Showing posts with label Bookkeeping. Show all posts
Showing posts with label Bookkeeping. Show all posts
Wednesday, July 12, 2017
QuickBooks Bookkeeping Services: Buy rental properties as well as properties to fix and flip
Hold your flips for 366 days and you get capital gains treatment.
Tuesday, July 4, 2017
QuickBooks Bookkeeping - Accounting
Kathryn C. Tiffany, LLC: located in Voorhees, New Jersey. We provide a wide variety of services such as bookkeeping, accounting, business and financial management tailored to meet the needs of each of our clients.
Our services are designed to make our client’s job easier and to provide them with more time to focus on building their business. In doing so, we are happy to be able to refer our clients’ businesses to others.
Member of the American Institute of Professional Bookkeepers, National Association of Certified Public Bookkeepers, Intuit QuickBooks Advisor Program, Association of Certified Fraud Examiners, Voorhees Business Association, and Chamber of Commerce.
Our services are designed to make our client’s job easier and to provide them with more time to focus on building their business. In doing so, we are happy to be able to refer our clients’ businesses to others.
Member of the American Institute of Professional Bookkeepers, National Association of Certified Public Bookkeepers, Intuit QuickBooks Advisor Program, Association of Certified Fraud Examiners, Voorhees Business Association, and Chamber of Commerce.
QuickBooks Consulting and Bookkeeping - Servicing the South Jersey area!
QUICKBOOKS & BOOKKEEPING
CONTACT INFO
Kathryn C. Tiffany, LLCVoorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Quickbooks Set-Up and Training
Industry-specific support
Accounting System set-up and maintenance
General ledger - charts of accounts, vendor set-up, journal entries
Billing
Inventory Management
Generally Accepted Accounting Principles (GAAP) standards
Accounts Payable
Accounts Receivable
Bank and Credit Card Reconciliations
Financial Statements Preparation
Financial Reporting/Analysis
Payroll Processing
Payroll Tax Payments
Federal and State Quarterly and Year-End Tax Reporting
New Hire Reporting
W-2 and 1099 Forms
Sales Tax Filings
Internal controls
Job costing
An array of services available from on-site/off-site training, part-time, full-time bookkeeping, consultation, dependent on the company's needs. We service areas all throughout the South Jersey area.
We're LOW COST, AFFORDABLE AND KNOWLEDGEABLE!
Kathryn C. Tiffany, LLC
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Member of:
American Institute for Professional Bookkeepers
National Bookkeepers Association
Intuit QuickBooks program - Certified QuickBooks ProAdvisor
Association of Certified Fraud Examiners
Voorhees Business Association
Chamber of Commerce
Journal of Accountancy and Accounting Today
Sunday, July 24, 2016
We take care of your financials so you can get back to the job of running your business and generating profits
We put hours back in your day and, most importantly, we provide insight.
We review your Profit & Loss and Balance Sheet statements to make sure they show the true condition of your business.
What parts of your business are driving revenue?
Which ones cost you money?
Cash management generally is not a problem in and of itself; it is a symptom of other problems.
With small businesses cash management is crucial.
It is a common misconception that a business owner "loses control" of their finances if they outsource bookkeeping.
With us, that couldn't be further from the truth.
Kathryn C. Tiffany, LLC
Voorhees, NJ
(856) 803-4651
Wednesday, April 27, 2016
Cash vs. Accrual Accounting Methods
Under IRS definition, an accounting method is a set of rules used to determine when and how income and expenses are reported.
Normally for IRS purposes, the accounting method; cash vs accrual is chosen before you file the first business income tax return. It must then be used on a consistent basis for the life of the business, unless changes in the business occur that statutorily necessitate a change in the accounting method. If you wish to change methods for particular reasons of your own, you must get written permission from the IRS.
When you bill the client, when you actually receive the money and bank it, and when the job and its guarantees reach completion can each define when you have to report the income.
Normally, you calculate your income and expenses by using three major methods: 1) Cash Method; 2) Accrual Method; or 3) Hybrid Method in which select elements of cash and accrual are combined.
Normally for IRS purposes, the accounting method; cash vs accrual is chosen before you file the first business income tax return. It must then be used on a consistent basis for the life of the business, unless changes in the business occur that statutorily necessitate a change in the accounting method. If you wish to change methods for particular reasons of your own, you must get written permission from the IRS.
When you bill the client, when you actually receive the money and bank it, and when the job and its guarantees reach completion can each define when you have to report the income.
Normally, you calculate your income and expenses by using three major methods: 1) Cash Method; 2) Accrual Method; or 3) Hybrid Method in which select elements of cash and accrual are combined.
Saturday, March 5, 2016
The Truth About Tax Records: An Index Card Can Make or Break You: Put your records in order now to cope with a potential IRS challenge
The Wall Street Journal
By Laura Saunders
March 5, 2016 1:00 a.m. ET
Working on your tax return? Put your records in order now to cope with a challenge from the Internal Revenue Service down the road.
To see the difference proper proof makes, consider the results of two Tax Court cases released in December. In the first one, the judge ruled that a business consultant owed more than $23,000 in taxes and penalties for 2010 and 2011 because he didn’t have convincing records of write-offs for wages, travel, meals and entertainment.
The same week, another judge ruled that a couple who owned a small business could deduct nearly $7,000 in mileage expenses for business travel in 2010—even though their records were handwritten on index cards, and some were missing.
“The better your records, the less agita you’ll have with the IRS,” says Ed Mendlowitz, a CPA with accounting firm WithumSmith+Brown who is based in New Brunswick, N.J.
The tax rules on record-keeping have a surprising history. In the 1920s, the entertainer George M. Cohan—who wrote the songs “(I’m a) Yankee Doodle Dandy” and “Give My Regards to Broadway”—deducted more than $50,000 for travel and entertainment related to his profession, including “entertaining” drama critics. Mr. Cohan didn’t have receipts for many of the expenses, so the IRS denied them.
In 1930, however, the celebrated jurist Learned Hand ruled that Mr. Cohan’s lack of records didn’t bar him from taking deductions, as long as they had a basis in fact and could reasonably be estimated. His pro-taxpayer decision became known as the Cohan Rule.
Congress has since whittled away Mr. Cohan’s tax legacy by enacting stiff standards for some deductions, especially ones subject to abuse. As for the IRS, its gold standard for write-offs without receipts, such as miles driven in one’s own car for business, is “contemporaneous records.” That means notes made when the expense was incurred, such as a log recording miles driven.
But IRS agents and judges also can accept good-faith estimates and other forms of proof for write-offs. Because the couple in the December case kept timely records on index cards, the judge allowed their testimony regarding some missing cards.
As you make your way to this year’s April deadline, here is record-keeping advice from experts.
Avoid charitable-donation pitfalls. Current law is both clear and rigid: taxpayers who make cash contributions need proper proof of the donation in hand before filing their returns in order to get a deduction. If the taxpayer gets the proof only after filing, the IRS could disallow it.
