Accounting Firm in Texas

 Types of Account's Accounting is a process of recording, classifying and summarizing  of the financial transactions in a significant manner. Accounts is called arts as well as science also. According to the double entry system of bookkeeping, there are three 3 types of accounts that will help you to maintain error free recording of the financial transactions. There is 3 main types of accounts, which is Personal Account, Real Account and Nominal Account. All these 3 accounts have their own properties and it's important. 1. Personal Accounts:   The first accounts is personal accounts, which are related o the individuals, firms, companies etc. Some examples are debtors, creditors , bank, suppliers, customers account's and many more. In this accounts some are Natural person and some are Artificial person. Natural Personal Accounts is simple to understand mostly is the name of the people. E.g., Adam A/C, Mr.Patel A/c, and many more. Artificial Personal Accounts whi...

  Since In 1950, Individual income taxes has been the primary source of revenue for the US federal government. Taxes had been existence more than thousands of years and I think it will remain forever as long as the human being exists. Through the taxes governments playing a crucial role towards     Government's charging varies in tax rates for different types of commodity or services.  Tax are collected by governments at 3 different levels, which is federal, state and local. They are all charging different rates of taxes with different level of  governments. Below are the some reason why we  have to pay taxes., 1).  Social Welf a re:  Social welfare and social security are one of the greatest benefits to the less privilege, some homeless people and some needy people who didn't able to pay taxes. Governments collecting the taxes from many years so that spend on the humanity.  This types of funds used for the society or need...

What is Individual Income Tax Return ? First of all we understand the what is Individual ?  so we can go ahead. The Individual means any natural human being whether it's Male or Female are knows as the Individual according to the Income Tax. So now we can move to our main topic " Individual Tax Return ". The Individual Income Tax or Personal Income tax which is levied on generally on the wages, salaries, interest, dividends or any other types of income which earns during the year. The Federal Income Tax was established  in 1913 with the 16th amendment. Form the last 100 Years, Individual Income Taxes are the largest source of tax revenue in the county.  Individual income tax are levied by the Federal Government  (Central),  State Government or Local. Most of the countries in the world levy the Individual Income Tax Return. In US Income tax is progressive, which means if the income of a person rises then the tax will also rise and vice-a- versa.

      What is an Accounting Standards ? Accounting standards are standards for financial reporting which is common set of principals, standards and procedure that define the accounting policies. Accounting  Standards has been created by GAAP (Generally Accepted Accounting Principles).   Accounting Standards improve the transparency of financial reporting in all over countries. Non-US companies used the IFRS (International Financial Reporting System) for financial reporting. IFRS's setup by International Accounting Standards Boards. In USA GAAP is used by any other public and private companies. Remaining country follows the IFRS Rules. In USA, The American Institute of Accountants, which is currently knows as American Institute of certified public accountants and  the New York Exchange have launched its first accounting standards in the 1930s.   Important of Accounting Standards :   1. Accounting standards specify th...

  In  Accounting there are 2 types of transactions which is recording on the Books of Accounts. The business is running for long term so we are making some transaction on cash basis and some are accrual basis. Cash Basis mostly uses by some local stores but the Accrual Basis uses by small and medium size businesses.  Accrual Basis Accounting :  (1). Accrual accounting is method of accounting   where revenue and expenses are recorded when they earned, but actually it's not paid or received. There's Account receivable and Account  Payable which will made in future. (2). Accrual basis accounting mostly used by the mostly larger company. Like MNCs, and many others company.   ( 3). In Income Statement will show higher income, but actually it's not correct. Cash Basis  Accounting    (1) .   Cash Basis Accounting is method  of which accounting where all Income and expenses paid in cash. So there's no  Account receivable...

In Accounting there's only 3 types of accounting, why it should be matter for your business. All 3 types of  Accounting have their own characteristics which help you in growth of your business. They have their different results or effect of recording in Books of Account. So now here are the 3 type so of Accounting. 1. Finance Accounting :   It's define as a process of recording, summarizing, organize and reporting of various transactions that occurs in during the course of the business.  The all financial  transactions  made by firm it's help us to create the financial statements of firms.  Through the Financial  Statements High- Level management analyze and decided the firms goals, missions. In that financial statements their is all information about the Balance Sheet, Income Statements and Cash flow Statements.   All Financial Accounting are prepared in accordance with Generally Accepted Accounting Principal (GAAP). but GAAP ...

  The federal government and most states pushed back the date to May 17, but others have gone their own way.  Get details on the new tax deadlines and on coronavirus tax relief and Economic Impact Payments. Tax filing is a little more complicated this year, because of the COVID -19.  The  deadline to file your 2020 tax returns  has been extended until May 17, the IRS announced Wednesday. What does mean for you ? If you haven’t filed yet, this delay means you’ll get a touch overtime to make sure your return is accurate and new provisions are accounted for — reducing the likelihood you’ll got to file an tax return afterward . this might be particularly helpful for people that will claim new unemployment tax exemptions, after the IRS encouraged people to attend to file until it offers further guidance on the changes caused by the newest unemployment and stimulus bill that passed last week. You’ll be issued payment supported your 2019 tax return; whether it co...

 From choosing a business structure that helps you save the valuable money on taxes to providing advice on a serious business move, there are key times when your business needs a CPA. 1.  Changing Tax Laws       For most people, keeping track of the changing tax laws are often difficult at the best . If you aren’t constantly listening , you'll miss something important. An accountant knows what’s new, and may assist you get the newest tax benefits. continue with the tax changes on The IRS Website. 2.  An Improved Credit Rating          An accountant also can assist you improve your credit rating. We all know that paying all of your bills on time help your credit. But there are many other tactics which will speed up the method . Odds are you don’t know all of them. Guess what? Your accountant does, and that they can teach you. 3.  Multiple Sources of Income     If you have multiple sources of income, an accountant...