Archive for Accounting

2021 Standard Mileage Rates Announced

The Internal Revenue Service (IRS), each year, computes standard mileage rates for the use of a vehicle for business, medical and moving purposes based on a number of factors, to determine the standard mileage rates for the following year. As it does annually around the end of the year, the IRS has announced the 2021 […]

Accounting Terms: Understanding the accounting term EBITDA and how to use it.

The accounting term EBITDA is an acronym that is widely used. It stands for Earnings Before Interest, Taxation, Depreciation, and Amortization, and it is an extremely helpful tool for understanding how one business or industry is faring based on comparing it to others that are doing the same thing. EBITDA’s value lies in the fact […]

Audit-Proofing Your Meal & Entertainment Expenses

When looking for deductions to add to your taxes, don’t overlook your meal and entertainment expenses. These types of expenses must be “ordinary” and “necessary” to your business or trade and must be “directly related to” or “associated with” the active conduct of business. In order for the IRS to allow these deductions, documentation is […]

Tips to Avoid a Tax Audit

An IRS tax audit can come in a number of forms.  The most demanding are the face-to-face audits, which require sitting down with an auditor and reconciling income and deductions.  Others are the less demanding correspondence audits where the IRS has reason to believe that the taxpayer failed to include reported income or has overstated […]

Taxes 24/7/365

The reasons for putting off tax preparations are endless – and understandable. So tax filing deadlines may become the culmination of marathon sessions with your records, which can make mistakes more likely. Conscientious daily work habits—including a constant eye on tax issues—can help prevent this painful scenario. QuickBooks offers many built-in tools to help you […]

After Further Review, the Penalty Stands

Former Kansas City Chiefs quarterback Joe Bruner made headlines last week as he was sentenced for battery. Bruner’s accountant, Wayne Montgomery, testified that Bruner punched him in the eye, pushed him face down into a recliner, and hit him repeatedly in the head, neck, and back at a meeting at Bruner’s house last July. Bruner was apparently “upset” with the size of his refund.

Use QuickBooks to Manage Prices in a Down Economy

Pundits are now noting that we’re living in a period of “accelerated change.” Indeed, the ground does seem to be shifting beneath us almost faster than we can comprehend, so it’s important to stay nimble in these difficult times. One way you can do so is to closely manage your prices. In some cases you […]

First Look:QuickBooks 2009

QuickBooks 2009 has just been released and you’ll find a number of improvements that are sure to be helpful. Of course, the introduction of a new release also means the discontinuation of support for an old release—QuickBooks will end support for QuickBooks 2006 as of May 31, 2009. This means that after that date you’ll […]

Ten Overlooked Reports You Should Use

Just about every QuickBooks user relies on the Report Center and Reports menu, but if you’re like most, you have a small handful of reports that you tend to rely on. In this article we’ll go off the beaten path and explore ten reports that many users overlook. Even if you are using some of […]