So you have a piece of paper in your hand. It says 1099-Misc and you don’t know what to do with it. Well, if you are the receiver of such a document, that means you have performed a service for some entity and you have been paid. It is important for you as the receiver to check and make sure the amount is correct. Why? Because that amount is being told to the IRS and they will expect to see
So, you have a business and would like a way to keep track of the transactions that comprise your business. In fact, you need to. One way or the other you need a method to determine income and expenses, but who has time for that when there is a business to run? If you own a business, you probably noticed there is more to running your business than simply running a business. Aside from the nuts and bolts of rules
Bookkeeping is simply the keeping of books. Business books. Instead of words and phrases such as one might find in a best-selling novel, the language of accounting is built upon debits and credits. Do you need to know this? Maybe, maybe not. There are accounting systems that are available to consumers that do not require any knowledge of accounting. QuickBooks is one such suite of accounting software that comes in a variety of flavors depending upon the need of the user.
Don’t count your chickens before they hatch – unless you do accrual accounting, so the saying goes. Wait, what, you say you haven’t heard that one? Well, I don’t know exactly where that saying comes from, but I can say it has a lot to do with the big question here… just what is accrual accounting? Accrual accounting is simply a method to match revenue and expenses to the time in which they are earned or spent via a logical and structured