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What is a tax home, and how does it impact travel …

Travel expenses will be deductible for a contractor. Employee reimbursements under an accountable plan will be tax-free. But, if the assignment is permanent or indefinite, then the person’s tax home is the new location, so travel

Actived: 8 days ago

URL: https://www.firmofthefuture.com/content/what-is-a-tax-home-and-how-does-it-impact-travel-expenses/

How to Give Great Service and Win More Business

(8 days ago) I travel pretty regularly, which makes me an ideal prospect for many airlines. I am loyal to Delta Airlines and have elevated status because of this loyalty, which means I generally receive a very satisfactory client experience beyond the basics, such as having every one of their flights take off and land on time.

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Craziest Places or Situations You've Ever Worked

(8 days ago) Craziest Places or Situations You’ve Ever Worked. Mindy King. July 3, 2017. We asked ProAdvisors® and accountants about the craziest places or situations they’ve ever worked … and the answers were great! “From the kitchen table while my husband was driving the RV from Massachusetts to Florida. We drive instead of fly so our chief

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Accounting Consultant: Help Clients Get a Grip on Expenses

(8 days ago) Are your clients aware of how much they’re spending on travel, business lunches, utilities, advertising or office supplies? With one credit or charge card account, the process of managing expenses is simplified. They’ll have a better sense of what’s being spent on a monthly basis and how they might be able to optimize spending going forward.

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Professional or casual gambler

(9 days ago) In addition to the gambling losses that all gamblers can deduct, professional gamblers can also deduct business-type expenses. This includes things like travel expenses and educational materials. They pay self-employment tax on any net winnings. But, in gambling, you win some, and you lose some. Prior to the 2017 tax reform, gamblers could

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How Accounting Firms Can Create Customer Loyalty

(9 days ago) During my days practicing public accounting, I recall obtaining a new customer who was the owner of a successful travel agency. Her husband passed away the prior year and she never had to deal with the tax and accounting aspects of her business.

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Find a ProAdvisor: How to Deal with Remote Inquiries

(2 days ago) You can leverage your QuickBooks ProAdvisor account to get local inquiries from your Find-a- ProAdvisor listing. One issue that I discovered was that these prospects were from many different industries. We would get requests from construction clients, nonprofit clients, real estate clients and so forth. It’s impossible for one person to be

Category:  Travel Tips Go Now

Surprising Ways to Save Time in QuickBooks Online and

(1 days ago) My admin helps with travel reservations, social media posts, lead follow up, editing slide decks and more. Anything that I can delegate to my VA, I do. My time is better spent doing things that grow my practice. Color-code your calendar. I have one color for my day-to-day stuff, and anything that requires travel

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How Your S Corporation Clients can use an Accountable Plan

(Just Now) Any excess reimbursements over actual expenses must be repaid promptly. If the S corporation provides an advance to the shareholder for travel expenses, any excess over actual expenses must be repaid within 120 days. Setting up an accountable plan is quite simple. Here’s a sample agreement you can adapt for your clients and have them sign

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5 Tips to Streamline Expense Reporting

(9 days ago) An inefficient and overly complicated process can not only make your life a nightmare, but also cost your clients time and money. Help them avoid the hassles that come with an outdated and clunky travel and expense (T&E) policy by spending time up front creating and implementing a clear process.

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How will you celebrate Earth Day

(3 days ago) Carrie Kahn, Complete Business Group: After a year of no travel, I have discovered my gorgeous backyard. I found birds, trees, flowers, and even a pond. Slowing down has allowed me to enjoy nature on a whole new level. I plan to take my laptop outside to really soak up nature on Earth Day!

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Documentation of Business Miles: Lessons from a Recent Tax

(9 days ago) Business deductions that fall under Code Section 274(d) – travel, vehicle expenses, meals and entertainment, and business gifts – have additional strict substantiation requirements. This substantiation must document the amount, time and place of travel or use, and the business purpose for the expense.

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Firm of the Future Profile: Go Get Geek!

(9 days ago) BB: I have a passion for travel. I probably spend more money on vacations than anything else! SM: What advice do you have for peers that are still on desktop? BB: The fax was amazing in its day until email came along. And, switching to QBO will open your world …

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8 QuickBooks Apps to Make Tasks More Efficient

(7 days ago) Expensify: Expensify is one of the most popular solutions for expense reports, typically for team members recording travel and other expenses, but also to organize company paid expenses — capturing receipts and preparing easy-to-read reports.

