I have one client who often pays his business expenses through his personal credit card, so I would like to confirm what is the acceptable treatment as per IRS as currently, I am recording it through a journal by debiting ...
  1. Good morning, the method you are currently using is the correct method. Creating a journal entry to debit the corresponding expense account and credit owners' e ... Read more

What are some ways that other small businesses handle referrals for new clients? I want to provide something to the current client as a thank you.
  1. Hi, some small businesses send a gift basket with perhaps a thank you card for referrals if you don't have a specific referral fee (compensation plan) in place ... Read more

Typically I have bookkeeping clients that have a tax professional and that person just lets me know what the determined useful life of that asset is, but occasionally, they don't already have a tax professional and I need to make ...
  1. HI the IRS has specific guidelines on depreciation that can be found here: https://www.irs.gov/taxtopics/tc704 However the publication is a bit lengthy, here is ... Read more