Tax Reform Special Report
On Friday, December 22, 2017, the "Tax Cuts and Jobs Act" (H.R. 1) was signed into law by President Trump. Almost all of these provisions go into law January 1, 2018.
We have put together a side-by-side comparison of current law and the "Tax…
QuickBooks Tip - Working with Downloaded Transactions in QuickBooks Online
Downloading transactions into QBO is the easy part. You still have work to do once they’re on board.
Its ability to download financial transactions is one of the five best things about QuickBooks Online. Without it, you’d spend a lot…
Deducting Convention Expenses
Generally, an individual can deduct travel expenses from attending conventions, seminars or similar types of meetings within the North American area, provided that attendance benefits the taxpayer’s trade or business. However, family members’…
Depreciation
Depreciation is a term we hear about frequently, but don't really understand. It's an essential component of accounting however. Depreciation is an expense that's recorded at the same time and in the same period as other accounts. Long-term…
Inventory and expenses
Inventory is usually the largest current asset of a business that sells products. If the inventory account is greater at the end of the period than at the start of the reporting period, the amount the business actually paid in cash for that…
Revenue and receivables
In most businesses, what drives the balance sheet are sales and expenses. In other words, they cause the assets and liabilities in a business. One of the more complicated accounting items are the accounts receivable. As a hypothetical situation,…
Balance sheet
A balance sheet is a quick picture of the financial condition of a business at a specific period in time. The activities of a business fall into two separate groups that are reported by an accountant. They are profit-making activities, which…
Gains and Losses
It would probably be ideal if business and life were as simple as producing goods, selling them and recording the profits. But there are often circumstances that disrupt the cycle, and it's part of the accountants job to report these as well.…
Assets and Liabilities
Here is another article in our series on accounting. Our hope is that we are helping our clients and others learn more about their finances and how to run a small business.
Making a profit in a business is derived from several different…