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5 Tips to Help Your Clients Get Comfortable With Digital

(Just Now) A self-proclaimed techie, Nayo decided a virtual accounting practice was the best way to experience her love of travel and still help small business owners across the United States reduce the stress of managing their disorganized financial systems. She is a QuickBooks® Online Advanced Certified ProAdvisor®, was named one of Hubdoc’s 2017

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Does Your Business Need You to Take an 8-Week Vacation

(5 days ago) It takes planning, risking and empowering team members to take an 8-week purposeful vacation. Maybe, your company is ready for you to take a vacation, too. Accounting Firm Structure. Technology. Work Life Balance. About the Author. Jessica and Greg Daley. Jessica Daley, founder of Xcelerate, wife to Greg, Mother to four children and co-leader

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Accounting Technology: Integrating Neat and QuickBooks Online

(1 days ago) One of my first clients owned a small market that specialized in locally sourced foodstuffs. I would travel an hour to meet up IN THE MARKET, discuss how business had been and leave with an entire milk crate of bank statements, invoices, point of sale receipts, employee new hire paperwork and timesheets.

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How do you build a concrete, go-forward business plan for

(7 days ago) A self-proclaimed techie, Nayo decided a virtual accounting practice was the best way to experience her love of travel and still help small business owners across the United States reduce the stress of managing their disorganized financial systems. She is a QuickBooks® Online Advanced Certified ProAdvisor®, was named one of Hubdoc’s 2017

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3 Things You Need to Know to Lead a Virtual Team

(9 days ago) 2. Clarity of vision and direction ensures the team continues to move toward a common goal. When we were an in-person team, we could “wing” some of our strategy because we were constantly together, but as we grew, a more simplified plan was needed so we could just “run the play.”.

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How to Get New CPA & Bookkeeping Clients During Tax Season

(7 days ago) For your larger clients, travel mugs or golf shirts can be given as a “thank you for your business” gift. They not only carry your name, but can also soften the blow of a higher tax bill. You could also pass out some “free consultations” or “refer a friend” incentives. Partner with another local business to …

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How The Cloud Helps Retain CPA & Bookkeeping Clients

(1 days ago) The travel industry maximized the cloud and mobile to streamline processes via online reservations, check-in and mobile boarding passes. All of these efficiency-accelerating transformations are due to effectively leveraging advanced technologies.

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How to Work With Deaf or Hard of Hearing Clients and Employees

(3 days ago) Most interpreters and agencies require a two-hour minimum. Interpreters are professionals and need to travel and prepare. This minimum helps to prevent their services from being devalued and abused. Hiring an interpreter for a meeting that is supposed to last for only 20 minutes may not be the best use of …

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Technology Generation Gap: Generational Workforce

(6 days ago) Understanding today’s workforce: Generational differences and the technologies they use. Sandra Wiley. February 6, 2020. As leaders of the accounting profession age, the face of its workforce changes. Generation X and Millennial employees are now in leadership positions. Mix those generations with Baby Boomers and incoming Gen Z, and the

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QuickBooks Tools For Managing Different Customer Rates

(5 days ago) With Price Levels, you assign a price level to a customer or job. Then when you invoice, their rate automatically shows on the invoice! In Pro, you assign a percentage above or below your standard rate. In Premier, you have an additional option of assigning actual fixed rates. Note: There is a limit of 100 price levels in Pro and Premier.

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Preparing for Xcelerate on the Road: The adventure leading

(7 days ago) Getting to the RV was its own separate journey, beginning with actually saying it out loud, “We are going on a 7-month RV trip.” Saying it aloud was a huge step in accepting the trip that we knew would be beneficial to us as a family and to Xcelerate. Then, we had to put those […]

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QuickBooks Expense or Items Tab: QuickBooks Accounting Tips

(9 days ago) You have a choice of using either the Expense tab or the Items tab. Most people use the Expense tab and select the expense or Cost of Goods account (like Job Materials). While that may be the correct account for that expense, your reports will be inaccurate. This particular expense won’t appear at all on the Item Profitably report (because no

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Earth Day: How to Make Your Accounting Office Green

(1 days ago) During busy seasons, employees are given access to a kitchen stocked with healthy snacks, and lunch is brought in for uninterrupted productivity, stress reduction, and saving time and travel. Recruits care about workplace policies beyond the traditional benefits listed for your company. Electricity and Computers

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Credit Card Errors: Common QuickBooks Accounting Mistakes

(7 days ago) Credit card accounts are not reconciled. Symptoms. Accounts payable balance is high with numerous credit card bills. Expenses seem unreasonably high. The bank account balance appears correct. The credit card errors discussed here involve the credit cards clients possess and use to make charges and pay for expenses.

