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Author Archives for Service2Client

  • When Should You Switch Your Side Hustle to a Business Entity Structure?

    Posted Date February 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readStarting a side hustle today is easier than ever. Between the numerous websites that act as marketplaces and project jobs that can be found on the internet, almost anyone can turn a skill or hobby they have into something they can make money off. Many people who do this are just looking to make a little extra money on the side, but this side hustle can turn into something bigger – and this is where the tax and legal questions come in. Sole Proprietorship For someone just starting or looking to make a little extra on... View Article

  • Blocking Robocalls, Stepping Up Suicide Prevention for Vets, and Appropriating Funds for a New Space Force

    Posted Date February 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readPallone-Thune Telephone Robocall Abuse Criminal Enforcement and Deterrence Act (S 151) – Approximately 58.5 billion robocalls were made in the United States last year, a 22 percent increase over 2018. That works out to an average of 178.3 robocalls per person, per year. Perhaps it’s no wonder then that this law was passed by an overwhelming bipartisan majority in Congress. The legislation requires that phone companies ensure all calls come from real numbers, do not charge extra to block robocalls, and authorize government regulators to punish scammers with fines of up to $10,000 per call. This... View Article

  • Understanding Four Types of Depreciation

    Posted Date February 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readDepreciation is an accounting process where the cost of an asset is accounted for and expensed over its useful life. It shows how the value of the asset decreases over time. Assets that can be depreciated include buildings, fixtures, production equipment, etc. For intangible assets, including many types of intellectual property, this process is called amortization. For commodities mined or harvested from the earth, such as lumber, crude oil or natural gas, this process is called depletion. Here are four common types of depreciation. Straight Line Method In order to determine depreciation using this method, the... View Article

  • How Businesses Benefit from Big Data Analytics

    Posted Date February 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readPreviously we looked at the key technology trends in accounting to watch out for in 2020. Among the trends are big data and data analytics, which can have a great impact on businesses. Business data has existed for a long time, whether in filing cabinets, ledgers or storage devices. But today businesses both large and small have to deal with huge collections of data every day. This has seen the rise of data analytics trends that include deep learning, machine learning and dark data. Unfortunately, small and medium businesses (SMB) have to struggle with making a... View Article

  • Safety vs. Probability: Planning For Retirement

    Posted Date February 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readAs we progress through life, we find there are certain things we can control and others we cannot. However, even with the things we can’t control, we can exercise good judgment based on facts, due diligence, historical patterns and a risk/reward calculation. These strategies play an important role in retirement planning. When it comes to accumulation, spending and protecting your nest egg, financial analysts rely heavily on safety and probability planning strategies. For example, a probability-based approach generally refers to investing. In other words, prices of stocks and bonds will vary over time, and as investors,... View Article

  • 6 Ways to Keep Safe When Using Mobile Banking

    Posted Date February 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readFor the most part, smartphones are your lifeline to the world. You connect with friends and family, shop and update your status on social media. However, you also store all your personal information on them and, these days, use them to do your banking. That’s why you need to take precautions. Here are a few critical things to do to make sure your information isn’t compromised. Protect Your Smartphone Your desktop and laptop are secure with anti-virus software and firewalls; the same should go for your phone. Here are five basic things you need to do... View Article

  • How to Calculate and Analyze Return on Equity

    Posted Date January 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readWhen it comes to evaluating a business, especially one that is publicly traded, determining its return on equity (ROE) is one way to see how it’s performing. What is Return on Equity? Return on equity is a ratio that gives investors insight into how effectively the company’s management team is taking care of the shareholders’ financial investments in the company. The greater the ROE percentage, the better the business’ management staff is at making income and creating growth from shareholders’ investments.   How ROE is Determined In order to calculate ROE, a company’s net income is divided... View Article

  • Protecting TV Viewers, Whistleblowers and Supreme Court Justices; New Status Provisions for Immigrant Workers; and OTC Drugs

    Posted Date January 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readReauthorizing Security for Supreme Court Justices Act of 2019 (HR 4258) – This bill reauthorizes the Marshal of the Supreme Court and the Supreme Court Police to protect the Justices of the Supreme Court, their employees and official guests outside of the Supreme Court grounds. The legislation was sponsored by Rep. Greg Stanton (D-AZ). It was introduced on Sept. 9, 2019, and signed into law by the president on Nov. 27, 2019. Farm Workforce Modernization Act of 2019 (HR 5038) – This bill amends the Immigration and Nationality Act to provide for terms and conditions for... View Article

  • 4 Financial New Years Resolutions You Can Actually Keep

    Posted Date January 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readBelieve it or not, it’s 2020. You’re not just starting a new year, you’re entering a new decade. With this in mind, you might want to make some resolutions that focus on your finances. According to  Psychology Today, 80 percent of resolutions fail by February. If you’re thinking about dieting or eating better, this isn’t very encouraging. However, when it comes to your money, there are some changes you can implement now that will have staying power and won’t be forgotten by spring. Review Your Credit Report This is important for your financial future in many... View Article

  • 2020 Tax Brackets, Deductions, Plus More

    Posted Date January 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readBeginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions, and retirement contribution limits. Note, the amounts below do not impact the tax filing you make in 2020 for the tax year 2019. These amounts apply to your 2020 taxes that you will file in 2021. 2020 Tax Rates and 2020 Tax Brackets Below are the new 2020 tables for personal income tax rates. There are separate tables each for individuals, married filing jointly couples and surviving spouses, heads of household and married filing separate; all with... View Article

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