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AccountingCoach.com Q&A

  • What are invoice payment terms?
    A sales invoice will specify when the purchaser, customer, or client must pay for the goods or services that were (or will be) provided by the seller. Some of the more common payment terms include: Due upon receipt Net 30 days 2/10, net 30 days 1/10,…
    - 27 Jun 17, 9:09am -
  • What is an outstanding deposit?
    An outstanding deposit refers to a company’s receipts (cash, checks from customers, etc.) which have been recorded by the company, but the amount will appear on its bank statement at a later date. An outstanding deposit is also known as a deposit i…
    - 12 Nov 15, 9:00am -
  • What is the employer’s Social Security tax rate for 2016?
    The employer’s Social Security tax rate for 2016 is 6.2% of each employee’s first $118,500 of wages, salaries, etc. If an employee’s wages, salaries, etc. are greater than $118,500, the amount that is in excess of $118,500 is not subject to the…
    - 10 Nov 15, 9:00am -
  • What is the employee’s Social Security tax rate for 2016?
    The employee’s Social Security tax rate for 2016 is 6.2% of the first $118,500 of wages, salaries, etc. An employee’s 2016 earnings that are in excess of $118,500 are not subject to the Social Security tax. (The percentage and earnings limit are…
    - 5 Nov 15, 9:00am -
  • What is the self-employed person’s FICA tax rate for 2016?
    The self-employed person’s FICA tax rate for 2016 is 15.3% on the first $118,500 of net income and then 2.9% on the net income that is in excess of $118,500. (The percentages and the earnings limit are unchanged from 2015.) The self-employed person…
    - 3 Nov 15, 9:00am -
  • What is the maximum amount of earnings subject to the Social Security tax in 2016?
    The maximum amount of an employee’s 2016 earnings (and a self-employed person’s net income) that is subject to the Social Security tax is $118,500. This amount is also known as the Social Security annual limit, wage base, contribution and benefit…
    - 29 Oct 15, 9:00am -
  • What is a stockholder?
    A stockholder (also known as a shareholder) is the owner of one or more shares of a corporation’s capital stock. A stockholder is considered to be separate from the corporation and as a result will have limited liability as far the corporation’s…
    - 27 Oct 15, 9:00am -
  • What is zero-based budgeting?
    Zero-based budgeting, or ZBB, is a rigorous budgeting process that requires every dollar of every expense to be justified even if the expense has been occurring for many years. For example, if a company has been spending $100,000 each year for the re…
    - 20 Oct 15, 9:00am -
  • What is a capital account?
    In accounting and bookkeeping, a capital account is one of the general ledger accounts used to record 1) the amounts that were paid in to the company by an investor, and 2) the cumulative amount of the company’s earnings minus the cumulative distri…
    - 15 Oct 15, 12:57pm -
  • What are dividends?
    In accounting, dividends often refers to the cash dividends that a corporation pays to its stockholders (or shareholders). Dividends are often paid quarterly, but could be paid at other times. For a dividend to be paid, the corporation’s board of d…
    - 14 Oct 15, 3:41pm -

AccountingDepartment.com Blog

  • Our Virtual Bookkeepers Put Their Best Foot Forward

    Our Virtual Bookkeepers Put Their Best Foot Forward

    Building the best business starts with a strong financial base, which starts with timely and accurate bookkeeping. But there are other steps to creating a successful company, too. Here at AccountingDepartment.com, we pride ourselves on being the worl…
    - 2 May 13, 11:29pm -
  • Where Can You Find the Best Virtual Bookkeepers?

    Where Can You Find the Best Virtual Bookkeepers?

    Hiring employees, and especially those for your accounting department, can be challenging. If you’re looking for in-house workers, you’re confined to a pool of candidates with a certain radius of your office. The wider the radius, the better your…
    - 30 Apr 13, 8:23am -
  • Daily Bookkeeping Services Help You Stay on Top of Your Business

    Daily Bookkeeping Services Help You Stay on Top of Your Business

    Does your business have more than $1 million in annual revenue? Is your in-house bookkeeper overworked? (Or have you had another employee, maybe an office manager or administrative assistant, doing your books for you?) Do you feel as if you’re outg…
    - 25 Apr 13, 8:20am -
  • Why AccountingDepartment.com Employs the Best Virtual Bookkeepers

