If an asset is sold or reaches the end of its useful life, the total amount of depreciation that has accumulated in the contra-asset over time is reversed. An asset’s book what is accumulated depreciation value is the asset’s original cost minus the accumulated depreciation. 🙋 Current book value refers[…]

The more time your team spends working with you, the better they’ll know your books—and the less often they’ll need to get in touch. Bookkeeping doesn’t require a certification, but there are certifications and licenses available for someone to attain. Receive information about the benefits of our programs, the courses[…]

If you elect to recognize a partial disposition of a MACRS asset, report the gain or loss (if any) on Form 4797, Part I, II, or III, as applicable. You replaced the old bucket on the bulldozer and sold it for $800. You determine the cost of the portion of[…]

Let’s say you’re working and earning money in the United States, but you don’t qualify for a Social Security Number (SSN). An ITIN (Individual Taxpayer Identification Number, type of Tax ID or Taxpayer ID) will serve as your identification number for filing your tax returns. If you do not qualify[…]

Quickly import client data from various sources such as financial statements, accounting software, and previous filings. Our intuitive interface allows for easy data entry, reducing manual errors and saving you valuable time. Taxpayers usually find it difficult to collect documents and file the return, likewise, professionals filing the tax returns[…]

In contrast, of the six large unions with direct elections, four had contested elections. As opposed to direct elections, most unions chose their top officers indirectly, electing delegates to a regularly scheduled convention at the local level through a membership vote. A robust democratic process certainly played a major role[…]

They might give the customer a friendly phone call reminder or send them a statement with a reminder, but most business owners won’t take any further collection action at this point. The aging method is used to estimate the amount of uncollectible accounts receivable. The technique is to sort receivables[…]

Engaging both a bookkeeper and an accountant ensures that you receive the best advice for your business. Hiring a good accountant can help a small business owner decide on the right entity type, understand tax filing requirements, and offer strategic advice to maximize profits or minimize their tax liability. As technology[…]