Proper proof of a cash donation typically consists of a letter from the charity giving its amount, date and the value of anything (such as a tote bag or dinner) received in return. That value must be subtracted from the deduction.
The rules for other types of donations, such as property, are also persnickety about proof. In a famous 2012 case, a California couple lost an $18.5 million deduction for property donated to charity because they didn’t have the correct records. The judge acknowledged that the decision was harsh, but said the law left him no choice. For more on substantiating charitable deductions, see IRS Publication 526.
Take care with T&E. Large deductions for travel, meals, and entertainment are often an audit magnet, so treat them carefully. Taxpayers are supposed to keep records showing who, what, when, where, and why; experts say the one people most frequently forget is the “business purpose” of the activity. Suggestion: when setting up a meeting that will include deductible expenses, record the business purpose at the same time.
For details on travel, meals and entertainment deductions, see IRS Publication 463.
Update records for your home. Did you add a room to your home this year, install new windows, or add a deck? Such investments can increase your “cost basis” in the home, which could lower the tax bill when it is sold.
For example, say a couple bought a home for $100,000 years ago in a high-growth area such as Seattle. If they sell it for $700,000, the law allows them to avoid tax on $500,000 of their $600,000 profit—so they would owe tax on $100,000. If, however, they invested $75,000 in improvements over the years, their cost basis rises by that amount and they would owe tax only on $25,000 of profit.
For more about what qualifies as an investment in a home, see IRS Publication 523.
Know when to toss. How long do you have to keep tax records? The law has various statutes of limitations, but Mr. Mendlowitz offers a rule of thumb: Keep tax returns (plus substantiation) for seven years. And for assets held outside tax-favored retirement plans, keep records of their cost until seven years after the asset is sold. That, of course, can be a very long time.
Source: http://www.wsj.com
Sunday, February 21, 2016
▬ ▬ South Jersey Bookkeeping, QuickBooks and Accounting ▬
Kathryn C. Tiffany, LLC is a certified bookkeeping and QuickBooks firm. We identify opportunities, provide solutions and deliver exceptional personal service to small and midsize businesses as well as individuals. Our services include bookkeeping and QuickBooks accounting for individuals and businesses.
Unlike other bookkeeping/accounting firms, we go beyond these traditional services and provide our clients with many other business services. Our clients have the advantage of having a trusted certified bookkeeper who knows their overall financial condition.
If you believe that an bookkeeping firm should do more than just QuickBooks, then you've come to the right place. At Kathryn C. Tiffany LLC, we offer a variety of services for businesses so that they can operate much more efficiently, as well as cost effectively.
Our bookkeeping, and accounting services include the following:
Accounting -- Regardless of whether you need monthly or annual accounting support, we will work with you in order to ensure that your needs are being met. At Kathryn C. Tiffany LLC, we provide accurate and timely financial reporting and advice for you and your business, as well as accounting software (QuickBooks) training and support services. We will even provide you with ways to customize QuickBooks software in order to fit the specific needs of your company.
Bookkeeping -- While bookkeeping can be critical, it is also a time consuming task -- and one for which most business owners just simply don't have the time to devote. Our bookkeeping services include financial statement preparation, reconciliation, and more. Outsourcing your business's bookkeeping can make good financial sense, as it can reduce your overhead expenses, as well as the demands on your own personal time.
Payroll -- Payroll can be yet another time-consuming task for a business owner -- and one in which outsourcing can also make a great deal of sense. Doing so can be beneficial from a time and a cost perspective. This is because there is no need to maintain your own payroll system, or even a specialized individual to handle this task. In addition, because payroll laws are always changing, remaining in compliance can often become a challenge when businesses maintain this role on their own.
Partnering with a firm that can provide you with a variety of reliable services can help your company and allow you to concentrate on running and growing your business.
For more information on how Kathryn C. Tiffany LLC can work with your business, contact us.
Let's Talk About Simplifying Your Bookkeeping
CALL NOW for a free initial consultation--at your office and convenience--to discuss your needs and how we can best serve you.
Kathryn C. Tiffany, LLC Bookkeeping Services
Certified QuickBooks ProAdvisor
Bonded and Insured
Telephone: (856) 803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Wednesday, January 13, 2016
Four things every small business owner should know about taxes
Blood pressures are rising at many small businesses now that tax season is underway.
Although many owners hire accountants and attorneys to complete their income tax returns, taxes are a hassle. In a survey released last year by the advocacy group National Small Business Association, nearly 60 percent of the owners surveyed said the administrative burdens were the biggest problems posed by federal taxes. And 85 percent of the more than 675 owners said they relied on a professional to prepare their returns.
Owners can make the process easier by being organized and watching out for tax pitfalls, accountants say. Here are four tax issues small business owners should be thinking about now and year-round:
RECORD-KEEPING MATTERS
Haphazard or incomplete records are one of the biggest problems accountants see at small businesses. Rather than using accounting software year-round, owners stuff receipts and bank statements into file folders and then have to sort them as the tax deadline approaches.
Using accounting software to organize records will ease the process and help guard against costly errors, says Scott Berger, an accountant with the firm Kaufman Rossin in Boca Raton, Florida. He noted that checking accounts can be linked to the software, cutting down on data entry. Financial records can also be linked with tax preparation software, shortening the time it takes to compile a return. It may be too late to get your records into an accounting program for 2015, but owners should get started for 2016 before more time passes, Berger says.
Another reason for keeping good records: Owners need to provide financial numbers for potential lenders or investors.
"It's in their best interest if they want to take their business to the next level," Berger says.
TAX TIME, A TEACHABLE MOMENT
Many owners don't bother to ask for a copy of their tax returns, says Emilio Escandon, an accountant with Morrison, Brown, Argiz & Farra in New York. That's a bad idea — a tax return is like a report card, providing a snapshot of how a business is doing, he says.
"You should go through that report card and see where you can improve," Escandon says.
Reviewing the return and discussing it with an accountant can also help an owner plan for the future. For example, if a business suffers a loss, it may not be a one-year event; the loss can also be carried forward, Escandon says.
"You should always have a forward-looking approach," he says. Owners should also know that their prior-year returns can be amended to take advantage of a loss.
EMPLOYEES AND FREELANCERS
Small businesses that hire freelancers need to be sure these workers are truly independent and shouldn't be classified as employees. Many companies use freelancers because they don't want obligations like Social Security and Medicare taxes or providing health insurance. But under the law, freelancers can't be treated like employees in terms of what they do and how much control a boss has over them. The IRS and state tax officials are paying closer attention to how workers are classified, looking to catch businesses violating the law, says Michael Greenwald, an accountant with Friedman LLP in New York.
Companies must give W-2 forms to employees and 1099s to freelancers detailing their 2015 compensation by Feb. 1. Freelancers, many of whom are small business owners themselves, should be sure they get 1099s from everyone they worked for the previous year. The IRS will match the 1099 copies it gets against the income you've reported, and if you failed to include any income, you'll hear from the agency.
