This is because her technology expense assets are now worth $1000 more and she has $1000 less in cash. Once your chart of accounts is set up and you have a basic understanding of debits and credits, you can start entering your transactions. Even with... Read more
In those circumstances, the returns are due on the next business day. An automatic extension until Oct. 15 to file Form 1040 can be obtained by filing Form 4868. If you are in business as a sole proprietorship, you report your income and expenses on ... Read more
The best way to understand how it works is to use your own numbers and try building the schedule yourself. The most common types of depreciation methods include straight-line, double declining balance, units of production, and sum of years digits. Ca... Read more
You may feel more at ease with face time with a partner in a smaller firm. Be aware that large firms sometimes contract out work to smaller accounting firms -- so make sure you ask who will be handling your account. An accounting firm will offer an h... Read more
For business tax returns for partnerships, S corporations, and corporations, use Form 7004 to file an extension application. Form 7004 can be e-filed through the Modernized e-File platform. All the returns shown on Form 7004 are eligible for an autom... Read more
On the income statements of publicly traded companies, an item called investment income or losses is commonly listed. This is where the company reports the portion of its net income obtained through investments made with surplus cash instead of being... Read more
The board of directors of a corporation possesses sole power to declare dividends. The legality of a dividend generally depends on the amount of retained earnings available for dividends—not on the net income of any one period. Firms can pay dividend... Read more
A company that lacks sufficient cash for a cash dividend may declare a stock dividend to satisfy its shareholders. Note that in the long run it may be more beneficial to the company and the shareholders to reinvest the capital in the business rather ... Read more
There are plenty of other ways you can filter this pivot table and get other information you may need, but this is the basics of what you need. Posted Date – when the order was received by the shipping company . This report has many columns (A – BG!)... Read more
FICA taxes include salary, wages, tips, bonuses, commissions, and taxable fringe benefits. IRS Publication 15-B has a chart of various fringe benefits that are subject to FICA and those that are exempt (see Table 2-1). Compensation subject to FICA al... Read more
