Category Bookkeeping

If it is too difficult to determine a salvage value, or if the salvage value is expected to be minimal, then it is not necessary to include a salvage value in depreciation calculations. Instead, simply depreciate the entire cost of…

Itemizing deductions also involves meticulous record-keeping and can be tedious work because the IRS requires the submission of sales tax records, such as a year’s worth of purchase receipts. Anyone who plans to itemize should be keeping detailed records, as…

To calculate your new-hire turnover rate, divide the number of employees who leave within one year of their start date by the total number of employee separations during that same period. Multiply the number by 100 to represent the value…

QuickBooks is one of the most popular accounting software programs on the market and while it is one of the best options, it’s not necessarily the best for every business. For example, while QuickBooks is very robust, it may involve…

This company provides various services to their clients, such as audit and assurance, accounting and bookkeeping, tax compliance, and consulting services. Certified Public Accountants caters to their clients’ different needs by offering personalized services and guaranteeing a high quality of…

One big caveat about the straight-line method As simple as the straight-line method is, the main problem with it is that the IRS generally doesn’t allow you to use it anymore. As IRS Publication 550 states, for bonds issued after…