Accountant Log
The Journal
Is Accounting a Social Science?
The question of whether accounting a social science is one that has long puzzled academics. This discipline has evolved to become a field with a variety of principles, assessment bases, and practices, which have become highly sophisticated. Moreover, it has a profound effect on a vast population group. Therefore, it is not surprising that the […]
The Role of Accounting in Business
The role of accounting in a business is crucial. Financial statements provide information about the performance of a company. It helps managers and investors make decisions about the company’s value, and they can use this information to anticipate future booms and busts. External users of accounting include employees, competitors, creditors, labor unions, and investors. Listed […]
Is Accounting Hard to Study?
Many students ask themselves, “Is accounting Hard to study?” It is similar to asking the same question in foreign language or math classes, as it is a new subject to you. Initially, it may seem fairly straightforward, but once you start digging into the numbers, you will realize that there is a lot to remember. […]
Hedging Accounting Issues
Hedging accounting issues have been the subject of a number of recent Financial Accounting Standards Board (FASB) and International Accounting Standard Board (IASB) pronouncements. The objective of this section is to provide definitions and guidance on some of the more significant hedge accounting issues that arise with respect to derivatives and hedging activities. A derivative […]
Figure Out How to Pay Bigger Chunks of Taxes at Once
I got a big chunk of money and I need to pay a big chunk of taxes. What are my options? 1: wait until next year, get another big chunk and pay the next big chunk at once. 2: do a series of smaller transactions over several months or years. 3: some other way? There […]
Hire a Professional to Do Your Books for You. It Will Save You Time, Money, and Stress
If you’re like most people, you don’t know what to do with all the money that’s coming into and going out of your business. You probably spend a lot of time staring at Quickbooks or whatever other bookkeeping software you use. You probably have a spreadsheet or a set of files you use for tracking […]
Tax Saving Ideas
There are many tax saving ideas and many ways to save taxes. The simplest and the most effective way of saving taxes is: claiming home expenses. As per the income tax act you can claim 60% of your home expenses in section A. This can be done in form 16 when you file your returns. […]
Do You Really Need to Pay Tax?
You can avoid paying tax legally. But you still have to pay it. When I started my first business, a chain of toy stores, I was the sole owner. When I sold it, I paid capital gains tax on the money I made. The buyer offered me a choice: I could sell the company for […]
How an Accountant Can Save You Thousands in Taxes
Accountants are the people who do the books for almost every business in America, including yours. And they have a lot of power. Accountants have power because they have secrets. They know how to legally reduce your tax bill with so many tricks that it is hard for anyone else to compete. And they are […]
Don’t Let Your Personal Finances Get Tangled Up in Your Business’ Finances
As a business owner, you will spend a lot of time dealing with financial matters. The way you handle them can make a big difference in how successfully your business succeeds. The first step is to separate your personal finances from those of your business. You may be tempted to use the money for your […]
A Chartered Accountant, All You Need to Know
A chartered accountant is a kind of accountant who is a member of a professional body. Chartered accountants use a different kind of language from most other accountants. If you are about to interview a chartered accountant, you should know what to expect. Chartered accountants (from the Institute of Chartered Accountants in England and Wales) […]
Use These Services to File Your Taxes, Even If You’re on a Small Income
If your taxes are simple or you have a commercial tax-filing service, then you can file using the instructions in the back of the 1040 instruction booklet. If your taxes are more complicated, you may need to pay a tax preparer or use a special product. The IRS offers a list of free products and […]