    Why AccountingDepartment.com Employs the Best Virtual Bookkeepers

    Any business is only as good as its service, and the service is only as good as the employees. When you hire a virtual accounting firm, we know that you’re really buying: Someone you can trust to keep your financial records in order Accurate financ…
    - 23 Apr 13, 8:17am -
  • Virtual Accounting Services – Our Tools of the Trade

    Virtual Accounting Services – Our Tools of the Trade

    All bookkeeping software is not created equal. But neither are all bookkeepers. At AccountingDepartment.com, it’s a combination of our skilled, trained virtual bookkeepers and the accounting software we use that helps keep the financial aspects of…
    - 18 Apr 13, 8:13am -
  • How Checks and Balances in Virtual Accounting Processes Prevent Fraud

    How Checks and Balances in Virtual Accounting Processes Prevent Fraud

    Employee theft and corporate fraud occurs for a number of reasons. Sometimes, employees having financial difficulties will think stealing from their place of business will solve their problems. Usually it creates bigger problems. Many times corporate…
    - 16 Apr 13, 11:10pm -
  • 3 Signs You Might Be a Victim of Accounting Fraud

    3 Signs You Might Be a Victim of Accounting Fraud

    Are you suspicious of employee theft or fraudulent accounting practices in your mid-size, rapidly growing business? As a business expands, the executive team spends time focusing on how best to manage rapid growth. The emphasis may be on operations,…
    - 11 Apr 13, 8:06am -
  • Avoid Bookkeeping Fraud by Reviewing Accounts Payable

    Avoid Bookkeeping Fraud by Reviewing Accounts Payable

    Unscrupulous in-house bookkeepers have many ways to commit fraud. Fortunately, if you keep an eye on your books, as a business owner you have just as many ways to notice and stop fraud before the losses do unrecoverable damage to your business. Regul…
    - 9 Apr 13, 8:03am -
  • How Virtual Accounting Can Help Foreign Companies Expand Into the U.S.

    How Virtual Accounting Can Help Foreign Companies Expand Into the U.S.

    In 2004, AccountingDepartment.com launched our business to provide U.S.-based businesses with U.S.-based virtual accounting services. It made sense to draw on the large pool of national talent, rather than outsourcing our core business functions to b…
    - 4 Apr 13, 7:32am -
  • AccountingDepartment.com Reveals All on Business Podcast

    AccountingDepartment.com Reveals All on Business Podcast

    AccountingDepartment.com’s co-founder Dennis Najjar, CPA, recently appeared on The Giant Robots Smashing into Other Giant Robots podcast, a weekly technical podcast produced by ThoughtBot. On the 30-minute show, host Ben Orenstein grills Najjar abo…
    - 2 Apr 13, 7:22am -

Big Fat Finance Blog

Bookkeeping Tips

  • Recording Business Expenses from Personal Accounts

    Recording Business Expenses from Personal Accounts

    In the 10+ years, I have worked with business owners, one issue I consistently come across are business owners who improperly record business expenses from [...]The post Recording Business Expenses from Personal Accounts appeared first on Money Matt…
    - 12 days ago, 5 Oct 17, 8:01pm -
  • If you haven’t filed your taxes yet …

    If you haven’t filed your taxes yet …

    October 16th is right around the corner, so if you didn’t do so in April, now is the last chance to file your taxes for [...]The post If you haven’t filed your taxes yet … appeared first on Money Matters.
    - 16 days ago, 2 Oct 17, 4:23pm -
  • Where to investigate charities

    Where to investigate charities

    With a lot of natural disasters happening and a lot of areas needing help, there are charities springing up, looking to collect aid on behalf of [...]The post Where to investigate charities appeared first on Money Matters.
    - 22 days ago, 26 Sep 17, 5:25am -
  • Tax Relief for Hurricane Harvey Victims

    Tax Relief for Hurricane Harvey Victims

    In the aftermath of hurricane Harvey, the IRS is offering tax relief to affected areas. Affected individuals and businesses will have until Jan. 31, 2018, to [...]The post Tax Relief for Hurricane Harvey Victims appeared first on Money Matters.
    - 41 days ago, 7 Sep 17, 12:39pm -
  • Expense or Depreciate: Asset Purchases

    Expense or Depreciate: Asset Purchases

    As a professional that deals, a lot, with expensive software, when it comes around to tax time, the dilemma is whether to deduct the entire [...]The post Expense or Depreciate: Asset Purchases appeared first on Money Matters.
    - 43 days ago, 4 Sep 17, 5:13pm -
  • Common Tax Deductions for Sales Industry

    Common Tax Deductions for Sales Industry

    If you are in Sales, whether you are on your own or employed by someone else, there is a lot you can deduct on your [...]The post Common Tax Deductions for Sales Industry appeared first on Money Matters.
    - 48 days ago, 31 Aug 17, 3:25pm -
  • What does divorce or separation do to your taxes?

