If your spouse is a nonresident alien, you can treat your spouse as a resident alien for tax purposes. If you choose this option, you can file a joint tax return with your spouse and have an increased Standard Deduction. You increase your Standard Deduction, but all your spouse’s worldwide income will be taxed by […]

Further, you would not likely have any penalty or interest for late filing since these are a percentage of the amount due. However, you won’t get that money back until you file, and some tax elections must be made by the original due date, even if you are getting a refund. Beginning in 2018, dependent […]

One of the best practices for year-end closing is to start preparing early. This means organizing and reviewing all financial documents well in advance and addressing any discrepancies as they arise. Early preparation helps in reducing the workload at the end of the year and minimizes the risk of errors in financial reporting. It’s also […]

Credit transactions allow businesses to engage in transactions without immediate cash payments, enabling continuous business activities and fostering financial interactions among entities. For corporations, stock transactions involve the issuance or repurchase of company shares. Net worth, referred to as equity in the accounting equation, is essentially net assets or what would be left over after […]

Many can also be integrated to work together, creating even more automation that saves you time and money. An online graduate certificate in accounting can help you develop the virtual accounting skills needed to transition into this niche role. Forbes Advisor analyzed 13 online bookkeeping services and considered 15 metrics such as price, features, customer service, ease […]

Keeping a close eye on accounts receivable helps you ensure timely payments from customers, which is vital for maintaining a healthy cash flow. Accounts payable is the money your business owes to suppliers or vendors. When you purchase goods or services on credit, those amounts go into accounts payable until you settle the debt. Managing […]

Here’s an example of how liabilities and expenses might impact a small business, such as a boutique clothing retailer. If the business owner purchases inventory and pays for it complete guide to hotel accounting immediately, that’s an expense. The money is spent to operate the business now, and the cost will appear on the income […]

In Singapore, it is imperative for companies to prepare and process employees’ salaries on time and accurately to avoid facing heavy penalties. Therefore, having a reliable payroll system and a competent professional to assist you will ensure that you stay compliant with local regulations. In addition, Singapore companies must carry out and adhere to local […]

The software is priced at $299 per month for 1 user, with additional users incurring a cost of $30 per user per month. For a business with 10 users, the monthly cost would be $599, and for 100 users, the price would be $2,999 per month. Enterprises requiring 1,000 users can expect to pay $29,999 […]

Together, these two systems give a construction company a holistic view of its finances. Job costing helps maintain organization in the construction accounting process since the accounts related to individual projects are kept separate from the centralized accounts. Construction accounting also includes the management of accounts receivable and accounts payable, cash flow, and the reporting […]