Direct Deposit
To void a check in Quickbooks, you’ll need to cancel the check that has been written, but not yet cashed or deposited. When you void the check in Quickbooks, it changes the amount to zero while keeping a transaction record. However, most people do not really understand what this is or where and how cash […]
Hire Bookkeeping Virtual Assistants
This will save you what are retained earnings time (and probably plenty of tears of frustration) as there will be someone there to guide you through your journey into the world of bookkeeping. You can equip yourself with these digital bookkeeping skills by learning from experience and figuring things out through trial and error. While […]
Find sales tax rates
These brackets are adjusted accordingly for married couples filing jointly. In this context, the income thresholds are doubled in an effective way for each tax rate. NYC taxes are imposed only on residents and specific non-resident employees, while state taxes apply to all state residents and income earned within the state. State Income Tax Brackets […]
New York City Sales Tax Rate and Calculator 2021
These rules ensure you’re using the most accurate tax calculation method for your specific financial situation. Remember, when you file with TurboTax, we’ll help determine this information for you. You must pay the Real Property Transfer Tax (RPTT) on sales, grants, assignments, transfers or surrenders of real property in New York City. You must also […]
Bad Debt Expense Definition, Reporting Methods
This article will explain what exactly bad debts are and how to do accounting for bad contribution margin debts. For corporations, recovered bad debts are typically reported as “Other Income” on IRS Form 1120. Partnerships and LLCs must reflect these amounts on their respective tax filings, ensuring each partner or member reports their share correctly. […]
What Is The Difference Between Direct Write Off & Allowance Method?
If the company uses a percentage of sales method, it must ensure that there will be enough in Allowance for Doubtful Accounts to handle the amount of receivables that go bad during the year. The specific action used to write off an account receivable under this method with accounting software is to create a credit […]
