Cash vs Accrual Accounting You have finally taken the leap and started the business you have always dreamt about. However, now you must make one more tough decision: what accounting method should your business follow: cash or accrual accounting? Accounting…
Read MoreBusiness Owners: Accounting Checklist
End of the Year Accounting Checklist One of the things that you will need to do for your business at the end of the year is to close the books. If you have been keeping them up-to-date using generally accepted…
Read MoreCan a Business Fully Deduct a “Luxury” Vehicle?
Can a Business Fully Deduct a “Luxury” Vehicle? The Internal Revenue Service provides criterion and regularly updated tables as guides for business vehicle deductions. The deductibility of a vehicle used for business purposes is subject to various limitations and rules. The examples…
Read MoreThe Importance of Mileage Tracking for Employees – 5 Things to Consider
Modern smartphone and data management applications help maintain mileage logs As common and routine as it may be, taking another look at your mileage tracking process for employees can be another way to tighten your accounting records. The IRS requires…
Read MoreIRS Final Regs on Expensing Property
Final changes which will be effective January 1, 2014, have been made to the IRS’ temporary 2011 de minis expensing (cap policy). Now is the time to begin reading up on how these changes will affect your company (here on…
Read More