    What does divorce or separation do to your taxes?

    Divorce or separation is not something I wish on anyone or like to see happen, but it is a reality of today’s world. I have [...]The post What does divorce or separation do to your taxes? appeared first on Money Matters.
    - 56 days ago, 23 Aug 17, 5:04pm -
  • Deducting Summer Camp Trips on your Taxes

    Deducting Summer Camp Trips on your Taxes

    If you are sending or plan to send your child to a summer camp, you could be able to deduct the expenses, when you file [...]The post Deducting Summer Camp Trips on your Taxes appeared first on Money Matters.
    - 91 days ago, 18 Jul 17, 11:08pm -
  • Estimated Taxes: Painful and Pain Free

    Estimated Taxes: Painful and Pain Free

    It is often so overlooked but, oh, so very important. I have had a lot of clients who have ignored paying estimated taxes throughout the year, and have shed tears, some literally, come tax time. What are estimated taxes?The post Estimated Taxes: Pai…
    - 3 May 17, 1:01am -
  • There will be Delays in 2017 Tax Refunds

    There will be Delays in 2017 Tax Refunds

    Tax refund delays are expected due to a new law. For many taxpayers, a tax refund is often the biggest single amount of money they [...]The post There will be Delays in 2017 Tax Refunds appeared first on Money Matters.
    - 17 Dec 16, 8:12am -

GrowthForce Blog

Nolo's Tax Law Tips

  • House Espouses “ABLE” Accounts
    Last week, the House passed the “Achieving a Better Life Experience (ABLE) Act of 2014,” which provides for a new type of tax-advantaged savings program which would allow folks with disabilities to work and save without losing access to Medicaid…
    - 8 Dec 14, 11:57am -
  • IRS Reminders on Last-Minute Charitable Contributions
    Check out IRS News Release 2014-110 for recent IRS words of wisdom regarding those charitable contributions which you may plan to make between now and year end, counting on a nice tax deduction.  Among other things: Keep a “bank record” (related…
    - 1 Dec 14, 11:54am -
  • IRS Clarifies When IRA Can Invest in Gold
    IRS has ruled that the acquisition of shares of a trust invested in gold by an IRA or an individually directed account under a qualified retirement plan won’t be considered the acquisition of a “collectible.” IRC Section 408(m) says that acquis…
    - 24 Nov 14, 11:30am -
  • IRS Mercy for Small Retirement Plan Late Filers
    In June, IRS began a one year pilot program to help small businesses with retirement plans which haven’t been filing the retirement plan reports timely. Plan administrators who don’t file the requisite Form 5500 can face significant penalties. …
    - 20 Nov 14, 11:28am -
  • IRA Once-Per-Year Rollover Rule Clarified
    IRS announced a change, this week, in the application of the one-per-year rule applicable to IRA rollovers, occasioned by a recent decision of the Tax Court. Starting January 1, 2015, an individual will be allowed one rollover per year, regardless of…
    - 10 Nov 14, 1:45pm -
  • New IRS YouTube Video Warns of Scammers
    The IRS continues to be worked up over the ongoing problem of aggressive telephone scammers who harass taxpayers.  In a recent release, IRS advises about five things which scammers often do, but which IRS will not do: Telephone a taxpayer to demand…
    - 6 Nov 14, 1:41pm -
  • Tax Not Always Discharged in Bankruptcy
    In Vaughn (CA 10 8/26/14), the Tenth Circuit tells us that a taxpayer who entered into a tax shelter that created “artificial” losses willfully attempted to evade tax, and thus could not have his tax liability discharged in a Chapter 11 bankruptc…
    - 3 Nov 14, 11:40am -
  • Quid Pro Quo Donations Scrutinized by IRS
    The Tax Court recently issued a tough lesson to taxpayers in its Seventeen Seventy Sherman Street, LLC  (TC Memo 2014-124) decision, in ruling that a taxpayer received two items of property in return for its contribution of an easement, but failed t…
    - 27 Oct 14, 1:52pm -
  • Capital Gains Rates
    As the 2014 tax planning season comes upon us (just as the last extension date for filing 2013 returns comes and goes), folks should not lose sight of the advantageous way in which long-term capital gains are taxed. 20% rate if the gains would otherw…
    - 15 Oct 14, 10:31am -
  • Strict Substantiation Rules Govern Property Donations to Charity
    Check the recent Tax Court decision in the Smith case (TC Memo 2014-203) before you get too cavalier with your tax documentation. This chap donated about $27,000 (according to him) worth of household goods, clothing and electronic equipment in 2009 t…
    - 7 Oct 14, 10:01am -
Recipe Test Nest
Recipe Test Nest
Recipe Test Nest
Recipe Test Nest

