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…)

8 Winning Tips to Make Your Financial Plan Profitable

A curious thing happens to entrepreneurs in the spring of every year. You wake up one day and realize you had better figure out how much money was made last year in order to pay your taxes. But wait, shouldn’t a business owner already know how much money he or she made last year, last quarter, or last month? Don’t wait. Develop your financial plan today. If you don’t keep track of how much money you’re making, you have no idea whether your business is successful or not. You can’t tell how well your marketing is working. You need to know (more…)

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