We can help with your FL taxes, including federal deductions for paying state taxes. The state’s tax revenue primarily is derived from tax on businesses and industry, as well as Florida real property and hospitality tax. Mirroring the futurism discourse of the 1960s, new attention to the automation of labor…

If, on the other hand, the costs outweigh the benefits, then a company may want to rethink the decision or project. With the cost and benefit figures in hand, it’s time to perform the analysis. This involves concisely summarizing the costs, benefits, net impact, and how the findings support the…

Cost of goods sold is debited for the price the company paid for the inventory and the inventory account is credited for the same price. At the end of each accounting period (usually monthly), the sales journal double entry is used to update the general ledger accounts. As the business…

The third party designee’s authority extends to « newly » assigned EINs only and terminates at the time the EIN is assigned and released to the designee. No.  (Is the short answer.)  Separate business entities require unique Employer Identification Numbers. If you are the sole proprietor of three separate businesses, you need…

You can pay dividends based on retained earnings or by income percentage. Either way, the amount will be deducted from your net income when determining retained earnings. Figuring out dividends is often a simple step, and if you don’t have investors, you can skip it altogether. Businesses that pay shareholder…

Under that system, you may have recorded income in accounts receivable—for instance, as an invoice you’ve sent to a client—before you’ve actually received the payment. That’s good for planning future income, but not good for knowing how much cash you have to work with. The cash flow statement gives you…

We may wonder that how do we debit the cash at the bank while we do not receive any actual cash. This transaction is to reverse back the original transaction which xero certification for accountants and bookkeepers we credit cash while the actual cash at bank does not decrease yet….

You must subtract the asset’s accumulated depreciation expense from the basis cost. Otherwise, you’d be « double-dipping » on your tax deductions, according to the IRS. Have your business accountant or bookkeeper select a depreciation method that makes the most sense for your allowable yearly deductions and most accurate salvage values. If…

Employers seeking to provide notice may rely on model language included in the rule to satisfy the notice obligation and those who do are granted a « safe harbor » for compliance. Get a 14-day free trial of our exam review course and check out our resources, materials, and more. Make sure…

Besides tax advising and preparation, CPAs might specialize in auditing, bookkeeping, consulting, management or financial advising and planning, to name just a few. You might even work with a CPA to determine the best strategy for managing your income and withdrawals from individual retirement accounts (IRAs) and 401(k)s in retirement….