Some real estate agents wait until it’s time to get their annual taxes filed, and then they scurry about trying to assemble a year’s worth of receipts, bills, and check stubs into some form of business financial records. Others plan ahead for tax day, by maintaining accurate, up-to-date financial records. Getting into business is easy…
New Rates for 2023 Released The Internal Revenue Service Service has announced the new 2023 mileage rates. The optional 2023 standard mileage rate for business, medical, and other uses of an automobile is 65.5 cents per mile. This is a 3-cent increase from the 62.5-cent rate that was set during the second half of 2022….
Using a QuickBooks Online feature called recurring sales receipts, landlords can easily set up and automate rent collection via credit cards or ACH. Once it is set up in QuickBooks Online, each month the tenant is automatically charged the rent payment. The tenant receives an email message and receipt for the rent payment. And the…
When setting up QuickBooks Online, in the Chart of Accounts, it is important to set up a special account to handle your Tenant’s Security Deposits. You can name the account anything (I recommend using Tenant Security Deposits. The type of account is: other current liability. This is important. The reason a tenant’s security deposit is…
It is easy to make a real mess in QuickBooks Online. To do so, import a new Chart of Accounts in an EXISTiNG company. You might expert QuickBooks Online to quickly and accurately merge the old chart of accounts into the new one. But it does not. The old accounts remain. There is no magic…
A former bookkeeper of a real estate company has pleaded guilty to embezzling $286,000. According to Fox10 News, Kelley Ann Kann entered a guilty plea to wire fraud in federal court. The Spanish Fort, Alabama woman had worked for The Weavil Company as an office administrator and bookkeeper. Kahn admitted that in July 2018, she…
I am pleased to announce that I have become a part of the QuickBooks ProAdvisor Program Gold. I have just added the badge to the home page of this website. It is also included in the footer area. As an independent Certified QuickBooks ProAdvisor (ADVANCED), it is also great to be a part o the…
Here Comes the 1099-K The payments from online platforms such as Venmo, PayPal, Etsy, Uber and Facebook Marketplace are going to be reported to the IRS via a 1099-K. This change, brought on by a change in The American Rescue Plan Act of 2021, lowered the reporting threshold to $600. Business transactions of all kinds…
QuickBooks Online Can Handle Serialized Inventory If you need to keep track of the serial numbers of items in your inventory, QuickBooks Online can do that for you. Even though you may have been told you can’t do that in QuickBooks. Well, there is a solution. It is QuickBooks Online Advance and an App integration….
I have been talking to my clients (and prospective clients) about using QuickBooks Bank. My advice is to consider what is being offered: The QuickBooks bank is offered through Quickbooks but is operated by Green Dot Bank. Full Disclaimer I do not work for Intuit or Quickbooks, nor do I work for Green Dot Bank….
It’s time to get ready to issue 1099s. It’s one of those chores that need to be on your To Do list in January. For my clients, I am making sure the W-9s are being updated this month. The Request for Taxpayer Identification Number and Certification should be used to get the information you need…
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