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…)

Cash and Accrual Base Accounting Part II

Continuation of the Key terms for the Cash & Accrual Bases Accounting……. The Assets- the assets are generally those possessions of an individual that have a good market value or are quite valuable. Assets are mainly classified into three types- Current Asset- the cash is the most basic asset of any individual. The money that is being held in accounts like the checking and savings accounts is also included in the cash. Also inclusive are the marketable securities in the form of bonds, stocks, shares etc. The money lent or payments due from clients even form a part of it. (more…)

Ten Ways to Organize Your Business Finances

Whether you are a new entrepreneur or a more experienced business owner, taking control of your finances can feel like a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the stress of business money matters. 1. Keep Your Bills in One Place When the mail comes, make sure it goes in one place. Misplaced bills can be the cause of unwanted late fees and can damage your credit rating. Whether it’s a drawer, a box, or a file, be consistent. Size is also important. If you get a lot of mail, use (more…)

Year-End Tax Strategies for Individuals – Part 1

It’s not too late to make these tax-saving moves. Before acting on our recommendations, be sure to gauge your 2012 income expectations. Moves you make this year may affect next year’s taxes, detailed in the table below. Game the Standard Deduction If your total annual itemized deductions are usually close to the standard deduction amount, consider the strategy of bunching together expenditures for itemized deduction items every other year, starting with this year. Itemize in alternating years to deduct more than the standard deduction. Then claim the standard deduction in the other years. Over time, this drill can save hundreds (more…)

5 Changes to the Tax Code You Should Know About

The US tax code is not what one might describe as a lean and efficient body of legislation. Indeed, it weighs in around 2500 pages and 5.6 million words. There’s no way to stay on top of all the changes, extensions, and revisions to any code that extensive. Here are 5 important updates you should be aware of. 1. Business investment incentive. Good news: The government is hopping to spur short-term capital investments. As a result, you can now fully depreciate more capital investments in the year of purchase, instead of spreading it out over multiple years. To that end, the (more…)

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