Bookkeeping

The amount of the standard deduction changes from year to year to keep pace with inflation. Higher-income employees effectively pay a lower proportion of their overall pay into the Social Security system than lower-income employees. This is because it’s a flat rate for everyone, and the cap limits how much income an individual is taxed[...]

Did you know that according to the IRS, nearly 99% of taxpayers file their federal income tax returns electronically? The IRS points out that e-filing expedites the refund process and minimizes errors, https://www.bookstime.com/ thanks to built-in error checks and tax software calculations. These types of services are almost always performed by a CPA and vary[...]

On top of that state sales tax, local governments can impose their own sales taxes, which can add to the costs of purchases made in different jurisdictions. Illinois also has a set of tax agreements with the neighboring states of Iowa, Kentucky, Michigan and Wisconsin through which those states don’t tax Illinois illinois income tax[...]

Take a look at the examples below to learn how a simple transposition error can affect your small business. A transposition error in accounting is when someone reverses the order of two numbers when recording a transaction (e.g., 81 vs. 18). This type of accounting error is easy to make, especially when copying down transactions[...]

This is not to be confused with the standard liability of third-party rights clause, where you seek to exclude liability to a third party to whom a client has disclosed advice or information. Rather, this clause is to exclude liability for advice provided by a third party eg a financial adviser, whom you have recommended[...]

To see this report showing the accounting equation, check out the lesson on the balance sheet. We can expand the accounting equation to include more details and categories of the elements of the equation, such as revenues, expenses, gains, losses, dividends, and contributions. Accounting software can help you see the double-entry system in action by[...]

We combine the expertise of a leading regional firm with the convenience, familiarity, and passion of a local provider. Complete a summer internship with a Fortune 500 company like John Deere, Caterpillar, Archer Daniels Midland or a public accounting firm like Deloitte or Price Waterhouse Coopers or Crowe Horwath. As a business operator, you likely[...]

While most accounting software is easy to use, a general understanding of accounting principles is needed to ensure that financial reports are prepared correctly. The Early plan limits usage and only allows entry for 20 invoices or quotes and five bills per month. This limited plan may be suitable for a micro-business with high-ticket transactions[...]

Here’s how to take payments wherever and whenever you need to. If you encounter any issues or face challenges during the setup process, don’t hesitate to reach out to the dedicated support team at QuickBooks. They are there to assist you with troubleshooting, provide guidance, and ensure that you can leverage the full potential of[...]

Every day, I receive cash from my coffee sales shown in the debit column on the left. In the right column, the credits represent cash being spent either on inventory or operating costs. By breaking transactions down into a simple, digestible form, you can visualise which accounts are being debited and which are being credited.[...]