YOUR HOME OFFICE AND CAR
The deduction for using part of your home as an office has long been a point of contention between owners and the IRS. If an owner uses half the family room to run the business, the government won't allow a home office deduction. A home office must be a separate space used solely for business purposes.
"You could theoretically go to the extent of putting up a partition to wall it off," Greenwald says.
But the reality is the IRS won't know whether you have a separate office unless your return is audited and an IRS agent visits your home.
On the other hand, the government recognizes that owners use cars for personal and business use. But owners must keep a diary of how many miles they drive for business each day, and calculate their deduction based on that amount. Many owners as they juggle work and family probably don't keep those records, Berger says. The answer, as in keeping a company's books, may lie in technology; there are smartphone apps like TripLog to help owners track business mileage.
Saturday, January 9, 2016
1099-MISC Reporting Requirements: Avoid Penalties
In 2011, the IRS enacted a new type of 1099 reporting form called a 1099-K for certain types of electronic payments. The 1099-K is issued by third party payment processing companies such as credit/debit card processors, PayPal, etc. for payments to vendors and contractors.
What does this mean to companies issuing 1099’s?
1099-MISC forms issued should include only payments made by cash, check, wire transfer, electronic check, ACH, online bill pay (bank to bank only), or direct deposit. If your company made any payments to vendors using credit cards, debit cards, gift cards, or any other third-party payment network (such as PayPal) – those payments should NOT be included on 1099-MISC forms because the processing companies are responsible for reporting those payments.
What does this mean to companies issuing 1099-MISC?
Companies issuing 1099-MISC forms should confirm that only those payments made with the payment types mentioned above are reported on their 1099-MISC to the vendors. For example, if the company paid a 1099 vendor $1,000 in 2015 and $400 of that was paid by credit card, then only $600 is reported on their 1099-MISC. The additional $400 paid with the credit card is reported to the vendor on the 1099-K by the credit card processing company.
Why should the payee care?
This reporting is mandated by the IRS and there are penalties to the Payor company for failure to report and incorrect reporting. In the example above, the vendor’s 1099-MISC would be incorrect if the payor reported the entire $1,000 because the credit card company will be issuing a 1099-K for the portion it paid the vendor.
How does QuickBooks help with reporting the correct 1099 information?
QuickBooks 2012 to 2016 automatically excludes from Form 1099-MISC any bill payments made using the credit card payment methods. In addition, QuickBooks also recognizes and excludes from the 1099-MISC any check payment containing one of the following notations in the check number field (limited to 8 characters): Debit, Debitcar, DBT, DBT card, DCard, Visa, Masterc, MC, MCard, Chase, Discover, Diners, PayPal. QuickBooks 2012 to 2016 also has a built in 1099 Wizard.
If you have QuickBooks 2009, 2010, or 2011, you have three options:
If you only have a few vendors that you paid with debit, credit or third party payers, you can manually search for and exclude the non-reportable payments.
If you have a lot of 1099 vendors you can purchase the downloadable QuickBooks 1099 Assistant App for $.99 to help you exclude the payments. Or…
Upgrade your QuickBooks and take advantage of the updated 1099 Wizard.
Where can I learn more?
Visit www.irs.gov and search for Treasury Decision 9496, 1099 for 2015.
You can also search within the Help of QuickBooks programs for Form 1099-MISC.
Sunday, December 20, 2015
Association Bookkeeping: Condos & HOA Community Assoc Accounting
Attention Homeowner Associations: Do you need a TOPS community association management software expert or Certified QuickBooks ProAdvisor?
HOA Financial Accounting
Kathryn C. Tiffany, LLC proudly serves community living residents and property managers who work with HOAs. We relieve the accounting burden so that the Homeowner Association and/or Property Manager can focus on more important issues.
Prepare and promptly deliver monthly detailed income and expense statements, itemizing actual expenses versus budget expenses. The financial also includes cash flow statement (showing where the cash is), balance sheet, delinquency reports (showing status of collection of delinquencies), and check disbursement register.
Receive, review, and pay vendor invoices. Present invoices for vendor/contractor services to the Board upon written request.
Keep all books and financial records in accord with general accounting principles.
Reconciliation of general ledger, bank statements and credit cards.
Explanation of the statements in layman terms.
Budget and Reserve Assistance.
Distribution of annual budget with statements.
Attendance of board meetings, based on schedule.
1099s for independent contractors (landscapers/gardeners, pool service)
Payroll and related returns.
We provide no property management services, just bookkeeping services. We work in harmony with self-governed HOAs, PMs, and CPAs.
We welcome the opportunity to submit a proposal to your homeowner association board for consideration.
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Members of:
American Institute of Professional Bookkeepers
QuickBooks ProAdvisors
National Bookkeepers Association
National Associatoin of Certified Public Bookkeepers
Association of Certified Fraud Examiners
In The Community:
Voorhees Business Association
Start Up America - New Jersey Chapter: Finance and Small Businesses Team
Chamber of Commerce
Keywords: Small Business, Quick Books, Quickbooks, Bookkeeping, Book Keeping, Bookkeeping Services, Small Business Bookkeeping, Accountant, Small Business Accountants
Forensic Bookkeeping - QuickBooks Accounting
Kathryn C. Tiffany, LLC Bookkeeping Services
Telephone: (856) 803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Have you fallen behind in keeping accurate books?
Without the right processes and systems in place, it is hard to keep up with financial reporting tasks and run your business at the same time. Charging us with the responsibility means that you get a Certified QuickBooks ProAdvisor professional bookkeeper at a fraction of the cost of one employee, which means no more sleepless nights for you.Why pay an exorbitant amount of money to a CPA to unravel your mess?
Ask us for a free quote today! Kathryn C. Tiffany, LLC can untangle your bookkeeping records and provide suggestions for a mere fraction of the price a CPA will charge. If you're in need of forensic bookkeeping services, we've got you covered.
Our extensive expertise with many different professions and businesses, such as manufacturing, retail, food service, medical and automobile, as well as with divorce, fraud and other types of litigation, makes us the premier choice as experts in forensic bookkeeping and fraud detection.
Kathryn C. Tiffany LLC, Certified Fraud Examiner (CFE), has investigated allegations of fraudulent activity in various organizations, small emergency response organizations, as well as not-for-profits. Sometimes we are asked to simply confirm the suspicions of employee embezzlement and theft and other times we are engaged to quantify the losses over a certain period of time.
The results of our forensic analyses vary widely depending on the nature of the allegations. Such investigations have included employee embezzlement, employees' schemes of corruption, asset misappropriation, and financial statement fraud. We recognize that each case is different and the parameters of each investigation will vary based on the organization's desired end product (deliverable). We produce reports and supporting documentation necessary to prosecute the matter, if desired.
Have a question or want to see if we're a good fit for your bookkeeping needs?
CALL NOW for a free initial consultation--at your office and convenience--to discuss your needs and how we can best serve you.
