Archive for July, 2009
Ten Most Common Bookkeeping Mistakes by Small Businesses
Stay on top your bookkeeping and you'll stay on top your business.
Whether you’re a one-person operation or a Fortune 500 company, bookkeeping is a significant part of your business.
It may not one of the more glamorous jobs, but bookkeeping is part and parcel of a company’s success. Mistakes and inefficiencies can cost a company both time and money.
Outlined below are 10 of the most common mistakes made by small businesses.
Qualifying for the New Sales Tax Deduction for Automobiles
A new deduction for qualifying motor vehicles taxes.
The recently enacted American Recovery and Reinvestment Tax Act of 2009 (P.L. 111-5) provides a new deduction for qualifying motor vehicles taxes.
1. Who can claim the deduction for motor vehicle taxes?
The Recovery Act makes the deduction available to purchasers of “qualified motor vehicles” after February 18, 2009, and before January 1, 2010 [IRC Sec. 164(a)(6) and Sec. 164(b)(6)(G)]. A qualified motor vehicle is a new passenger vehicle, light truck, or motorcycle that has a gross vehicle weight rating of 8,500 pounds or less, or a motor home of any gross vehicle weight [IRC Sec. 164(b)(6)(D)(i)].
Four Absolute Basics of Small Business Bookkeeping
These Four Things are Critical to Running Your Business.
Many small business owners treat bookkeeping as as task they hire an accountant to do just before the final tax deadline.
In actuality, keeping up-to-date books is essential to helping small business owners run their operations more efficiently and cost-effectively.
Whether you do your own books or use a professional service, these four (4) simple tips can help keep you on track.