ProjectHub Blog

  • Would you like to provide feedback on the new ProjectionHub Beta site?
    We have just launched our beta version of the “New” ProjectionHub. We are looking for a few brave souls to provide us with some honest feedback. Would you try beta.projectionhub.com and then provide some feedback in this short survey?   Loading…
    - 5 Sep 15, 11:10am -
  • #StartupChats

    #StartupChats

    We’ve been MIA for awhile, but we promise it’s for a very good reason. (More details to come on that later.) If you’ve been away for as long as we have, here’s something you might have missed. We were honored to be asked by Startup Canada to…
    - 14 Jul 15, 11:21am -
  • ProjectionHub Survey to Help us Improve our Product

    ProjectionHub Survey to Help us Improve our Product

    Since launching in mid 2012 we have had over 11,000 people try ProjectionHub!  We are so thankful for our users who have been patient as we have fixed bugs and added new features over time.  In early 2015 we started the process of rebuilding Projec…
    - 15 Mar 15, 6:52pm -
  • Our Start Garden Pitch Deck

    Our Start Garden Pitch Deck

    Back in early December ProjectionHub was awarded $5,000 from Start Garden to run an experiment to improve ProjectionHub and then come back on February 26th, 2015 and share the results of our experiment.  Start Garden is a unique seed investment fu…
    - 24 Feb 15, 5:25pm -
  • How to Start a Successful Food Startup – From Farmer’s Market to Food Empire

    How to Start a Successful Food Startup – From Farmer’s Market to Food Empire

    Food startups are booming. According to a TechCrunch article from mid 2014, VC’s were investing in food related startups at a record pace in the last 12 months.  Food is an interesting market simply by its massive size.  Food is one of the 3 bas…
    - 15 Feb 15, 3:09pm -
  • Crowdfunding Success Requires a Basic Financial Model in Order to Set Goals

    Crowdfunding Success Requires a Basic Financial Model in Order to Set Goals

    According to CNN, at one point 84% of Kickstarter projects shipped later than projected.  Some high profile projects even raise hundreds of thousands of dollars on Kickstarter and raise additional investment capital elsewhere and never complete the…
    - 23 Jan 15, 4:36pm -
  • Auto Repair Shop Projected Financials for First 3 Years

    Auto Repair Shop Projected Financials for First 3 Years

    According to a report by the Georgia Small Business Development Center, there are nearly 175,000 businesses in the US that are classified as Mechanical Automotive Repair Shops.  There are thousands of new auto repair shops that start each year.  Th…
    - 14 Jan 15, 4:37pm -
  • Creating a Startup Budget for a New Church Plant

    Creating a Startup Budget for a New Church Plant

    According to the Christian Post, approximately 4,000 churches are planted in the US each year.  Surprisingly churches have a much higher survival rate than the average startup business.  The article estimates that by year 5, 70% of new churches ach…
    - 6 Jan 15, 12:55pm -
  • 3 Financial Projection Scenarios Every Startup Should Run for 2015

    3 Financial Projection Scenarios Every Startup Should Run for 2015

    Most startups and small businesses don’t bother creating a budget, or forecasting their financial results for the upcoming year, but I think there are a number of reasons why you should spend some time at the beginning of the year and create some…
    - 2 Jan 15, 9:49am -
  • Financial Projections Prove Self Storage is a Great Business – If Managed Well