Kathryn C. Tiffany, LLC Bookkeeping Services
Track. Measure. Improve.
Business Performance Management
Business Process Management
www.TiffanyAccounting.com
(856) 803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Member of:
American Institute of Professional Bookkeepers
QuickBooks ProAdvisors
National Bookkeepers Association
National Association of Certified Public Bookkeepers
Association of Certified Fraud Examiners
In The Community:
Voorhees Business Association
Start Up America - New Jersey Chapter: Finance and Small Businesses Team
Chamber of Commerce
Franchise Bookkeeping Services: QuickBooks Accounting
Do you feel overwhelmed by your bookkeeping responsibilities? Franchise bookkeeping services may be the answer. . .
It is very common for business owners to assume they can handle their bookkeeping and attempt to take on the responsibility themselves. If these responsibilities are not taken care of in a timely manner, they begin to stack up and suddenly you're buried under months of backlog. Take the stress off yourself and let us take care of such time consuming responsibilities with our outsourced bookkeeping services.
We offer outsourced bookkeeping and accounting services for a fraction of the cost of an in-house bookkeeper. We offer a variety of services from day-to-day functions to year end preparation. You get to customize your bookkeeping service package and choose whichever services you'd like to take advantage of. Our clients are our priority.
If multiple units of your franchise also take advantage of our services you will be able to make valuable comparisons between them using our customizable QuickBooks accounting system. You will be able to view important benchmarks and rankings to effectively evaluate your situation using our franchise bookkeeping services.
With us, your bookkeeping is always up-to-date and accurate and we can generate the required reports for you when you need them.
If your franchise business is in need of bookkeeping, accounting and instruction on your QuickBooks accounting software then give us a call! Our first confidential meeting is free!
Visit our website below to learn a bit more about us! We're LOW COST, AFFORDABLE AND KNOWLEDGEABLE!
Kathryn C. Tiffany, LLC
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
American Institute for Professional Bookkeepers
National Bookkeepers Association
Intuit QuickBooks program - Certified QuickBooks ProAdvisor
Association of Certified Fraud Examiners
Voorhees Business Association
Chamber of Commerce
Journal of Accountancy and Accounting Today
◢ Construction/Contractor Bookkeeping: QuickBooks Accounting ◣
If you are a general contractor or own a supporting business such as plumbing, electrical, engineering, painting, drywall, insulation, siding, roofing, or other construction trade, your primary bookkeeping concern is job costing. To be profitable, you must bid a job accurately, measure your profitability when the job is done, identify any mistakes, and continually improve the accuracy of your bidding.
Consequently, it is of utmost importance to set up your bookkeeping software to make this process as easy for you as possible. Custom-designed reports in addition to standard reports will help you assess your performance. While most software packages provide these capabilities, our current construction clients choose to use QuickBooks® software.
QuickBooks® is inexpensive, user-friendly, and comprehensive in its design. Its key features, most relevant to the construction trades, include:
- Ability to tie Income, Cost of Goods Sold, and Expense items to customer jobs
- Time cards within the software for recording dates and hours worked per job
- Ability to accept the downloading of time data from other time card programs
- Payroll processing that allocates payroll costs (wages, payroll taxes, workers compensation costs) to jobs
- Workers compensation tracking and reporting
- Estimate form (bid or proposal)
- Progress invoicing
- Purchase Orders
- Inventory management
- 1099's for reporting payments to subcontractors
- Sales tax tracking and reporting
- Tracking by Customer Type or other category
- Profit & Loss by Job report
If you are planning to use QuickBooks®, a professional bookkeeper, who is also a QuickBooks® ProAdvisor, is your best option for set up, training, and helping you choose the best options for doing your bookkeeping. We have many construction clients and would be very happy to help you with all of your needs.
Your CPA will appreciate your complete and accurate bookkeeping and tax preparation will be simpler and less costly. Most of all, you'll have the information you need to make sound business decisions about how to manage and grow your business.
For more information or to set up your free consultation, please call Kathryn at (856) 803-4651 or email us at: Kathryn@TiffanyAccounting.com
We're LOCAL, AVAILABLE IMMEDIATELY, 7 DAYS A WEEK AND KNOWLEDGEABLE!
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Medical Bookkeeping & QuickBooks Accounting Services
Kathryn C. Tiffany, LLC
Voorhees, NJ
Telephone: 856-803-4651
The key to the success of every healthcare business is good financial management.
And, the key to good financial management can be found within a good bookkeeping system. A bookkeeping system that is always accurate and up-to-date can provide the statistical data needed to make more profitable business decisions, allocate resources, and budget expenses.
The Benefits . . .
Gain greater management & financial control.
Gain access to statistical data needed to manage cash flow, allocate resources & budget expenses.
Gain access to 24/7 medical and financial resources, peer connections & expert analyses.
Gain accounting controls to help prevent employee fraud & theft.
Gain time to improve medical billing, increase collections & manage the claims denial process.
Whether you are interested in full-charge Bookkeeping, Payroll & QuickBooks® services, want to learn more about "benchmarking" your practice -- or, just want to know if you are getting the best value for your bookkeeping dollar, we invite you to give us a call.
We look forward to serving you in any way we can.
Kathryn C. Tiffany, LLC
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Member of:
American Institute for Professional Bookkeepers
National Bookkeepers Association
Intuit QuickBooks program - Certified QuickBooks ProAdvisor
Association of Certified Fraud Examiners
Voorhees Business Association
Chamber of Commerce
Journal of Accountancy and Accounting Today
Voorhees, NJ
Telephone: 856-803-4651
The key to the success of every healthcare business is good financial management.
And, the key to good financial management can be found within a good bookkeeping system. A bookkeeping system that is always accurate and up-to-date can provide the statistical data needed to make more profitable business decisions, allocate resources, and budget expenses.
The Benefits . . .
Gain greater management & financial control.
Gain access to statistical data needed to manage cash flow, allocate resources & budget expenses.
Gain access to 24/7 medical and financial resources, peer connections & expert analyses.
Gain accounting controls to help prevent employee fraud & theft.
Gain time to improve medical billing, increase collections & manage the claims denial process.
Whether you are interested in full-charge Bookkeeping, Payroll & QuickBooks® services, want to learn more about "benchmarking" your practice -- or, just want to know if you are getting the best value for your bookkeeping dollar, we invite you to give us a call.
We look forward to serving you in any way we can.
Kathryn C. Tiffany, LLC
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany
Member of:
American Institute for Professional Bookkeepers
National Bookkeepers Association
Intuit QuickBooks program - Certified QuickBooks ProAdvisor
Association of Certified Fraud Examiners
Voorhees Business Association
Chamber of Commerce
Journal of Accountancy and Accounting Today
Food and Beverage Bookkeeping: QuickBooks Accounting
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Certified QuickBooks ProAdvisor
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Are you waiting all year to see what your income is?
Are you paying late fees and penalties? Is your year end a painful time consuming experience that you hate?
