Owners of LLC’s are called members. The person in charge is called the manager or managing member (if it is a multiple member LLC). […]
Read More… from If I’m doing business as an LCC, what am I called?
Cost Segregation
COST SEGREATION = TAX SAVINGS Cost Segregation is a VERY BENEFICIAL tax angle used by real estate owners to ACCELERATE DEPRECIATION deductions. In the past it was primarily used by large accounting firms and larger clients. The ability for smaller building owners to utilize these techniques is now becoming popular. It takes an engineering study and […]
Social Security Information
Download Form SSA-4004 – to obtain Earnings History (you create an account.. easy to do) […]
How Long to Keep Records
How Long Do I Keep Records Our standard answers… 3 years is the Statute of Limitations for audit purposes (from the due date of the return or the filing, whichever is later). 4 years for Employee Records 6 years if there is a 25% understatement of income (accidental, misinterpretation of tax law, bookkeeping error, involved in one […]
Independent Contractor or Employee
Click here for discussion of Independent Contractors (or not) versus Employee […]
Cash vs. Accrual Basis
In the Simpliest Terms……. CASH BASIS REVENUE means you declare it when you RECEIVE the money. ACCRUAL BASIS REVENUE means you declare it when you EARN the money (usually that is when the invoice is generated whether you receive a portion of the money or none at all at the time the invoice is generated). CASH BASIS EXPENSE means you expense it when you PAY it. […]
Quickbooks®
We have the latest Quickbooks editions. We recommend you have the online version… give us permission and we can go online to assist. Additionally, we can come to your place of business for personalized instruction. […]