Don't Forget! Deducting The Business Use of Your Vehicle.

Posted by Michael S. Templeton on Dec 10, 2018 5:33:17 PM

Many of us use our personal vehicle for business purposes to one extent or the other. This doesn't seem fair since the added miles can reduce the value of your vehicle and reduce your equity, not to mention other associated costs you might pay for out of pocket. Because of this, the Internal Revenue Service (IRS) allows taxpayers to recover the costs associated with the business use of a vehicle. We'll discuss the two methods of recovering the costs associated with the business use of a vehicle.

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Topics: Tax Deductions, Deducting Business Expenses

Calculating Fringe Benefits for W-2s.

Posted by Lauri A. Lisanti, CPA, MAcc, CPS, Certified QB ProAdvisor on Nov 12, 2018 3:42:07 PM

The holidays are quickly approaching and the year-end is right around the corner. Before running the last payroll of the year, business owners not only need to make sure they have completed any W-9s for vendors that will be receiving 1099s, as well as make sure that any taxable fringe benefits are included in the owners and employees W-2s. Given the vast number of fringe benefits offered and how they are taxed, it can be confusing determining what is to be included in wages.  

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Topics: Tax, Fringe Benefits

Top 10 Ways Your 2018 Taxes Could Change | A Tax Cut and Jobs Act Overview

Posted by Haylie Parkhill on Oct 29, 2018 5:01:00 PM

In 2017 President Trump signed the Tax Cuts and Jobs Act.  As a result, there are many changes to the tax code which will affect us this tax season. Now that the 2018 tax year is almost over, you’ll want to start planning how this new tax provision will affect you. Below is a brief run-through of the most critical changes that are effective beginning with your 2018 tax return.  

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Topics: Tax Filing Requirement Changes, Tax

QuickBooks Tips | Going Mobile

Posted by Lauri A. Lisanti, CPA, MAcc, CPS, Certified QB ProAdvisor on Mar 26, 2018 2:38:08 PM

With the increased usage of smartphones and tablets, many clients ask if they can use QuickBooks on their mobile devices such as a smartphone and tablet. The answer is yes; however, it does depend on which version of QuickBooks the client is using.

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Topics: QuickBooks Expert, Quickbooks Tips

Social Security: Answers To 5 Common Questions

Posted by Derek M. Backa, CPA, CVA on Mar 12, 2018 4:26:17 PM

In 1935, Social Security was signed into law as part of President FDR's "New Deal" response to the Great Depression. This was the first time the Federal Government took responsibility for economic security of the old-aged, temporarily unemployed, children, and handicapped. Over 80 years later and social security has become an integral part of the retirement process.

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Topics: Social Security, Retirement

QuickBooks Tips | Transferring Data to Your Accountant

Posted by Lauri A. Lisanti, CPA, MAcc, CPS, Certified QB ProAdvisor on Feb 27, 2018 2:17:18 PM

What is the best way to send my accounting data to my accountant so that they can prepare my tax return?

The answer is not the same for every client. Clients often send a copy of their financial statements without realizing that it's insufficient. From the accountant’s perspective, it is much more efficient to have a copy of clients' QuickBooks file so that the information needed is right at their fingertips.

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Topics: Advice from a Certified QuickBooks Proadvisor, QuickBooks Expert, Quickbooks Tips

What is the difference between an audit and a review engagement?

Posted by Jenny H. Shao on Feb 12, 2018 3:50:43 PM

Nonprofits, construction companies, or companies with external investors are all examples of companies that may be required to get audits. However, these requirements may be dependent on certain circumstances. For instance, a nonprofit that recently reached a higher level of government funding may have crossed the audit requirement threshold. That said, there are many nuances involved in determining whether a switch to or from a review to an audit would be necessary. Regardless, companies do experience this transition and the following information is aimed at determining the difference between the two.

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Topics: Audit & Assurance, Audits Vs. Reviews

How to Pass the CPA Exam | Do's and Don'ts

Posted by Haylie Parkhill on Dec 4, 2017 4:05:00 PM

Congratulations you’ve decided to take the plunge and start studying for the CPA exam. Successfully completing the CPA exam can seem like a daunting task, especially with the publically posted (low) pass rates. However, the end result is well worth all the time, struggles and sleepless nights. Earning a CPA designation should result in higher earnings potential and additional career opportunities.

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Topics: The CPA Exam, Studying Accounting

Federal and PA Tax Exempt Filing Requirements | Form 990 series and BCO-10

Posted by Patrick M. Rossiter on Nov 7, 2017 1:08:00 PM

Edited on 1/26/19

Despite tax-exemption, nonprofit organizations are still subject to reporting requirements with taxing authorities, namely the Internal Revenue Service and various state revenue departments. For the Boards and Executive Directors of nonprofits, this means it's important to have a clear understanding of their organization and where it falls within filing requirements. 

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Topics: Nonprofit Filing Requirements, PA Nonprofit Filing Requirements, Form 990

QuickBooks Tips | Managing Cash Flow Using the Vendor Center

Posted by Lauri A. Lisanti, CPA, MAcc, CPS, Certified QB ProAdvisor on Oct 23, 2017 5:26:40 PM
Accounts payable is the outstanding bills a business owes money on. In many small businesses, the person who is responsible for paying these bills, will write out the checks as the bills come in or at predefined intervals (once a week, twice a month or even monthly).
Which is an acceptable practice. However, this can inhibit the business owner from having an accurate picture of the business's cash flow without calculating it manually or sorting through a large pile of papers. QuickBooks' accounts payable module, allows businesses to maintain their cash flow without the clutter or risk of not paying the bills on time. This also minimizes any surprises and the chance of affecting the business’ credit report adversely.
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Topics: Certified QuickBooks Proadvisor, Quickbooks Tips, Bookkeeping

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