Kathryn C. Tiffany, LLC bookkeeping services will get your restaurant/bar/liquor store accounting organized so you know your monthly financials and your year-end filing is on time.
Are you paying your vendors/suppliers more than you owe them? Has an audit cost you because the payroll is processed wrong? Are you getting all the credit card payments owed to you?
Kathryn C. Tiffany, LLC bookkeeping services will help you control restaurant/bar/liquor store transactions so you can minimize unnecessary costs and ensuring you receive everything you're owed.
Are you about to start building your new restaurant/bar/liquor store? Are you just about to open a new restaurant/bar/liquor store?
Do you want to set yourself up for success?
Kathryn C. Tiffany, LLC bookkeeping services will ensure you have an organized system in place.
Are you ever going to get your initial investment back? Do you have good internal controls and are they working?
Are you managing your cash flow or is it managing you?
Kathryn C. Tiffany, LLC bookkeeping services improves your control over cash flow and financials while developing a sound long term plan so you can get a return on your investment.
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Licensed, Insured & Bonded
Certified QuickBooks ProAdvisor
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Are you waiting all year to see what your income is?
Are you paying late fees and penalties? Is your year end a painful time consuming experience that you hate?
Kathryn C. Tiffany, LLC bookkeeping services will get your restaurant/bar/liquor store accounting organized so you know your monthly financials and your year-end filing is on time.
Are you paying your vendors/suppliers more than you owe them? Has an audit cost you because the payroll is processed wrong? Are you getting all the credit card payments owed to you?
Kathryn C. Tiffany, LLC bookkeeping services will help you control restaurant/bar/liquor store transactions so you can minimize unnecessary costs and ensuring you receive everything you're owed.
Are you about to start building your new restaurant/bar/liquor store? Are you just about to open a new restaurant/bar/liquor store?
Do you want to set yourself up for success?
Kathryn C. Tiffany, LLC bookkeeping services will ensure you have an organized system in place.
Are you ever going to get your initial investment back? Do you have good internal controls and are they working?
Are you managing your cash flow or is it managing you?
Kathryn C. Tiffany, LLC bookkeeping services improves your control over cash flow and financials while developing a sound long term plan so you can get a return on your investment.
Visit our website below to learn a bit more about us!
We're LOW COST, AFFORDABLE AND KNOWLEDGEABLE!
Licensed, Insured & Bonded
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
★ Nonprofit Bookkeeping - QuickBooks Accounting - Business Services
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Certified QuickBooks ProAdvisor
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Kathryn C. Tiffany, LLC has a long history of providing nonprofit bookkeeping services to organizations just like yours.
If you work at a nonprofit organization as either its executive director or operations manager or in grant management, you are passionate about a life-changing cause. You need an bookkeeping professional who not only understands the nuances and complexity of nonprofit accounting, but who shares your passion for your core mission.
Bookkeeping for nonprofits is performed entirely differently than for for-profit entities. Even a nonprofit's financial statements are formatted differently from for-profits and include:
Statement of activities
Statement of financial position
Cash flow statement
Statement of functional expense
So, you need a financial team that understands the unique challenges of taking care of the finances for a nonprofit. Kathryn C. Tiffany, LLC works collaboratively to offer you complete bookkeeping and accounting services.
Perhaps you manage the grants your nonprofit relies on, and you need reporting geared specifically to help you gauge how committed funds are being spent. We can help you with these kinds of specific needs.
While we do not prepare the Form 990 and cannot perform the independent audit of your financial statements, we can help you locate a qualified CPA to act in this important role of auditor. Our job is to make sure that your audit goes as smoothly as possible.
Imagine not having to stress about your next audit. That would be pretty amazing, wouldn't it? Let's talk.
Contact us to discuss how we can help provide bookkeeping through CFO services to your nonprofit organization.
Visit our website below to learn a bit more about us! We're LOW COST, AFFORDABLE AND KNOWLEDGEABLE!
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Licensed, Insured & Bonded
Certified QuickBooks ProAdvisor
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Kathryn C. Tiffany, LLC has a long history of providing nonprofit bookkeeping services to organizations just like yours.
If you work at a nonprofit organization as either its executive director or operations manager or in grant management, you are passionate about a life-changing cause. You need an bookkeeping professional who not only understands the nuances and complexity of nonprofit accounting, but who shares your passion for your core mission.
Bookkeeping for nonprofits is performed entirely differently than for for-profit entities. Even a nonprofit's financial statements are formatted differently from for-profits and include:
Statement of activities
Statement of financial position
Cash flow statement
Statement of functional expense
So, you need a financial team that understands the unique challenges of taking care of the finances for a nonprofit. Kathryn C. Tiffany, LLC works collaboratively to offer you complete bookkeeping and accounting services.
Perhaps you manage the grants your nonprofit relies on, and you need reporting geared specifically to help you gauge how committed funds are being spent. We can help you with these kinds of specific needs.
While we do not prepare the Form 990 and cannot perform the independent audit of your financial statements, we can help you locate a qualified CPA to act in this important role of auditor. Our job is to make sure that your audit goes as smoothly as possible.
Imagine not having to stress about your next audit. That would be pretty amazing, wouldn't it? Let's talk.
Contact us to discuss how we can help provide bookkeeping through CFO services to your nonprofit organization.
Visit our website below to learn a bit more about us! We're LOW COST, AFFORDABLE AND KNOWLEDGEABLE!
Kathryn C. Tiffany, LLC
Licensed, Insured & Bonded
Voorhees, New Jersey
Phone: 856-803-4651
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Wednesday, September 30, 2015
Forensic accounting and bookkeeping – a means to end fraud & an excellent career choice
Catching thieves ingenious enough to stealing millions of cash from companies, or bringing down the notorious mob bosses in history. These endeavors do not require anymore a superhero with powers, but can be taken care by a mild-mannered accountant in the swiftly rising field of forensic accounting and bookkeeping.
Forensic accounting is one of the most rewarding and exciting career choice available. Even though, most people perhaps not know precisely what being a forensic accountant entails.
Understanding Forensic Accounting
The forensic accounting makes use of accounting skills to investigate embezzlement or frauds and to analyze the financial information, which further use in legal proceedings. It is a specialty practice area that explains engagements fall-outs from anticipated or actual litigation or disputes.
The forensic accounting centers around two main zones – investigation and litigation support.
- The litigation support entails the figuring out the amount lost by parties in a legal contest, and also appear as an expert witness in trials to testify.
- The investigative job role requires the combination of both skills, detective, and accountant. An accountant who has a thorough knowledge of financial measures and capability to think deductively is an ideal fit for this role. The key task of a forensic accountant on investigation part is to identify employee securities fraud, theft, and insurance fraud or identity theft, etc.
Who hires forensic accountants, or/and auditors?
The variety of institutions employs forensic accountants including, police forces, government agencies, insurance firms, financial lenders, courts, attorney and law firms, banks, business owners and credit unions, etc.
