Recent Posts by EVELYN IVY

Travel away from home for business purposes is generally deductible. However, travel for personal reasons is never deductible. Including personal enjoyment in business trips is not unheard of but just because you had some fun does not mean you should skip out on tax savings. To be deductible as a vacation expense, the following rules apply: Travel expenses must be ordinary and necessary in the taxpayers line of business If

QuickBooks online is one of many software available to help you organize your business data. The software has come a long way since its first release date. This article shows a short video of how to navigate QuickBooks online. Supported Web Browsers QuickBooks online is a cloud bases software which means it is accessed on the internet rather than a computer. Currently, QuickBooks Online will work with the following web

As a self-employed individual you should try to collect due payments as soon as possible. Waiting too late to collect a debt, increases the chance of not being able to collect on it. It also disrupts your cash flow which can be used in other areas of your business. Ways to collect from customers quickly Have a collection policy You should have a collection policy included in your client agreement.

As the year quickly comes to a close, it is important to consider if you have taken the necessary steps to minimize your taxes. One of the questions that tax conscious people ask is, "Should I delay income as part of my yearend tax plan?" Here are some factors to consider: Analyze your financial position for 2014 and 2015 If you are a cash basis tax payer, you can choose to delay

One of the questions a business owner will need to answer is if to keep his/her books using cash or accrual accounting. Before I talk about cash and accrual accounting you should understand the difference between accounting events and accounting transactions. Accounting events An event is a transaction that changes a business financial statement. An event causes a change in either the assets, liabilities or equity section of the