Reversing Entries: A Tutorial of All You Need to Know
Their main purpose is to simplify the bookkeeping process and avoid double counting of transactions in consecutive periods. Reversing entries act as counteractions to specific prior-period adjustments in the bookkeeping process. Initiated at the beginning of a new accounting period, these entries neutralize items like accrued expenses or revenues, ensuring no double recording. For example, […]
How to Catch Up on Bookkeeping for Your Therapy Practice
The other accounting terms you are probably most aware of are “income and expenses”. Profit, of course, is when your income is greater than your expenses. “Gross income” is all the money you take in during a period of time. When you set up your practice, everything of value that is part of that business […]
Enrolled Agent Hourly Pay in 2023
With his help, countless students and professionals have passed certification exams and achieved their dreams. Whether you’re seeking career advancement or educational success, Bryce Welker is the ultimate guide to help you get there. Unlike the CPA exam, which requires you to have completed certain educational prerequisites, there are no educational requirements to sit for […]
140,000 people did their taxes with the free IRS direct file pilot But program’s future is unclear
They would pass both prongs of the test and would need to file a separate return. Now, say that a teen had $200 in investment income and $600 in earned income. In that case, they wouldn’t need to file a return since their total income of $800 ($600 in can you file taxes at 18 […]