Typically, they employ forensic accountants based on their qualification and experience. Even, in some instances, they hire them based on their neutrality to the particular situation, if damages are involved.
Job description of forensic accountant
A forensic accountant can be involved in the broad array of investigations. They may comprise:
1. Partnership's and shareholder disputes
Such conflicts require a detailed analysis of several years of accounting records to reach a collective dispute resolution, including – benefit and compensation disputes of partners and shareholders.
2. Business interruption
Such investigation entails reviewing particulars of insurance policy. Business interruption research is primarily focused on enquiring employee dishonesty, property losses claims and other coverage issues. Also, forensic investigation defines appropriate methods of calculating losses in such areas.
3. Matrimonial disputes
In such disputes, forensic accountants evaluate assets like properties, businesses, and other personal assets.
4. Mediation and Arbitration
Situation where forensic accountants are involved in an alternate dispute resolution so that companies and individuals reach to a joint resolution with a nominal amount of time and with a minimal disruption.
5. Criminal investigations
In criminal investigations, the job of a forensic bookkeeper is to represent the evidence in the form of a concrete, concise and professional report.
6. Personal Injury claims
Forensic auditors are asked to enumerate economic damages and often calculate resulting financial losses resulting from accidents, wrongful dismissal, and medical malpractices.
7. Fraud investigation
Such study requires forensic accountants to trace funds, asset identification, and recovery. Commonly, performed in employee fraud cases.
8. Professional negligence
The forensic bookkeeper will investigate through a loss quantification, or breach in an agreement.
Forensic accountant's workflow
Each forensic auditor or accountant is assigned with the unique assignment with each client, but every accountant follow the same structure.
- Conduct initial meeting with client to understand the significant people, facts and issues on hand
- An efficient conflict check is performed
- Preliminary investigation is completed
- Build an action plan containing – objectives to be
achieved and methods to be used to accomplish them.
- Acquire relevant proof of occurrence of an event, or other evidence including, assets, economic information, and documents, etc.
- Preparing a final report
Qualification of Forensic accountant
The licensed forensic accountant must have minimum bachelor's or preferably master's degree in accounting or related field. Besides relevant education and licensing a forensic accountant also must have following personal characteristics –
-Confidence
-Strong communication and organizational skills
-Creativity
-Persistence
-Capability to make sound personal judgments.
Source: http://www.selfgrowth.com
Forensic accounting is one of the most rewarding and exciting career choice available. Even though, most people perhaps not know precisely what being a forensic accountant entails.
Understanding Forensic Accounting
The forensic accounting makes use of accounting skills to investigate embezzlement or frauds and to analyze the financial information, which further use in legal proceedings. It is a specialty practice area that explains engagements fall-outs from anticipated or actual litigation or disputes.
The forensic accounting centers around two main zones – investigation and litigation support.
- The litigation support entails the figuring out the amount lost by parties in a legal contest, and also appear as an expert witness in trials to testify.
- The investigative job role requires the combination of both skills, detective, and accountant. An accountant who has a thorough knowledge of financial measures and capability to think deductively is an ideal fit for this role. The key task of a forensic accountant on investigation part is to identify employee securities fraud, theft, and insurance fraud or identity theft, etc.
Who hires forensic accountants, or/and auditors?
The variety of institutions employs forensic accountants including, police forces, government agencies, insurance firms, financial lenders, courts, attorney and law firms, banks, business owners and credit unions, etc.
Typically, they employ forensic accountants based on their qualification and experience. Even, in some instances, they hire them based on their neutrality to the particular situation, if damages are involved.
Job description of forensic accountant
A forensic accountant can be involved in the broad array of investigations. They may comprise:
1. Partnership's and shareholder disputes
Such conflicts require a detailed analysis of several years of accounting records to reach a collective dispute resolution, including – benefit and compensation disputes of partners and shareholders.
2. Business interruption
Such investigation entails reviewing particulars of insurance policy. Business interruption research is primarily focused on enquiring employee dishonesty, property losses claims and other coverage issues. Also, forensic investigation defines appropriate methods of calculating losses in such areas.
3. Matrimonial disputes
In such disputes, forensic accountants evaluate assets like properties, businesses, and other personal assets.
4. Mediation and Arbitration
Situation where forensic accountants are involved in an alternate dispute resolution so that companies and individuals reach to a joint resolution with a nominal amount of time and with a minimal disruption.
5. Criminal investigations
In criminal investigations, the job of a forensic bookkeeper is to represent the evidence in the form of a concrete, concise and professional report.
6. Personal Injury claims
Forensic auditors are asked to enumerate economic damages and often calculate resulting financial losses resulting from accidents, wrongful dismissal, and medical malpractices.
7. Fraud investigation
Such study requires forensic accountants to trace funds, asset identification, and recovery. Commonly, performed in employee fraud cases.
8. Professional negligence
The forensic bookkeeper will investigate through a loss quantification, or breach in an agreement.
Forensic accountant's workflow
Each forensic auditor or accountant is assigned with the unique assignment with each client, but every accountant follow the same structure.
- Conduct initial meeting with client to understand the significant people, facts and issues on hand
- An efficient conflict check is performed
- Preliminary investigation is completed
- Build an action plan containing – objectives to be
achieved and methods to be used to accomplish them.
- Acquire relevant proof of occurrence of an event, or other evidence including, assets, economic information, and documents, etc.
- Preparing a final report
Qualification of Forensic accountant
The licensed forensic accountant must have minimum bachelor's or preferably master's degree in accounting or related field. Besides relevant education and licensing a forensic accountant also must have following personal characteristics –
-Confidence
-Strong communication and organizational skills
-Creativity
-Persistence
-Capability to make sound personal judgments.
Source: http://www.selfgrowth.com
Tuesday, September 22, 2015
Bookkeeping/Recordkeeping for charitable contributions
You must keep records to prove the amount of any cash and noncash contributions you make during the year. Which records you must keep depends on the amount you contribute and whether they are cash or property contributions. New recordkeeping requirements were established for all contributions made after January 1, 2007. You cannot deduct a cash contribution, regardless of the amount, unless you keep as a record of the contribution, bank records (such as a cancelled check or bank statement containing the name of the charity, date and the amount) or a written communication from the charity.
This article discusses which records you must keep.
Cash Contributions
Cash contributions include those paid by cash, check, electronic funds transfer, debit card, credit card, or payroll deduction. You cannot deduct a cash contribution, regardless of the amount, unless it is substantiated by one of the following:
A bank record that shows the name of the qualified organization, the date of the contribution, and the amount of the contribution. Bank records may include: a canceled check, a bank or credit union statement or a credit card statement.
A receipt (or letter or other written communication) from the qualified organization showing the name of the organization, the date of the contribution, and the amount of the contribution.
Payroll deduction records. The payroll records must include a pay stub, Form W-2 or other document furnished by the employer that shows the date and the amount of the contribution, and a pledge card or other document prepared by or for the qualified organization that shows the name of the organization.
