Here we are, MoneyThumb blog readers, at the end of another month. In this post we would first like to wish you all a safe and fun Memorial Day weekend, and also list what we feel are the best accounting-related blog posts for May 2017. If you know of another great blog post you feel we should include in our lists, by all means leave a comment and we will consider it. Also, please share this post on your social media page so all of your fellow accountants, bookkeepers, and small business owners can take advantage of the information. The selections we have made for May 2017 best accounting-related blog posts are from sites we haven't previously covered. We love finding new sources of information for our readers. So without further ado, read, learn and share!:
Web Roundup: Best Accounting-Related Blog Posts for May 2017
5 First Year Tax Deductions for Your Startup--This great post from Tim Murphy at Tax Buzz will help you if you are in your first year as a startup business. Here is the first portion of the article:
"If you are planning a new business start-up and are incurring some expenses, you probably anticipate deducting those expenses in the first year of the business’s operation. Unfortunately it is a little more complicated than that.
Expenses a business incurs in the beginning can include equipment purchases, vehicle purchases and use, leasehold improvements, organizational costs and start-up expenses, and each receives a different tax treatment.
1. Equipment – The equipment you buy can’t be deducted until it is placed in service. For that reason, you can’t make any equipment deductions until the business is actually functioning. However, deductions for most equipment purchases are very liberal. For most small businesses, this means the entire cost of equipment and office furnishings can generally be written off in the year of purchase, if that is also the year when the equipment is put into service, using the Sec 179 expensing election. However, the deductible amount is limited to taxable income from all the taxpayer’s active trades or businesses (including a spouse’s active trades or businesses if married and filing jointly). Income from trades also includes W-2 income."
For those of you who use QuickBooks, Stacy K has this helpful post, Attach Bank and Credit Card Statements in QuickBooks online. Below is the first section of the article:
"A recent conversation in my Facebook group was all about how to attach bank and credit card statements in QuickBooks Online. I thought it would be a great to show the two methods of doing this.
Using zero dollar transactions to attach bank and credit card statements in QuickBooks Online
The first way to attach bank and credit card statements in QuickBooks Online is a bit more “old school” method, and my preferred way of doing this, because you can create custom reports that make it easy for users to find statements for any account in one place.
Similar to my method of attaching sales tax & payment tax returns and payment confirmations, this method also uses the zero dollar transaction."
Professor Annette Nellen, a tax professor and Director of the MS Taxation Program at San Jose State University, who also serves on the AICPA Tax Executive Committee (chair) and Tax Reform Task Force, has a very informative blog called 21st Century Taxation. This post, Tax Principles for the Digital Age, includes 10 criteria created by a task force Professor Nellen worked that set of ten principle of good tax policy.
Our last selection for best blog posts for May 2017 is not only for accountants, bookkeepers, and CPAs, but for anyone who is trying to be a better communicator. Inc.com's article, 8 Conversational Habits of Smart Communicators (It's Not What You Think.), is a truly awesome read for us all.
That's our list for May 2017. And again, have a Happy Memorial Day Weekend!
Leave a reply