When you are self-employed, many of the expenses you pay for materials, supplies, marketing, office expenses, insurance, and travel can be deducted when you file your income taxes. Certain utilities and expenses for operating a business from your home may also qualify. While you may...
دسته: Bookkeeping
Assets that Can and Cannot Be Depreciated
The purchase price minus accumulated depreciation is your book value of the asset. Since it’s used to reduce the value of the asset, accumulated depreciation is a credit. Instead of recording an asset’s entire expense when it’s first bought, depreciation distributes the expense over multiple...
The Difference Between Bookkeepers and Accountants: Key Distinctions Explained
The choice between hiring a full charge bookkeeper or an accountant ultimately depends on the specific needs of a business. Smaller businesses with relatively straightforward financial transactions might find a full charge bookkeeper sufficient to manage their financial records. At the same time, larger businesses,...
Ledger Accounts Definition, Format, Types, & Advantages
In the standard format of a ledger account, the balance is not stated after each transaction. The standard form of a ledger account does not show the balance after each entry. Before explaining what ledger accounts, it’s worth briefly introducing the ledger. The following are...
Tax & Accounting for Independent Contractors AirBnb Accounting
An Airbnb accountant can help you understand and comply with tax obligations, including self-employment tax and income taxes. Without professional help, you might miss essential tax deadlines or deductions, costing you more in the long run. If you have multiple listings with check-ins on the...