by Tiffany Mellow | Jun 5, 2024 | Bookkeeping, Business Tax Deductions, Business Taxes, Non-Profit Taxes
Here are some crucial insights into depreciation, particularly regarding business or rental assets. When Does Depreciation Start? Technically, depreciation begins not when you use an asset but when it’s ready and available for its intended purpose. For instance: A...
by Tiffany Mellow | May 1, 2024 | 1099's, Bookkeeping, Business Accounting, Business Taxes, Non-Profit Accounting, Non-Profit Taxes
For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited partnerships and on certain other business entities. No...
by Tiffany Mellow | Nov 6, 2019 | Bookkeeping
Business owners record the cost of their physical assets on their books for a variety of reasons. The cost is important for income tax reasons since it is depreciated or deducted over a period of years. In Maryland, the assets of a business, and their costs or values,...
by Tiffany Mellow | Sep 22, 2017 | Bookkeeping, Business Taxes
Technology can be helpful when it comes to bookkeeping! There are many new gadgets and applications on the market that assist with tracking business expenses. While these “apps” eliminate paper, they do not eliminate the need to provide your tax preparer with the...
by Tiffany Mellow | Feb 27, 2017 | Bookkeeping, Business Accounting, Your Questions Answered - Business Accounting
QUESTION: Dear Taxman – I am starting a small business. What software should I use to keep track of my business transactions? ANSWER: Dear Reader – If you are only selling one product or service, Excel is good for tracking incoming and outgoing money in a...
