When the Tax Cuts and Jobs Act tax plan was passed by the Trump Administration in December of 2017, it increased the standard deduction people could claim on their taxes to just about double of what it was the previous years. What does this mean? In a nut shell it means that the standard deductions that all tax payers are entitled to has increased • Standard deduction (previously): About $13,000…
One thing that I am asked with frequency is “why do we need to have an outside accountant review our books on a regular basis when we have a bookkeeper. While the answer to this question varies from organization to organization the main reason is to be sure that the accounting records are in order and transactions are recorded properly. Another reason is for an extra set of eyes. A…
I have seen it countless times, a group of people get together and decide to start a church. They find a pastor, a secretary and someone to act as the treasure. Get a building, and start having church services. (more…)
The answer to this is complicated. Many organizations have a bookkeeper, when what they need is an accountant. While many think they are one in the same, and yes there are similarities there are also big, and important differences. The terms “bookkeeper” and “accountant” can be interchanged to a degree, so I’m going to focus on the literal job roles. Many bookkeepers get their start acting as a data-entry clerk…