Bookkeeping

If Ellen’s use of the truck does not change to 50% for business and 50% for personal purposes until 2026, there will be no excess depreciation. The total depreciation allowable using Table A-8 through 2026 will be $18,000, which equals the total of the section 179 deduction and depreciation Ellen will have claimed. John,…

If Ellen’s use of the truck does not change to 50% for business and 50% for personal purposes until 2026, there will be no excess depreciation. The total depreciation allowable using Table A-8 through 2026 will be $18,000, which equals the total of the section 179 deduction and depreciation Ellen will have claimed. John,…

We scored Phoenix bookkeeping services on more than 25 variables across five categories, and analyzed the results to give you a hand-picked list of the best. Monitor cash flow and real time balances with improved financial visibility. Cash is tracked centrally, allowing the firm to manage cash balances across all offices efficiently. When each…

A journal entry records the date, accounts affected, and amounts debited and credited. When customers pay, you credit accounts receivable and debit cash or another account. The cash account tracks all money the business has on hand or in the bank. If total debits and credits do not match, you know there is an…

A journal entry records the date, accounts affected, and amounts debited and credited. When customers pay, you credit accounts receivable and debit cash or another account. The cash account tracks all money the business has on hand or in the bank. If total debits and credits do not match, you know there is an…

One of the key advantages of adjunct accounts is their ability to help you stay organized and focused on your financial goals. With adjunct accounts, you can allocate funds separately for different financial objectives, providing a clear overview of your financial situation and aiding in effective planning. One such strategy is setting up an…

One of the key advantages of adjunct accounts is their ability to help you stay organized and focused on your financial goals. With adjunct accounts, you can allocate funds separately for different financial objectives, providing a clear overview of your financial situation and aiding in effective planning. One such strategy is setting up an…

Accrual and deferral are accounting adjustment entries with a time lag in the reporting and realization of income and expense. Certain accounting concepts are generally used in any company’s revenue and expense recognition principle. This approach provides a more accurate view of a company’s profitability and financial position than cash accounting, which only records…

Accrual and deferral are accounting adjustment entries with a time lag in the reporting and realization of income and expense. Certain accounting concepts are generally used in any company’s revenue and expense recognition principle. This approach provides a more accurate view of a company’s profitability and financial position than cash accounting, which only records…

Professional fees to consultants, attorneys, accountants and the like are also deductible any time, even if they aren’t start-up costs. If you set up a corporation or LLC for your business, you can deduct up to $5,000 more in organizational costs such as state filing fees and legal fees. Credit card interest is not tax deductible…