Life insurance is a common device for estate planning, as it allows you to switch assets rapidly and simply upon death. It’s essential to understand how your life insurance coverage protection can be utilized to help pay your estate taxes, and the way life insurance can improve the dimensions of your estate. Following are some […]
As part of FICA, Medicare taxes are collected on tip earnings, just as they’re on common wages. Both employees and employers must guarantee these earnings are appropriately reported and that the appropriate FICA tax is paid. If you’ve questions about how ideas affect your contributions to Medicare or need help figuring out your eligibility for […]
This might help them establish delinquent accounts and take appropriate motion to collect the outstanding balances. Each AR and AP are vital for cash flow, however they represent opposite sides of your financial picture. Although lenders and buyers consider both of these metrics when assessing the financial health of your small business, they’re not the […]
Therefore, it’s necessary to seek skilled monetary advice when coping with completely different monetary eventualities, tax implications, and funding strategies. The future value is just the anticipated future value of an funding made right now. The future worth method assumes the funding will grow at some fee over a particular time interval. The low cost […]
FSLA sets rules for truthful pay, together with a federal minimal wage of $7.25 per hour and additional time pay at 1.5x for hours over 40 per week. Employers must also hold accurate records of hours and wages. If you have any new hires, you’re required to report them to your state’s new hire reporting […]
These are checks issued by the company but have not but been presented to the financial institution for cost. As a result, the financial institution statement may not mirror the deduction of those outstanding checks, resulting in a discrepancy between the corporate’s information and the financial institution statement. Failing to contemplate excellent checks can create […]
As mentioned earlier, cannabis companies are topic to a unique set of tax guidelines beneath Section 280E of the Internal Revenue Code. This section prohibits companies that deal in controlled substances from deducting many frequent bills, corresponding to rent, utilities, and payroll. Too many cannabis companies lack access to the competent accounting expertise, tax planning, […]
MHC NorthStar supports maximum flexibility in incorporating your healthcare AP process with your existing ERP, speeding up the go-live process and allowing you to get right to work optimizing your process workflows. MHC NorthStar offers built-in projects available as a starting point for your workflow. Start with a basic workflow and then customize that workflow […]
The accounting equation works by ensuring that every financial transaction affects at least two accounts, keeping assets equal to the sum of liabilities and equity. If you’re taking on this responsibility yourself, it’s essential to understand the key accounting formulas. These formulas help you maintain accurate records, evaluate your business’s financial health, and make informed […]