Tax time often comes as a relief to low-income, working families. For those who qualify for the Earned Income Tax Credit, a large sum of money refunded them at the end of the year manages to keep them afloat. The credit …
posted in Accounting NewsGood recording keeping and precise calculations are valuable because they provide an accurate assessment of the company. At any time, an executive can take a look at a variety of reports to take the pulse of the business’ success. Your …
posted in Accounting KnowledgeThe Generally Accepted Accounting Principles (GAAP) have been established to provide a nationwide standard of accounting. Using GAAP reporting supplies financial statements with a consistent structure, making them easily understood and comparable for external entities. The IRS and outside investors …
posted in BusinessMeticulous payroll record keeping helps makes filing tax forms less stressful. You only need to file Form 941 to report all of the payroll related taxes. This form must be filed quarterly. It’s required of all employers who pay wages subject …
posted in Accounting KnowledgeMany small business owners try to juggle the role of entrepreneur and accountant. While some are skilled at it, others need to hire an accountant to be responsible for the processing, reporting and auditing of their business’ financial information. Accountants …
posted in CareerThe first category of accounts on the balance sheet is the company’s assets. Cash accounts and inventory are listed as current assets. Next, long-term assets are accounted for. These are things owned that are not easily used for immediate needs. …
posted in Accounting KnowledgeAccounting like any other profession has it’s own technical symbols, terminology, and principles. In accounting, these elements form the “vocabulary” which is used to convey financial information, especially that information presented in the form of financial statements. Accounting is often …
posted in Accounting KnowledgeIf there’s anything that everyone of us has experienced as Americans, it is income taxes. Today we will touch very briefly on income taxes and how they are accounted for. The question that most accountants find themselves asking is, “are …
posted in Accounting KnowledgeIt’s nearing tax time and the accounting department is buzzing. This is where your consistent record keeping really pays off. You will be busy handing out tax forms to employees and independent contractors. You will also file a tax return …
posted in Accounting KnowledgeFirst, consider some clear-cut examples of true expenses. Perhaps the most obvious example is the amount paid for goods that are sold at retail. The long title for this particular expense “merchandise cost of sales.” Thus, if you buy a …
posted in Accounting Knowledge