Enrolled Agent and Tax Preparer CE IRS AFSP CE Packages
To receive the AFSP Record of Completion, a non-exempt preparer must complete the 6 hour AFTR course and exam, 10 hours of federal tax law topics, and 2 hours of ethics. Enrolled agents are the highest level of credentialed tax professionals and provide their clients with the confidence that their finances will be protected. In […]
Operating Expenses: Definition, Types & How to Calculate
A non-operating expense is a cost that is unrelated to the business’s core operations. In general, businesses are allowed to write off operating expenses for the year in which the expenses were incurred; alternatively, businesses must capitalize capital expenses/costs. It is noteworthy that the same category of an operating expense can be either a fixed […]
7 Sites Like Mazuma to Help You Manage Your Finances”
Xero is a cost-effective accounting solution that would be ideal for contractors, marketing and sales teams, retailers, transportation firms and others. Starting at $20 per month (billed monthly) and supporting unlimited users, it’s ideal for those who plan to do their accounting in-house. ZipBooks is a modern cloud-based accounting software that combines simplicity with powerful […]
What Is Invoice Factoring And How Does It Work?
The Invoice Discounting method is different from the other methods of Invoice Finance mentioned above. This is because the supplier is still responsible for the collection of payments from the buyer in this case. In case of Reverse Factoring, the buyer provides an optional standing facility to all its suppliers, for obtaining credit by using […]
How to Track Small Business Expenses Tips & Templates
Most businesses should keep track of the money they’re spending on travel, meals and lodging while conducting business. If you’re a self-employed worker, there are also additional expenses that you can track and then deduct from your taxes. During your account setup, choose your preferred income and expense reporting method, which can be cash or […]
Fund Accounting Principles for Financial Professionals
Hedge fund accountants work closely with portfolio managers to develop specific investment strategies. Whether you’re new to the nonprofit world or are a seasoned fundraiser looking to change up your accounting style, proper fund accounting can feel like a daunting practice to take up. This style of accounting helps nonprofits manage contributed income and expenses […]
Publication 463 2024, Travel, Gift, and Car Expenses Internal Revenue Service
If you use actual expenses to figure your deduction for a car you lease, there are rules that affect the amount of your lease payments you can deduct. If you use your car for business purposes, you may be able to deduct car expenses. You can generally use one of the two following methods to […]
How to Use a Cash Book in Accounting Xero accounting
The cash book is a chronological record of the receipts and payments transactions for a business. It only records all the cash as well as bank transactions and it excludes credit transactions. Cash Book in accounting forms an essential part of Cash Book transactions for a better overview. The Cash Book acts as a single […]
Amortization vs depreciation: What are the differences?
The cost recovery deduction can help reduce a business’s taxable income and lower its tax liability. The straight-line method is the simplest and most commonly used method for calculating depreciation and amortization. Under this method, the cost of the asset is divided by its useful life to determine the annual depreciation or amortization expense. The […]
Contra Asset Account Definition, Examples, List of Accounts
For example, fixed assets are typically shown at their historical cost, with accumulated depreciation separately reducing this amount to arrive at the net book value. Owner’s Withdrawals, often called Drawings, serve as a contra-equity account in sole proprietorships and partnerships, carrying a debit balance. This account reduces the owner’s capital contributions when the owner takes […]