Accounting Tips

• How to spot errors in the trial balance
  Computer software can do everything a bookkeeper needs--except for bookkeeping. An account’s normal balance is the side on which an increase is recorded. Some accounts have a normal debit balance; others, a normal credit balance. As you know, asset accounts have a normal debit balance liability accounts have a normal credit balance owners’ equity accounts ...


• Need to pay independentent sales representatives
  Can you help with paying independent sales representatives by direct deposit, keep track fro 1099 and do IRS filings for independent contractors (1099) each year? Yes, we can do it. Each time you want to pay sales rep you will login to website, write amount and choose either check or ...


• Payroll questions: Salary v. Wages
  One major difference is that hourly employees are entitled to overtime pay of at least 1.5 x their hourly rate for each hour worked over 40 hours in ...


• Answering questions: International companies starting business in the U.S.A.
  Here is the answer to email I received this morning. Our Norwegian Company has just started up a business in Nevada. We are going to run the business from Norway in the beginning, so we need someone to send out invoices for us till two of our employees moves over to ...


• Maximizing writeoffs on a sole proprietor’s company car
  Thanks to aipb.org here is useful information about company car writeoffs. A sole proprietorship--an unincorporated company with one owner--can depreciate a vehicle as though it were used 100% for ...


• Tax responsibilities for online action sellers
  If you are an online auction seller, you may have tax responsibilities. You may be subject to liabilities for income tax, self-employment tax, employment tax, or excise tax. Your sales may result in capital gains, nondeductible personal losses, or you may have ordinary business income. Read more in IRS website.


• IRS Rules for Deducting Travel, Entertainment and Gift Expenses
  The Internal Revenue Service reminds taxpayers that there are specific guidelines to be followed when deducting travel, entertainment and gift expenses. In general, taxpayers may deduct ordinary and necessary business-related expenses for traveling away from home, entertaining clients and customers and giving gifts to customers, employees and others with whom they ...


• Business Accounting Ethics
  I found an interesting report detailing the importance and relevance of Business Ethics in Accounting. Enjoy! http://acct.tamu.edu/smith/ethics/ethics.htm