    Financial Projections Prove Self Storage is a Great Business – If Managed Well

    The self storage business can be a relatively simple and lucrative business.  The business lends itself to business owners who want to operate a passive business, which means they don’t need to be active in the business on a day to day basis.  Yo…
    - 30 Dec 14, 3:22pm -

Reuters: Tax Break

SweeterCPA

  • Deducting Travel Expenses When You Use Public Transit

    Deducting Travel Expenses When You Use Public Transit

    If you use your personal vehicle for business purposes – except for commuting! – you may qualify to deduct the mileage that you travel. But what happens if you take public transit to meet clients or attend business functions? If you are self-emp…
    - 93 days ago, 17 Jul 17, 4:51pm -
  • Coworking Memberships and Home Offices
    Occasionally, I’m interviewed for articles elsewhere. Recently, I spoke to the good people at Deskpass about the tax implications of where you work. In this interview, we discuss: Deduction coworking memberships and related costs, Deducting transpo…
    - 7 Jun 17, 4:03pm -
  • Can I Deduct my Coffee? Understanding the Meals & Entertainment Deduction

    Can I Deduct my Coffee? Understanding the Meals & Entertainment Deduction

    One of the most common questions I get pertains to doing work in coffee shops. Many entrepreneurs head to their local coffee place to meet clients, do work, or just get out of the house. Is that coffee deductible? Well, it depends. Were you meeting w…
    - 27 Apr 17, 5:53pm -
  • Forms 1099-MISC and 1099-K: Who Gets What?

    Forms 1099-MISC and 1099-K: Who Gets What?

    If you paid contractors to work for your business in 2016, you may owe them a Form 1099-MISC by January 31, 2017. However, payments made via credit card or PayPal are covered via Forms 1099-K issued by those payment settlement entities. To keep your…
    - 17 Jan 17, 4:30pm -
  • Self-Employed Health Insurance Deduction: S-Corporations
    Resources IRS Publication 535, Chapter 6: Business Expenses, Insurance IRS Tax Tip 2013-43 2016 Schedule K-1 2016 Form W-2 Why YOU Should Care If you are self-employed and provide medical, dental, or long-term care insurance for yourself, your spouse…
    - 30 Nov 16, 1:55pm -
  • Self-Employed Health Insurance Deduction: Partnerships
    Resources IRS Publication 535, Chapter 6: Business Expenses, Insurance IRS Tax Tip 2013-43 2015 Schedule K-1 Why YOU Should Care If you are self-employed and provide medical, dental, or long-term care insurance for yourself, your spouse, and/or your…
    - 25 Jul 16, 3:13pm -
  • Self-Employed Health Insurance Deduction: Sole Proprietors & Single-Member LLCs
    Resources IRS Publication 535, Chapter 6: Business Expenses, Insurance IRS Tax Tip 2013-43 Why YOU Should Care If you are self-employed and provide medical, dental, or long-term care insurance for yourself, your spouse, and/or your dependents, you ma…
    - 9 Jun 16, 2:30pm -
  • Best Sites for Solopreneurs

    Best Sites for Solopreneurs

    I’m honored to be included in One Woman Shop’s list of 100 Best Sites for Solopreneurs. If you work for yourself, be sure to dig in – they’ve got some great resources listed!The post Best Sites for Solopreneurs appeared first on SweeterCPA.
    - 26 Apr 16, 1:35pm -
  • Health Insurance Coverage Basics: Forms 1095-A, -B, and -C

    Health Insurance Coverage Basics: Forms 1095-A, -B, and -C

    Resources 2015 Form 1095-A, Health Insurance Marketplace Statement 2015 Instructions for Form 1095-A 2015 Form 1095-B, Health Coverage 2015 Instructions for Form 1095-B 2015 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage 2015 Inst…
    - 12 Feb 16, 10:54am -
  • Cost of Goods Sold: Labor
    Resources IRS Publication 334, Tax Guide for Small Businesses (Chapter 6) 2014 Instructions for Schedule C Cost of Goods Sold and The Tax Gap Why YOU Should Care If your business makes money by selling goods – either those you make yourself or thos…
    - 13 Nov 15, 3:27pm -
MyPopMuse

About PopMuse

A curated aggregation of musings from across the land and of different subject matters for the scanoholics.