Trailsa

Category: Bookkeeping

  • Tax Refund Anticipation Loan RAL: What it Means, How it Works

    Conversely, the down side of such loans are that they carry relatively high interest rates. Individuals, businesses, estates, trusts, and taxpayers age 65 or older all have their own tax returns for reporting this income and claiming deductions and credits. Generally tax refund definition speaking, the average taxpayer files their return via Form 1040. With […]

  • How do I get an Individual Taxpayer Identification Number ITIN?

    2) Supporting Documentation – based on the reason why you’re applying for an ITIN, I will instruct you further on how to obtain this after you sign up and I review your file. You can ONLY find your ITIN number on your official IRS ITIN Card/Letter that was issued to you from the IRS when […]

  • Corporation Calculator: S-Corp Savings

    The compensation is subject to payroll taxes and can distribute the remaining income as dividends. Using the calculator, you can assess the potential tax savings of a Single Member LLC owner electing S Corp treatment, as it allows for reduced self-employment taxes. However, it’s important to meet the requirements of maintaining payroll records, paying a […]

  • 4 1 The Essential Role of Transaction Analysis Financial Accounting

    According to the Chart of Accounts, the name of our Revenue account is Fees Earned. Our revenue is increasing so we will put $18,300 in our Fees Earned column. Once students grasp that concept of how transactions impact the Accounting Equation, we introduce T-Accounts so students can see what happens in the individual accounts in […]

  • How to Account for a Lease Termination including Partial Lease Terminations under ASC 842

    To account for the partial termination of their headquarters lease XYZ Shipping first calculated the net change in their lease liability. Based on the revised information in the amended lease and using their new incremental borrowing rate of 3.75%, Shipping XYZ calculated their new lease liability to be $4,310,323.30 (decrease of $1,891,339.79). Let’s assume XYZ […]

  • AI In Accounting And Bookkeeping: Braving The New Digital Frontier

    This plan is designed for larger businesses with more complex financial needs and includes all the features of the Growth Plan, plus additional services like dedicated account management and custom financial reporting. Blue dot‘s patented technology offers a comprehensive 360° view of all employee-driven transactions, ensuring tax compliance and reducing tax vulnerabilities for consumer-style spending […]