Category: Bookkeeping

Oregon taxes income from retirement accounts like a 401(k) or an IRA, though, at the full state income tax rates. The state has no sales tax, along with property taxes that are slightly below average. The personal income tax is the largest source of state tax revenue, expected to account for 82% of the state’s… Continue reading Oregon Tax Tables 2020 Tax Rates and Thresholds in Oregon

Click here to download a template for comparable company analysis, based on the example below for Steel Dynamics. In the example used above, cash is going to leave the business when the rent is paid, so the cash account should decrease. The amount of rent paid is going to increase, so the rent expense account… Continue reading Precedent Transactions Analysis Examples, Templates

As mobile technology advances and people become more reliant on their phones, new tools and payroll apps are popping up to optimize the payroll process for increased efficiency. But what about when you’re at the mercy of English as it’s wielded by others? For, as anyone who pays attention to our work surely recognizes, we… Continue reading Semi-Monthly vs Bi-weekly Pay: Complete Guide

Bookkeepers handle many types of financial data that need absolute precision. Even minor errors in recording transactions can result in poor decision-making and potential legal issues. A skilled bookkeeper ensures financial transparency and accountability, vital to the organization’s fiscal health. Whether you spend one dollar on paper clips or $1,000 on a venue for a… Continue reading Nonprofit Bookkeeper vs Accountant: Whats the Difference?

The different types play various roles in the general financial structure of any business. This means understanding the types of current assets helps businesses in the overall management of finances to be better prepared for whatever happens, ensuring smooth operation of operations. Monitoring and managing current assets is crucial for maintaining sufficient liquidity, meeting short-term… Continue reading Is Cash an Asset? A Comprehensive Guide to Understanding Cash and Its Role in Financial Statements

Tax-exempt organizations must file certain documents to maintain their status, as explained in IRS Publication 557. Groups that might fit the designated categories must still apply for classification as 501(c) organizations and meet all of the stipulations required by the IRS. Tax exemption is not automatic, regardless of the nature of the organization. Under subsection… Continue reading Nonprofit Organization NPO: Definition, Funding, vs Not-for-Profit