Cash Contributions of $250 or More: You can claim a deduction for a contribution of $250 or more only if you have an acknowledgement of your contribution from the qualified organization or certain payroll deduction records. If you made more than one contribution of $250 or more, you must have either a separate acknowledgment for each or one acknowledgment that lists each contribution and the date of each contribution and shows your total contributions.
To determine whether a contribution is $250 or more, do not combine separate contributions. For example, if you gave to the church $25 each week, your weekly payments do not need to be combined. Each payment is a separate contribution. The acknowledgment must be written and state whether you received any goods or services in return. If something was received in return, a description and good faith estimate of the value of the goods or services must be included.
For payroll deductions, the payroll records must include a pay stub, Form W-2 or other document furnished by the employer that shows the date and the amount of the contribution, and a pledge card or other document prepared by or for the qualified organization that shows the name of the organization. If the pay stub, Form W-2, pledge card, or other document does not show the date of the contribution, you must also have another document that does show the date of the contribution.
Noncash Contributions
For a contribution not made in cash, these general rules apply:
The records you must keep depends on whether your deduction for the contribution is:
Less Than $250
At least $250 but not more than $500,
Over $500 but not more than $5,000, or
Over $5,000.
Amount of contribution. In figuring whether your contribution is $500 or more, combine separate contributions of similar items during the year. If you received goods or services in return, reduce your contribution by the value of those goods or services. If you figure your deduction by reducing the fair market value of the donated property by its appreciation, your contribution is the reduced amount.
Deductions of Less Than $250
If you make any noncash contribution, you must get and keep a receipt from the charitable organization showing:
The name of the charitable organization,
The date and location of the charitable contribution, and
A reasonably detailed description of the property.
A letter or other written communication from the charitable organization acknowledging receipt of the contribution and containing the information in (1), (2), and (3) will serve as a receipt. You are not required to have a receipt where it is impractical to get one (for example if you leave property at a charity's unattended drop site).
Additional records. You must also keep reliable written records for each item of donated property. Your written records must include the following information.
The name and address of the organization to which you contributed.
The date and location of the contribution.
A description of the property in detail reasonable under the circumstances. For a security, keep the name of the issuer, the type of security, and whether it is regularly traded on a stock exchange or in an over-the-counter market.
The fair market value of the property at the time of the contribution and how you figured the fair market value. If it was determined by appraisal, you should also keep a signed copy of the appraisal.
The cost or other basis of the property if you must reduce its fair market value by appreciation.
The amount you claim as a deduction for the tax year as a result of the contribution, if you contribute less than your entire interest in the property during the tax year. Your records must include the amount you claimed as a deduction in any earlier years for contributions of other interests in this property. They must also include the name and address of each organization to which you contributed the other interests, the place where any such tangible property is located or kept, and the name of any person in possession of the property, other than the organization to which you contributed.
Any conditions attached to the gift of property.
Deductions of At Least $250 But Not More Than $500
If you claim a deduction of at least $250 but not more than $500 for a noncash charitable contribution, you must get and keep an acknowledgement of your contribution from the qualified organization. If you made more than one contribution of $250 or more, you can have either a separate acknowledgement for each or one acknowledgement that shows your total contributions.
The acknowledgement must contain the information in items (1) through (3) listed under Deductions of Less Than $250, earlier, and your written records must include the information listed in that discussion under Additional Records.
1. It must be written.
2. It must include:
A description (but not necessarily the value) of any property you contributed,
Whether the qualified organization gave you any goods or services as a result of your contribution (other than certain token items and membership benefits), and
A description and good faith estimate of the value of any goods or services described above. If the only benefit you received was an intangible religious benefit (such as admission to a religious ceremony) that generally is not sold in a commercial transaction outside the donative context, the acknowledgement must say so and does not need to describe or estimate the value of the benefit.
3. You must get the acknowledgement on or before the earlier of:
the date you file your return for the year you make the contribution, or
The due date, including extensions, for filing the return.
Deductions Over $500 But Not Over $5,000
If you claim a deduction over $500 but not over $5,000 for a noncash charitable contribution, you must have the acknowledgement and written records described under Deductions of At Least $250 But Not More Than $500. Your records must also include:
How you got the property, for example, by purchase, gift, bequest, inheritance, or exchange.
The approximate date you got the property or, if created, produced, or manufactured by or for you, the approximate date the property was substantially completed.
The cost or other basis, and any adjustments to the basis, of property held less than 12 months and, if available, the cost or other basis of property held 12 months or more. This requirement, however, does not apply to publicly traded securities.
If you are not able to provide information on either the date you got the property or the cost basis of the property and you have a reasonable cause for not being able to provide this information, attach a statement of explanation to your return.
Deductions Over $5,000
If you claim a deduction of over $5,000 for a charitable contribution of one property item or a group of similar property items, you must have the acknowledgement and the written records described under Deductions Over $500 But Not Over $5,000. In figuring whether your deduction is over $5,000, combine your claimed deductions for all similar items donated to any charitable organization during the year.
Generally, you must also obtain a qualified written appraisal of the donated property from a qualified appraiser.
Qualified conservation contribution. If the gift was a "qualified conservation contribution," your records must also include the fair market value of the underlying property before and after the gift and the conservation purpose furthered by the gift.
Out of Pocket Expenses
If you render services to a qualified organization and have unreimbursed out of pocket expenses related to those services, the following three rules apply.
You must have adequate records to prove the amount of the expenses.
You must get an acknowledgment from the qualified organization that contains a description of the services you provided and a statement of whether or not the organization provided you any goods and services to reimburse you for the expenses incurred. If so, the statement must include a description and good faith estimate of the value of any goods or services (other than intangible religious benefits). If the only benefit you received was an intangible religious benefit, you must receive a statement stating this; however, the acknowledgment does not need to describe or estimate the value of an intangible religious benefit.
You must get the acknowledgment on or before the earlier of: (a) The date you file your return for the year you make the contribution, or the due date, including extensions, for filing your return.
Car Expenses. If you claim expenses directly related to use of your car in giving services to a qualified organization, you must keep reliable written records of your expenses. Whether your records are considered reliable depends on all the facts and circumstances. Generally, they are reliable if you made them regularly and at the time you incurred the expense.
Your records must show the name of the organization you were serving and the date each time you used your car for a charitable purpose. If you use the standard mileage rate of 14 cents a mile for 2015, your records must show the miles you drove. If you use actual expenses to complete the deduction, your records must show the costs of operating the car for charitable purposes only.
Questions about recordkeeping requirements for charitable contributions? Help is just a phone call away.
This article discusses which records you must keep.
Cash Contributions
Cash contributions include those paid by cash, check, electronic funds transfer, debit card, credit card, or payroll deduction. You cannot deduct a cash contribution, regardless of the amount, unless it is substantiated by one of the following:
A bank record that shows the name of the qualified organization, the date of the contribution, and the amount of the contribution. Bank records may include: a canceled check, a bank or credit union statement or a credit card statement.
