BKE In The Community: Supporting Special Love
BKE team members at the Pat Collins Memorial Camp Fantastic Open golf tournament in October. This past October, a few BookKeeping Express (BKE) team members participated in the Pat Collins Memorial Camp Fantastic Open golf tournament. The event was hosted at 1757 Golf Club and put on by the non-profit Special Love. Special Love is […]
The Tax Implications Of Giving Gifts To Clients
Giving gifts is a great way to show your appreciation for special clients during the holidays. However, when it comes to giving business gifts, things can get complicated beyond figuring out what to buy someone. Business gifts are a tax-deductible expense but special rules do apply. The IRS states, “You can deduct no more than […]
Why You Should Clean-up Your Books At The End Of The Year
As the end of the year nears, every business must attend to their 2015 books one last time. Transactions need to be recorded, accounts must be reconciled and outstanding bills have to be settled once and for all. A clean set of books gives you an overview of how your business performed over the past […]
It’s Time For Large Employers To File New ACA Forms
2016 marks the first year that large employers will have to report on health coverage offered to their staff under the Employer Shared Responsibility provision of the Affordable Care Act (ACA). You are considered a large employer if you employed at least 50 full-time staff members during 2015, including full-time equivalent employees (FTEs). The ACA’s […]
How To Keep Employees Motivated During The Holidays
The holiday season is now upon us and so too is the busy season for many businesses. If you’re a business owner, there’s a good chance you’re gearing up for a couple long, hectic months. However, it’s good to keep in the mind that your employees likely have a lot going on outside of work […]
What Does it Mean to “Reconcile Revenue”?
As a business owner, you have a lot to juggle. And it’s likely you are constantly keeping an eye on your bank account to see how much money you have available. But how do you know if you’ve received all the funds from each day’s sales? Did the merchant processor transfer the payments that were […]
It Is Your Business, How Should You Pay Yourself?
If you ask a tax advisor this question, you will probably get their favorite answer: “It depends.” They’ll tell you this because the structure of your business entity determines how income is reported for income tax, social security, and self-employment tax purposes. Entities formed as sole proprietor LLCs take distributions from their business as cash […]
Should You Replace Fully Depreciated Equipment?
In simple terms, depreciation is recognizing the cost of an asset over a specified period of time. Depreciation begins when the business places an asset in service. The asset ceases to be depreciable when the business has fully recovered its cost or when the taxpayer retires it from service, whichever happens first. Once a business […]
Why Your Inventory Count Is So Important
Counting your inventory correctly is critical because it’s used to calculate one of the most important financial indicators for some types of business – Cost of Goods Sold (COGS). Specifically, the calculation of COGS is beginning inventory (what you already had) plus purchases during the period (what you bought new and added to the beginning […]
How to Depreciate Assets
Depreciation is the recognition of an asset’s cost over a longer period of time (i.e. years vs. absorbing a major expense all at once). Depreciation begins when a business places an asset in service, and ends when the business has fully recovered the asset’s cost — OR when the taxpayer retires it from service, whichever […]