The CARES Act makes this tax break available even if you claim the standard deduction and don’t itemize. Cash contributions over $250 require more documentation if you claim a tax deduction. Payroll taxes aren’t the only thing your employer is covering for you. It is not given to a mosque but directly to the poor …
Is Tithing Tax Deductible? Yes, and Here Are the IRS Requirements Read More »
A nonprofit’s mission focuses on activities that benefit society, instead of trying to maximize profit. Nonprofits have a public ownership, which means nobody owns shares of the company or interests in its property. Rather, it has to be recycled back into the nonprofit’s mission and activities. A nonprofit operating budget provides a detailed overview of …
Nonprofit Accounting: Basics and Best Practices Guide Read More »
The tricky part is making sure you have the right dates and transactions in QuickBooks so you know everything matches. QuickBooks won’t create a bill so your credit card balance isn’t affected. With more than 3.4 million small companies on board, QuickBooks is one of the most popular accounting automation platforms on the market. Make …
How to reconcile an account in QuickBooks Online Read More »
LIFO Liquidation most commonly occurs when the company sells more items than it has purchased. The LIFO method is used by most companies when there is higher inflation. As a result, the company tries to match the cost of goods sold with the market prices. The process provides a lower cost of goods sold (COGS), …
Last In, First Out LIFO Definition, Pros & Cons, and Example Read More »
Quantity variances compare actual quantities of resources used to provide a good or service to standard or budgeted quantities. A favorable quantity variance, where actual quantities used are less than standard quantities set, indicates efficiency in operations. Thus a positive number is favorable and a negative number is unfavorable. Calculating material variance helps you see …
However, there might be a situation where the receiving entity may not present the cheques issued by your business to the bank for immediate payment. This is also known as unfavorable balance as per the cash book or unfavorable balance as per the passbook. In today’s world, transactions (whether receipts or payments) are done via …
Ultimately, the investment in outsourced accounting services is about enhancing efficiency, accuracy, and the strategic capabilities of your firm. Yes, virtual and outsourced bookkeeping is just as legitimate as in-house bookkeeping and accounting. However, as with any in-person accounting professionals https://intuit-payroll.org/ you’d trust with your financial data, you should always verify a bookkeeping firm’s credentials …
Take note of expensive and unnecessary costs that you can reduce. You might need to look for a more affordable space to rent, or rethink a more cost-effective marketing strategy. In other cases, you may need to find a new contractor who can give you lower rates for maintenance services. When you’re running a business, …
A rules-based accounting approach establishes series of bright lines that can allow those who prepare financial documents to game the system at the expense of the relevant principle. Too many rules restrict the ability of the comptroller or accountant to use her professional judgment. Having hundreds of pages of detailed rules leads to complexity, which …
The debate between rules-based and principles-based reports Read More »
The services are provided by an independent third party and not provided by ADP and ADP is not responsible for such third party’s products or services. If you operate in an industry with specialized time clock needs, look for software that is designed specifically for you. Time Doctor does not have a free plan, but …
