The income limit applies to those who start collecting Social Security before their Full Retirement Age (FRA) and continue to work. In this post, we will explain in detail the earnings limit for 2022 and the maximum amount you can earn while collecting Social Security. Each year the Social Security Administration operating expenses: definition and…
In this case, Company A paid out dividends worth $10,000, so we’ll subtract this amount from the total of Beginning Period Retained Earnings and Net Profit. Retained earnings can typically be found on a company’s balance sheet in the shareholders’ equity section. Retained earnings are calculated through taking the beginning-period retained earnings, adding to the…
The business/finance term “Impaired Asset” is crucial as it refers to an asset that has lost a significant portion of its value or potential to generate income, which directly impacts a company’s financial health. Performing impairment tests on assets ensures accurate financial reporting, resulting in an objective valuation of the asset and a true representation…
The intuitive layout ensures users can access the necessary tools quickly, saving time and reducing frustration. QuickBooks offers a robust set of tools that far outweigh Wave’s capabilities—but that could be a drawback for small, simple businesses. The platform offers enough features and add-ons to grow with your business, but it may be more complex…
The formula for the simple payback period and discounted variation are virtually identical. GoCardless helps businesses automate collection of both regular and one-off payments, while saving time and reducing costs. For the most thorough, balanced look into a project’s risk vs. reward, investors should combine a variety of these models. In this guide, we’ll be…
First and foremost, it is important to understand what the Delaware Franchise Tax is and how it is calculated. The Franchise Tax is a fee that all corporations incorporated in Delaware must pay annually to maintain their status as a Delaware corporation. The amount of the tax owed is based on the company’s authorized shares,…
Reconciliation can help you monitor your cashflow so you have enough to cover your business needs. Let’s say you’ve been drooling over the latest model widget polisher for your business. The local dealer offers you a special price, and you can get this deluxe $12,000 machine for just $8,000 today. According to your online bank…
You would only pay a fraction of this cost if you used outsourced accounting services. If your goal is to grow your small business quickly, save money, and increase efficiency, our outsourced accounting solutions are perfect for you. The best online bookkeeping services depend on the exact needs of your business. For example, if you…
After you’ve registered as a nonprofit with your state, the next step is to apply for tax-exempt status under Section 501. While tax-exempt status might be determined by the IRS and federal law, nonprofit status is determined by state law. Because of this, the IRS requires that you obtain nonprofit status nonprofit bookkeeping services from…
In large businesses, where transactions of various categories occur hundreds or thousands of times each month, it is inconvenient to record them in the general journal. There are multiple changes throughout the document that are too numerous to document. Google’s previous version of the Special Announcement structured data documentation as of December 2023 had 38…