Wouldnt it be nice to not have to waste time digging through filing cabinets to locate old support documents? Did you know you can attach electronic files to almost any transaction in QuickBooks? You can attach receipts, invoices, statements and much more anywhere you see the paperclip icon! Your Chart of Accounts has the same … Read more
The world has changed since the COVID-19 Pandemic began. Many places of business have had to temporarily shut down, while others are adapting to working from home. It has changed how people communicate, how they conduct business, and even how they interact with co-workers, clients, and customers. As is the case with any sudden changes, … Read more
Retirement is something almost all of us look forward to. But have you considered how your retirement income will be taxed? Not all retirement income is taxed the same, so it is important that you understand the details. SOCIAL SECURITY If your total income is more than $25,000 for an individual or $32,000 for a … Read more
Hiring employees is fundamental to business. Whether looking to hire your first employee or expand your team, be sure to understand the total cost of hiring help. RECRUITMENT Employee recruitment can start with anything from the help wanted ad you place on job search boards to hiring a recruiter to handle the legwork. While the … Read more
I currently attend the University of Texas at San Antonio (UTSA) and every year they host an event called the Accounting Recruiting and Networking Expo (ARNE). ARNE is an event where accounting firms come and set up tables so you can talk to each firm. When deciding where I wanted to do an internship, I … Read more
The Families First Coronavirus Response Act (FFCRA) was enacted in March of 2020. It was one of the now many acts passed by Congress in an effort to ameliorate the effects of Coronavirus on the economy and individual people. The FFCRA created a tax credit for employers to incentivize businesses to continue to pay employees … Read more
Many businesses may have incurred a loss in 2020 due to the pandemic-induced economic slowdown. When expenses exceed revenue, a loss is generated. How these losses affect your business tax return depends on many factors. CARRYBACK OR CARRYFORWARD Under the CARES Act, businesses that incurred a loss for 2020 can carryback that loss five years. … Read more
Everyone has hobbies and sometimes those hobbies provide some income. But when does your hobby become a business? Getting the right classification determines how this income is taxed. PROFIT BASED Generally, if you engage in your hobby with the intent to generate profit, then its a business, not a hobby. And if your hobby is … Read more
Bookkeeping Manager, Teri Roybal, is a native San Antonian. After working in the auto industry as an executive assistance, Teri joined the ADKF family in September of 2008 as a bookkeeper. Since then, she has learned a great deal from the partners and her co-workers, and that knowledge has ensured her success here at ADKF. … Read more
Being a recent college graduate allows me to relate to other college aged students. Being a young adult at 22 years old, I have had many friends my age come up to me and ask tax related questions such as Do I have to file my own tax return? and Can my parents still claim … Read more