Collecting money in person (at a storefront, marketplace, etc.) can get pricey. Between equipment, credit card fees, and handling physical cash, it can be a hassle. Thankfully, Square and PayPal make it easy to accept card payments using your smartphone or tablet. These programs also send your customers receipts, reconcile your transactions, and handle returns if necessary.
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The first published work on a double-entry bookkeeping system was the Summa de arithmetica, published in Italy in 1494 by Luca Pacioli (the "Father of Accounting"). Accounting began to transition into an organized profession in the nineteenth century, with local professional bodies in England merging to form the Institute of Chartered Accountants in England and Wales in 1880.
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The history of accounting is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia, and is closely related to developments in writing, counting and money; there is also evidence of early forms of bookkeeping in ancient Iran, and early auditing systems by the ancient Egyptians and Babylonians. By the time of Emperor Augustus, the Roman government had access to detailed financial information.
There are lots of reasons why individuals and businesses should consider hiring a professional accountant to prepare their taxes each year. Many benefits could be coming your way, meaning more money in your pocket. Any tax problems or hassles from the IRS can also be avoided when you have a professional accountant working for you. Tax rates change each year, which is another reason it is important to have someone you can turn to during tax season. Franklin P. Sparkman handles tax preparations for both individuals and businesses.
Some employers offer different alternatives for workers. For instance, the SIMPLE IRA is easier to administer than a 401(k), making it a popular choice among small businesses. Yet employees can still set aside substantial amounts in a SIMPLE IRA -- up to $13,500 if you're younger than 50 or $16,500 if your 50 or older in 2020. Those numbers are up $500 from last year.
Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors and creditors. It calculates and records business transactions and prepares financial statements for the external users in accordance with generally accepted accounting principles (GAAP). GAAP, in turn, arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of decision-makers.
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Interest on mortgages taken out after Dec. 15, 2017 of up to $750,000, or $375,000 if you're married filing jointly, or $375,000 if you're married and filing separately, provided that the funds are used to "purchase, construct, or make substantial improvements" to your primary or secondary residence. The maximum amount for mortgages originated on or before December 15, 2017 is $1,000,000, or $500,000 for married filing separately.