Section 179 in a Nutshell The Section 179 Deduction is a $25,000 tax deduction that applies to both new and used business equipment and off-the-shelf computer software that is purchased and put into service during 2015. Up to this cap amount, it allows business owners to write off the full […]
Bookkeeping not a Favorite Task of Small Business Owners A recent survey of more than 500 small business owners showed that bookkeeping services was one of their least favorite tasks. The survey, conducted by TD Ameritrade, showed that 68 percent of small business owners liked interacting with their clients and […]
Open Enrollment Allows Avoidance of Healthcare Mandate Penalty The Centers for Medicare and Medicaid Services recently announced a special enrollment period for anyone who did not meet the requirements of the Affordable Care Act’s 2014 individual health insurance mandate. The mandate states that non-excluded individuals who did not obtain health […]
Bookkeepers Adjust for Tax Extenders Although the tax extenders bill, officially named the Tax Increase Prevention Act of 2014 or HR 5771, was passed just weeks before the end of the year, the Internal Revenue Service recently announced that the 2015 tax season would open without delay. In his […]
End of the Year Bookkeeping Tasks Although current and accurate financial records are important all year long, they are even more important as the end of the year approaches. A precise year end accounting of a company’s financial situation is essential to tax planning, tax preparation, assessing profitability and developing […]
Wage Garnishments Create Problem for Payroll Services Wage Garnishments Create Problem for Payroll Services – It turns out that seizing an employee’s pay to execute a wage garnishment can be a very complicated task. Unfortunately, the government sets the amount of the garnishment but places the burden of collecting […]
Bookkeeping for the Self-Employed Bookkeeping for the Self-Employed: The bookkeeping concerns of the self-employed are numerous and complex. Independent contractors, sole proprietors and other self-employed individuals are allowed to take certain tax deductions that are specific to their entity structure. These deductions include such items as home office expenses, car expenses, […]
Tips for Your Small Business Bookkeeping System Tips for Your Small Business Bookkeeping System These Helpful Tips will Enhance Your Small Business Bookkeeping System Tips for Small Business Bookkeeping – A company’s bookkeeping services arm is one of its most important components. It is a key element of its profitability and […]
Know Your Bookkeeper’s Qualifications Know Your Bookkeeper’s Qualifications – Although a bookkeeper is not required to be licensed, many bookkeepers do have some type of official certification. Each bookkeeping certificate verifies the certificate holder’s knowledge and expertise in one or more specific areas of bookkeeping as well as identifying the […]
New Focus on Fixed Asset Retirement – Keeping up with fixed asset depreciation and retirement is a bookkeeping function that is often overlooked, especially in companies that are too small to have a designated fixed asset manager. However, in light of new tax legislation that went into effect on […]
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