Ever since it made its presence known in the U.S., the novel coronavirus (COVID-19) pandemic has disrupted life as we know it. Due to the outbreak, several industries have ground to a halt, while others are barely hanging on by a thread. One of the segments hit the hardest by the pandemic is
Accumulated Depreciation vs Depreciation Expense
Accumulated depreciation is the sum of all depreciation expenses on a company’s assets (sum of the value that assets lose since they start operation). On the other hand, depreciation expense is the degree (in value) to which a machinery, equipment, or tool depreciates over the period of time (say a
How Is Accounting Changing Due To Coronavirus?
The coronavirus pandemic has hit brick and mortar businesses hard. Millions of people have lost their incomes and companies. Meanwhile, the accounting industry is busier than ever with rapidly changing incomes and an extended tax date, however accountants are making major changes to the ways that
What Do I Do If My Stimulus Check Hasn’t Arrived?
Given the current pandemic and the millions furloughed or let go by their employers, unemployment in the US has risen to record highs. Since 1948, unemployment averaged 5.74%, by comparison in April 2020, unemployment reached an all time high of 14.7%. As a result, the CARES Act, passed by the
What is a Schedule C Form?
So you're finally going to take that big leap and jump into the business ring. Beginning a solo business venture requires a lot of planning, especially when you consider the self-employed (or other entity selection) taxes. If you start your business this year, you will want to get ahead of the
7 Factors To Consider When Outsourcing An Accounting Firm
With the fiscal year coming to a close, more enterprises are demanding audit and accounting services from cpa firms. As a small business franchise, one may be tasked with outsourcing these services. So what should be your checklist when choosing a firm that will suit your needs? Here is a guideline
5 Apps That Can Help With Your Taxes Year Round (Updated 2020)
One of the areas of taxes people struggle with most is paperwork. While jobs and mortgage statements are delivered at the start of the year. Where you can save money is all the paperwork you collect over the years. Medical expenses, purchases for work, taking night classes, making a donation, etc.
Should I File A Schedule C Form?
If you are self-employed, typically you need to file a Schedule C form. This form is required to report the income or loss of your business. Additionally, if you're a sole proprietor, independent contractor (a statutory employee), or receive 1099-MISC income, you'll need to file a Schedule C