Data Import: Imports financial data from participating companies; may require a free Intuit online account. Quicken and QuickBooks import not available with TurboTax installed on a Mac. Imports from Quicken (2017 and higher) and QuickBooks Desktop (2017 and higher); both Windows only. Quicken import not available for TurboTax Business. Quicken products provided by Quicken Inc., Quicken import subject to change.
A medical equipment manufacturer receives an order for equipment to be shipped to a hospital. The order is placed on May 1 and the equipment ships June 1. Payment is received on August 1. The medical equipment manufacturer records the revenue on May 1 – the date the sales contract is received (or accrued) – rather than on August 1 when the payment is received.
Periodic Planning – Tax planning can either be of short or longer period of time, if done for less than 12 months, is known as shorter period planning, whereas planning done for more than 12 months is known as longer period planning. For example, there are short term and long-term capital gains taxes depending upon the holding period of assets/investments.

Management accounting focuses on the measurement, analysis and reporting of information that can help managers in making decisions to fulfill the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis, and are not required to follow the generally accepted accounting principle (GAAP).[7] In 2014 CIMA created the Global Management Accounting Principles (GMAPs). The result of research from across 20 countries in five continents, the principles aim to guide best practice in the discipline.[35]


Keeping tax returns and the documents you used to complete them is critical if you’re ever audited. Typically, the IRS has three years to decide whether to audit your return, so keep your records for at least that long. You also should hang onto tax records for three years if you file a claim for a credit or refund after you filed your original return.
Health savings accounts are available to those who have high-deductible health insurance coverage and who want to set money aside to cover healthcare costs. Contribution amounts of up to $3,550 for those with self-only policies or $7,100 for family policies apply in 2020, with minimum annual deductibles of $1,400 or $2,800 respectively required to qualify for high-deductible health plan status. Catch-up contributions of $1,000 are available if you're 55 or older, but a qualifying plan must have maximum out-of-pocket expenses of $6,900 for self-only policies or $13,800 for family coverage.
Every year, tax season is an event so it makes sense to have a professional assist you in planning for that. Franklin P. Sparkman can take the worry out of tax season with services that work for you all year long. If you are in need of tax preparation for your business, or if you are just looking to file an individual tax return, Franklin P. Sparkman has a solution for you.
Accounting research is carried out both by academic researchers and practicing accountants. Methodologies in academic accounting research include archival research, which examines "objective data collected from repositories"; experimental research, which examines data "the researcher gathered by administering treatments to subjects"; analytical research, which is "based on the act of formally modeling theories or substantiating ideas in mathematical terms"; interpretive research, which emphasizes the role of language, interpretation and understanding in accounting practice, "highlighting the symbolic structures and taken-for-granted themes which pattern the world in distinct ways"; critical research, which emphasizes the role of power and conflict in accounting practice; case studies; computer simulation; and field research.[66][67]
In addition to these base amounts, those who are 65 or older or are blind get to take additional amounts as a standard deduction. For those who are married, the added amount is $1,300, while singles get to add $1,650. These added amounts are the same for 2020 as they were in 2019. If you're 65 or older and blind, then you can boost your standard deduction by double the relevant amount. Moreover, for joint filers, each spouse has an opportunity to get these added amounts. So married couples in which both spouses are over 65 and are blind would see their standard deduction increase by $5,200 -- or $1,300 times four.
QuickBooks Self-Employed Offer with TurboTax Self-Employed and TurboTax Live Self-Employed (for users filing from 4/16-7/15 or extension filers): To receive your complimentary subscription to QuickBooks Self-Employed through 10/31/21, you must pay for your 2019 TurboTax Self-Employed or TurboTax Live Self-Employed return between 4/16/20 - 10/15/20 and sign-in and access your QuickBooks Self-Employed account via mobile app or at https://selfemployed.intuit.com/turbotax at least twice by 12/31/20. You will have the option of renewing your QuickBooks Self-Employed subscription by 10/31/21 for another year at the then-current subscription rate. You may cancel your subscription at any time from within the QuickBooks Self-Employed billing section. See QuickBooks.com for price comparison. Offer not valid for existing QuickBooks Self-Employed subscribers already on a payment plan.
Investors enjoy a tax break on certain types of investment income. Dividends that certain stocks pay qualify for lower tax rates, as do the profits on investments that you sell after having held them for longer than a year. These qualified dividends and long-term capital gains are eligible to get taxed at 0%, 15%, or 20%, producing substantial savings.
Tax gain-loss harvesting is another form of tax planning or management relating to investments. It is helpful because it can use a portfolio's losses to offset overall capital gains. According to the IRS, short and long-term capital losses must first be used to offset capital gains of the same type. In other words, long-term losses offset long-term gains before offsetting short-term gains. As of 2018, short-term capital gains, or earnings from assets owned for less than one year, are taxed at ordinary income rates. 

A medical equipment manufacturer receives an order for equipment to be shipped to a hospital. The order is placed on May 1 and the equipment ships June 1. Payment is received on August 1. The medical equipment manufacturer records the revenue on May 1 – the date the sales contract is received (or accrued) – rather than on August 1 when the payment is received.
The history of accounting has been around almost as long as money itself. Accounting history dates back to ancient civilizations in Mesopotamia, Egypt and Babylon. For example, during the Roman Empire the government had detailed records of their finances. However, modern accounting as a profession has only been around since the early 19th century.
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