Follow the tax rules when you borrow from your corporation

If you’re a business owner and your company lends you money, you’ll enter it in the books as a shareholder loan. However, if your return is audited, the IRS will scrutinize the loan to see whether it is really disguised wages or a dividend, taxable to you as income. Knowing what the IRS might look at may be useful when you structure the arrangement. * First, the IRS will look at your relationship to the company. If you’re the sole shareholder with full control over earnings, that may weaken your case that the loan is genuine. On the other hand, (more…)

Quality QuickBooks Accounting Services For Your Business

QUALITY QUICKBOOKS ACCOUNTING SERVICES FOR YOUR BUSINESS   From start ups to established corporations, every business needs high quality accounting and tax services to present its fair financial picture. Express Tax and Bookkeeping services provides virtual bookkeeping, small business accounting, individual tax preparation and tax returns services for small and medium businesses and start ups based in USA. We are a full charge bookkeeper and accountant, providing high quality and transparent accounting and tax services for your business. Bookkeeping, being one of the most important aspects of a functional business, is now taking on different dimensions and seeing new trends. (more…)

Outsourcing a QuickBooks Bookkeeper

  QuickBooks Accounting Made Easy! Accounting is the fundamental pillar every business stands on. However, any accounting is not effective accounting. Your accountant could have several years of industry experience yet fail to act as an effective bookkeeper. Outsourcing a QuickBooks bookkeeper for your start up, small or medium business or your established firm could well prove to be the best solution for all your accounting and tax problems. Your business needs accurate and transparent accounting services to reflect its true financial position. Express Tax and Bookkeeping Services brings to you professional accounting and tax services that promise to give (more…)

11 Reasons Why You Should Use Quickbooks

QuickBooks Pro is the ideal business accounting software for small to mid-sized business owners. Here are 11 reasons why you should be using QuickBooks Pro.   1. You can save hours of time on bookkeeping and stressful paperwork because many of simple bookkeeping tasks are handled automatically making it easier to run your business. 2. You can easily generate daily, weekly, monthly, or quarterly reports with the information you need, so you always know where your business stands. You instantly know whether you’re making money and whether your business is profitable. 3. You save money because QuickBooks Pro is so (more…)

Cash and Accrual Base Accounting Part I

The Cash Based accounting pertains to the management of individual’s personal monetary transactions. In this case, he keeps a track of the money he withdrew, deposited, gave or received from someone etc. This accounting comes to life when actual cash transactions take place. The Accrual Accounting requires an accountant who notes the transactions even if no money has been actually exchanged. This method works on the principle of comparing or seeing the ratio of the expenses to expenditure. If the expenditure is more, you need to cut down your luxuries, if not then its always good to have some savings (more…)

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