There are various scenarios where it makes more sense to use petty cash rather than reimbursing an employee through their paycheck. No matter how large the balance is, it is important for companies to set up a good internal control system that keeps track of all cash inflows and outflows from the petty cash account. For example, anyone who requires …
Continue ReadingTherefore, you must reduce the depreciable basis of the property by the special depreciation allowance before figuring your regular MACRS depreciation deduction. In January 2021, Paul Lamb, a calendar year taxpayer, bought and placed in service section 179 property costing $10,000. Paul elected a $5,000 section 179 deduction for the property and also elected not to claim a special depreciation …
Continue ReadingAn automated cash application solution makes adding new payment methods easier and processing large volumes of transactions practically effortless. Accounting is the process of keeping track of your business’s financial transactions. An accountant is a professional with a bachelor’s degree who provides financial advice, tax planning and bookkeeping services. They perform various business functions such as the preparation of financial …
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