A receipt (or letter or other written communication) from the qualified organization showing the name of the organization, the date of the contribution, and the amount of the contribution.
Payroll deduction records. The payroll records must include a pay stub, Form W-2 or other document furnished by the employer that shows the date and the amount of the contribution, and a pledge card or other document prepared by or for the qualified organization that shows the name of the organization.
Cash Contributions of $250 or More: You can claim a deduction for a contribution of $250 or more only if you have an acknowledgement of your contribution from the qualified organization or certain payroll deduction records. If you made more than one contribution of $250 or more, you must have either a separate acknowledgment for each or one acknowledgment that lists each contribution and the date of each contribution and shows your total contributions.
To determine whether a contribution is $250 or more, do not combine separate contributions. For example, if you gave to the church $25 each week, your weekly payments do not need to be combined. Each payment is a separate contribution. The acknowledgment must be written and state whether you received any goods or services in return. If something was received in return, a description and good faith estimate of the value of the goods or services must be included.
For payroll deductions, the payroll records must include a pay stub, Form W-2 or other document furnished by the employer that shows the date and the amount of the contribution, and a pledge card or other document prepared by or for the qualified organization that shows the name of the organization. If the pay stub, Form W-2, pledge card, or other document does not show the date of the contribution, you must also have another document that does show the date of the contribution.
Noncash Contributions
For a contribution not made in cash, these general rules apply:
The records you must keep depends on whether your deduction for the contribution is:
Less Than $250
At least $250 but not more than $500,
Over $500 but not more than $5,000, or
Over $5,000.
Amount of contribution. In figuring whether your contribution is $500 or more, combine separate contributions of similar items during the year. If you received goods or services in return, reduce your contribution by the value of those goods or services. If you figure your deduction by reducing the fair market value of the donated property by its appreciation, your contribution is the reduced amount.
Deductions of Less Than $250
If you make any noncash contribution, you must get and keep a receipt from the charitable organization showing:
The name of the charitable organization,
The date and location of the charitable contribution, and
A reasonably detailed description of the property.
A letter or other written communication from the charitable organization acknowledging receipt of the contribution and containing the information in (1), (2), and (3) will serve as a receipt. You are not required to have a receipt where it is impractical to get one (for example if you leave property at a charity's unattended drop site).
Additional records. You must also keep reliable written records for each item of donated property. Your written records must include the following information.
The name and address of the organization to which you contributed.
The date and location of the contribution.
A description of the property in detail reasonable under the circumstances. For a security, keep the name of the issuer, the type of security, and whether it is regularly traded on a stock exchange or in an over-the-counter market.
The fair market value of the property at the time of the contribution and how you figured the fair market value. If it was determined by appraisal, you should also keep a signed copy of the appraisal.
The cost or other basis of the property if you must reduce its fair market value by appreciation.
The amount you claim as a deduction for the tax year as a result of the contribution, if you contribute less than your entire interest in the property during the tax year. Your records must include the amount you claimed as a deduction in any earlier years for contributions of other interests in this property. They must also include the name and address of each organization to which you contributed the other interests, the place where any such tangible property is located or kept, and the name of any person in possession of the property, other than the organization to which you contributed.
Any conditions attached to the gift of property.
Deductions of At Least $250 But Not More Than $500
If you claim a deduction of at least $250 but not more than $500 for a noncash charitable contribution, you must get and keep an acknowledgement of your contribution from the qualified organization. If you made more than one contribution of $250 or more, you can have either a separate acknowledgement for each or one acknowledgement that shows your total contributions.
The acknowledgement must contain the information in items (1) through (3) listed under Deductions of Less Than $250, earlier, and your written records must include the information listed in that discussion under Additional Records.
1. It must be written.
2. It must include:
A description (but not necessarily the value) of any property you contributed,
Whether the qualified organization gave you any goods or services as a result of your contribution (other than certain token items and membership benefits), and
A description and good faith estimate of the value of any goods or services described above. If the only benefit you received was an intangible religious benefit (such as admission to a religious ceremony) that generally is not sold in a commercial transaction outside the donative context, the acknowledgement must say so and does not need to describe or estimate the value of the benefit.
3. You must get the acknowledgement on or before the earlier of:
the date you file your return for the year you make the contribution, or
The due date, including extensions, for filing the return.
Deductions Over $500 But Not Over $5,000
If you claim a deduction over $500 but not over $5,000 for a noncash charitable contribution, you must have the acknowledgement and written records described under Deductions of At Least $250 But Not More Than $500. Your records must also include:
How you got the property, for example, by purchase, gift, bequest, inheritance, or exchange.
The approximate date you got the property or, if created, produced, or manufactured by or for you, the approximate date the property was substantially completed.
The cost or other basis, and any adjustments to the basis, of property held less than 12 months and, if available, the cost or other basis of property held 12 months or more. This requirement, however, does not apply to publicly traded securities.
If you are not able to provide information on either the date you got the property or the cost basis of the property and you have a reasonable cause for not being able to provide this information, attach a statement of explanation to your return.
Deductions Over $5,000
If you claim a deduction of over $5,000 for a charitable contribution of one property item or a group of similar property items, you must have the acknowledgement and the written records described under Deductions Over $500 But Not Over $5,000. In figuring whether your deduction is over $5,000, combine your claimed deductions for all similar items donated to any charitable organization during the year.
Generally, you must also obtain a qualified written appraisal of the donated property from a qualified appraiser.
Qualified conservation contribution. If the gift was a "qualified conservation contribution," your records must also include the fair market value of the underlying property before and after the gift and the conservation purpose furthered by the gift.
Out of Pocket Expenses
If you render services to a qualified organization and have unreimbursed out of pocket expenses related to those services, the following three rules apply.
You must have adequate records to prove the amount of the expenses.
You must get an acknowledgment from the qualified organization that contains a description of the services you provided and a statement of whether or not the organization provided you any goods and services to reimburse you for the expenses incurred. If so, the statement must include a description and good faith estimate of the value of any goods or services (other than intangible religious benefits). If the only benefit you received was an intangible religious benefit, you must receive a statement stating this; however, the acknowledgment does not need to describe or estimate the value of an intangible religious benefit.
You must get the acknowledgment on or before the earlier of: (a) The date you file your return for the year you make the contribution, or the due date, including extensions, for filing your return.
Car Expenses. If you claim expenses directly related to use of your car in giving services to a qualified organization, you must keep reliable written records of your expenses. Whether your records are considered reliable depends on all the facts and circumstances. Generally, they are reliable if you made them regularly and at the time you incurred the expense.
Your records must show the name of the organization you were serving and the date each time you used your car for a charitable purpose. If you use the standard mileage rate of 14 cents a mile for 2015, your records must show the miles you drove. If you use actual expenses to complete the deduction, your records must show the costs of operating the car for charitable purposes only.
Questions about recordkeeping requirements for charitable contributions? Help is just a phone call away.
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