It’s that time of year again when business folks start to think about New Year goals, resolutions and planning. This year I’m suggesting you add another topic to the mix—internal and external account analysis. Let’s start with the importance of internal account analysis. If you have been in this business more than a few years,… Read More
Accounting
Tax Breaks for Homeowners
There are a number of tax breaks that homeowners can take advantage of. The list includes mortgage interest, points, energy credits, and property taxes, among many other things. The reason for a lot of these tax breaks is to try and increase the homeownership rate in the U.S. People are not purchasing homes for several… Read More
Understanding Bad Debt Expense
Bad debt expense occurs when a company experiences a loss due to products sold or services provided that they ultimately do not receive payment for. The bad debt expense only relates to transactions that involve a company’s accounts receivable account. There are two methods that a company may use to account for bad debt expense:… Read More
Find your Balance with Basic Accounting
Life is all about balance. Whether you are trying to live a healthy lifestyle or juggling work with leisure, the decisions you make on a day-to-day basis are all about maximizing your routine. Just like finding balance is an important part of your daily routine, accounting is all about “balance” as well; balance sheets to… Read More
Cash Basis vs. Accrual Basis Accounting
There are typically two methods companies use to account for transactions, known as the cash basis and the accrual basis methods of accounting. The main difference between these methods of accounting is when revenue and expenses are recognized by a company. Cash Basis: A company that uses the cash basis of accounting recognizes revenue as… Read More
3 Things You May Not Know About Filing Taxes
Well it’s that time of year again, the sun is rising earlier, the days are getting longer, and spring is finally here. That also means the deadline for filing your taxes is quickly approaching. For some people, filing taxes can seem like a burden. Whether you owe money or not, here are three interesting facts… Read More
Tax Season and Credit Card Debt Cancelations
With tax season here there are a number of 1099’s being issued. However, some people may be surprised to receive a 1099 due to a credit card write-off. People have many reasons why they are unable to pay their credit card bill including loss of job, income that is less than expected or unexpected expenses… Read More
Do I Really Have to Pay Taxes on That?
I was recently traveling for work and when flying back from Las Vegas, the pilot came on over the microphone and promoted a Spirit Airlines MasterCard. “5,000 frequent flyer miles just to apply!” he yelled, “If approved an additional 10,000 miles and for every dollar spent, one mile to add to your account, that’s at… Read More