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Building an Accounting Business in Foreign Countries

(3 days ago) PKF Texas maintains our relationships domestically, but also our team members frequently travel abroad. We are invited as thoughtfully selected guests on trade missions, conferences and to visit/connect with alliance partners. Our team, just over the past year has travelled to Brazil, Canada, Australia and the United Kingdom.

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Recording Expenses Paid For By Owner: Accounting Refresher

(8 days ago) If the client is paying the expenses immediately, users can write a check to reimburse the owner for the business expenditures paid for with personal funds. If the owner cannot reimburse themselves in the short term, a journal entry can record the expenditures. While the expenses paid will be debited, the account to be credited can vary

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Starting a New Business: Basic Guide And Tips For Starting

(9 days ago) Some people will want to put two hours to account for travel, showering and changing. Do this for all areas, and then begin transferring this onto your calendar. If it isn’t on the calendar, it isn’t getting done. Period.

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How to Set Up the Chart of Accounts for Law Firm Clients

(7 days ago) The easiest way to keep track of these is to make one or several billable expense accounts, depending if your client wants to separately keep track of filing fees, postage, medical records, travel and other expenses. First, you will need to set up an income account. Then, you can make an expense that is billable and feeds into the appropriate

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All Your Work, All in One Place: Grow Your Practice With

(4 days ago) The reclaimed time means we connect more deeply with our clients and their financials. By working remotely, we can spend the travel time differently – there is time to LISTEN to the changes happening in the profit and loss statements. Yes, I mean listen, because the company is talking if …

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Details matter when reconstructing tax records after a

(1 days ago) Higher burden for travel, entertainment, and gifts. However, Section 274(d) expenses, which covers expenses for meals, travel, entertainment, gifts, and the use of listed property, have a higher burden for substantiation. For these expenses, taxpayers need to provide the amount, time and place, business purpose, and business relationship for

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Accounting & Bookkeeping Hack: Estimating in QuickBooks

(3 days ago) No!! If your estimating is fairly simple, then usually the regular estimate form in QuickBooks works. You can enter your anticipated costs for the various items, mark it up and arrive at a number you want to charge your customer. I will admit that there are many times when the estimate form in QuickBooks can be inadequate so a spreadsheet or

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The Paperless Accountant & Paperless Bookkeeper

(6 days ago) Travel management services such as TripIt (free) enable you to plan and capture the specific details of business trips, which are then organized into chronological itineraries and synced to your smartphone for easy access. After the trip, you can save electronic copies of your itineraries, including notes, photos, and documented events, for

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QuickBooks Online new features and improvements

(3 days ago) Create custom travel rules to tell QuickBooks that a trip from the office. Estimate the potential deduction for an entire year, or for one individual trip. Performance enhancements to QuickBooks Online reports. In a nutshell: We’ve made a number of small-but-meaningful improvements to your QuickBooks Online reports experience. We’ve

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Firm of the Future Profile: Bright Stars of Bethlehem

(3 days ago) Beth Chase: Founded in 2003, Bright Stars of Bethlehem is a U.S. 501 (c) (3) nonprofit organization that focuses on raising awareness and fundraising. We have a college, the only one in the area, dedicated to teaching about the arts and culture. Our students include musicians, filmmakers, dancers and those into visual arts.

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Cloud Technologies: 5 Advantages For Accountants & Bookkeepers

(Just Now) Also, cloud applications facilitate remote implementation, allowing companies to leverage remote consultants with reduced (or eliminated) travel costs. The business also saves on post implementation costs in that: new hardware purchases do not require reconfigurations to connect to cloud applications.

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#RecipeForSuccess: How to Set Up Charities for Financial

(3 days ago) A payment app allows the charity’s officers to approve payments without having to travel into the office to sign checks. An expense app goes out and grabs bills from suppliers, speeds up processing and allows volunteers to submit expenses for reimbursement from their cellphones.

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Accounting Know How: Paying & Recording Credit Card Bills

(5 days ago) Options for recording credit card expenses include the following: Enter a bill to the credit card vendor, summarizing the total charges on one bill and entering a separate line for each expense account amount. Enter individual credit card charges. From the menu bar, select Banking, Enter Credit Card Charges.

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Specialization vs Generalization: Niche Accounting Pros & Cons

(Just Now) As I travel across the country helping organizations with accounting solutions, I am privileged to speak with accountants and bookkeepers in person and hear their stories. Many of them have heard about niche marketing but are nervous about picking the wrong niche. Others are concerned about navigating the changes in their firm that would result

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How to You Replace Much-Needed Face Time

(1 days ago) But, accounting is a relationship between the business owner and you. This relationship isn’t cut and dried, either. With business owners, there will be multiple spinning plates, passions, exhaustions, frustrations, families and travel … and the list goes on.

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