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What are Cash and Accrual Methods?

The cash and accrual methods are two primary accounting methods used to record revenue and expenses. They differ in how and when transactions are recognized in the financial statements: Cash Basis Accounting: Under the cash basis accounting method, revenue and expenses are recorded only when cash is received or paid out, respectively. Income is recognized when cash is received from customers, and expenses are recognized when cash is paid to suppliers, employees, etc. This Read more [...]
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Tax to-dos for newlyweds to keep in mind

Anyone saying “I do” this summer should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after they tie the knot. Name and address changes: People who change their name after marriage should report it to the Social Security Administration as soon as possible. The name on a person's tax return must match what is on file at the SSA. If it doesn't, it could delay Read more [...]
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End of the Year Tax Reminders for Business Owners

Performing these tasks at year-end will help your tax professional prepare your return accurately, plus it will make your tax professional very happy when you have these answers at the ready! Write down the odometer reading on the vehicles you use for business. It is important to know what percent you are using the vehicle for business and what percent you are using for personal. You should have a mileage log, but even if you just write down your odometer once a year, you’ll know how many Read more [...]