NOVEMBER 5, 2020

If you ever questioned whether you should sell stocks for a loss, tax loss harvesting may be the answer you were looking for. After reading this post, you will understand what tax loss harvesting is, the benefits of tax loss harvesting, and the rules you need to keep in mind when performing tax loss harvesting so you do it properly.

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LyfeAccounting

JULY 22, 2021

if you love paying property taxes then this is not the post for you. Because today, we’re going to uncover the best states to live in to save on property taxes. We recently published a post with a list of the worst property taxes by states. And was it ugly that some states had property taxes as high as 2.5%

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LyfeAccounting

JULY 22, 2021

if you love paying property taxes then this is not the post for you. Because today, we’re going to uncover the best states to live in to save on property taxes. We recently published a post with a list of the worst property taxes by states. And was it ugly that some states had property taxes as high as 2.5%

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Snyder

JULY 13, 2022

If you’re new to Etsy and want to make sure you’re doing everything right, it’s essential to have a guide on how to set up an Etsy account. You need to provide your personal information, taxpayer address, and state the account to which your deposit will be transferred. Do they streamline their sales?

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Snyder

MAY 10, 2022

An accounts payable process helps your finance teams to manage this and build a reputation for timely payments. . What’s an accounts payable process? Benefits of accounts payable. Managing your accounts payable. Make the most of your business accounts payable. What’s an accounts payable process? Contents: 1.

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ThomsonReuters

DECEMBER 17, 2021

In 2022, tax authorities around the world hope to finalize the myriad details that will shape a Global Minimum Tax on multinational corporations — if they can reach consensus and make it happen. Reuters noted that this is “an extremely tight timeframe given that previous international tax deals took years to implement.”.

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LyfeAccounting

NOVEMBER 10, 2020

Profit is not just total sales or revenue coming into your business. Basically, you can increase your profit by either increasing revenues and/or decreasing expenses. Accounting. Payroll Tax. Sales Commissions. This will increase your sales without you having to do much additional work. ACTIVITIES. %

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bookkeeping accounting and finance payroll tax Start-ups 52

LyfeAccounting

JULY 3, 2021

But we can’t ignore that it has some incredible tax benefits for its members and managers. For example, 501(c)(3) organizations are completely tax-exempt, which allows them to use more money towards their desired social causes. So you win in both ways, you save on taxes and you support your favorite social cause.

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