9 Ways to Kick Off the New Year With a Bang
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Accounting 101: What is the Matching Principle?
A fundamental concept of basic accounting. In any one given accounting period, you should try to match the revenue you are reporting with the expenses it took to generate that revenue in the same time period, or over the periods in which you will be receiving benefits from that expenditure. A simple example is depreciation expense. If you buy a building that will last for many years, you don’t write off the cost of that building all at once. Instead, you take depreciation deductions over the building’s estimated useful life. Thus, you’ve “matched” the expense, or cost, of the building with the benefits it produces, over the course of the years it will be in service.
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Once you replace negative thoughts with positive ones, you’ll start having positive results. Willie Nelson
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In Notice 2017-6, the IRS announced a one-year extension of the waiver of the eligibility rule set out in Section 5.01(1)(f) of Rev. Proc. 2015-13 for making certain automatic changes in accounting methods under the tangible property (T.D. 9636) and depreciation and disposition regulations (T.D. 9689). The waiver now applies to any tax year beginning before Jan. 1, 2017. – See more at:
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PATH Act, some tax provisions expire at end of 2016
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10 Tax Tips to Close Out 2016
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Find out the new procedures for getting an Individual Taxpayer Identification Number (ITIN).
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Character consists of what you do on the third and fourth tries. -James Michener
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Character consists of what you do on the third and fourth tries. -James Michener
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What Do They Mean By Income Tax Basis
(1) For tax purposes, the concept of basis determines the proper amount of gain to report when an ASSET is sold. Basis is generally the cost paid for an asset plus the amounts paid to improve the asset less deductions taken against the asset, such as DEPRECIATION and AMORTIZATION. (2) For accounting purposes, a consistent basis of accounting that uses income tax accounting rules while GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) does not.
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The optional standard mileage rates for business use of a vehicle will drop slightly in 2017, the second consecutive annual decline, the IRS announced Thursday (Notice 2017-79). For business use of a car, van, pickup truck, or panel truck, the rate for 2017 will be 53.5 cents per mile, down from 54 cents per mile in 2016. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
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With Tax Season near, Scammers are gearing up!
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The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 23, 2017, and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds. The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed in 2017. The IRS again expects more than four out of five tax returns will be prepared electronically using tax return preparation software. Click to read more: http://ift.tt/2hec6pY
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Have a great weekend!
The secret of getting ahead is getting started. Mark Twain
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House Blocks Conservative Move to Force IRS Impeachment Vote. Click to learn more:
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Year End Tax Planning for Capital Gains and Losses
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Quick Tip: Why Setup an LLC? The LLC has the most advantages when compared to a sole proprietorship or partnership. However, not all businesses are at a stage when an LLC makes good business sense. Compared to corporations. LLCs are similar to corporations in that they offer limited liability protection to its owners.
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New year, new president, new changes, new challenges and new opportunities: 2017 promises to be an interesting 12 months. To help you start getting a handle on what it might mean for your practice, your firm and the accounting profession as a whole, we’ve turned to two different groups: a panel of experts in the field, and a large group of accountants themselves.
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The best thing to give to your enemy is forgiveness; to an opponent, tolerance; to a friend, your heart; to your child, a good example; to a father, deference; to your mother, conduct that will make her proud of you; to yourself, respect; to all men, charity. -Benjamin Franklin
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What Do They Mean By A Value-Added Tax (VAT)?
A Consumption TAX levied on the VALUE added to a product at each stage of its manufacturing cycle as well as at the time of purchase by the ultimate consumer.
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Year-end tax planning is a multifaceted endeavor, and now that we’ve dealt with several financial transactions you can do now that will result in a lower tax bill on your 2016 return, it’s time to review more such moves. These are primarily for homeowners, the self-employed and investors.
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Tax Return Errors-Tips To Avoid Them!
Check out the below video from the IRS.
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IRS Revamps Fast Track Mediation for Tax Debts
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We know what we are, but know not what we may be. William Shakespeare
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Happy Thanksgiving
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4 Year-End Tax Tips for 2016
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Tax Preparedness Series: How to Avoid a Refund Delay; Plan Ahead
As tax filing season approaches, the Internal Revenue Service is reminding taxpayers about steps they can take now to ensure smooth processing of their 2016 tax return and avoid a delay in getting their tax refund next year. Click to learn more: http://ift.tt/2geuazW
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FASB Proposes Changes in Accounting for Stock Compensation
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The invariable mark of wisdom is to see the miraculous in the common. -Ralph Waldo Emerson
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Identity theft safeguards to expand for 2017
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