Month: December 2013

Worker’s Compensation Insurance – A Basic Understanding

Any business with employees should have worker’s compensation insurance, also referred to as workman’s compensation insurance.  Most states mandate this insurance if the employer reaches a certain number of employees (numerical and not full time equivalents).  The most common cited minimum count is three or more employees (eight states).  However, I strongly urge you to …

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Accelerated Depreciation – An Explanation

When it comes to depreciation, no two businesses are alike. Unlike traditional straight line depreciation where the asset value is cost out to depreciation expense in equal increments over a given life expectancy, accelerated depreciation expenses the cost at higher values during the earlier accounting periods and at a lower amount towards the last half …

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Current Liabilities Section of the Balance Sheet

The current liabilities section of the balance sheet identifies those amounts due to third parties within the current year.  These include accounts payable, credit card accounts, accrued payroll, taxes, unearned revenue, deposits and those amounts due within one year related to debt instruments.  In general they are listed from the most immediate amounts due to …

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Exempt and Non-Exempt Employees

The Federal Labor Standards Act of 1938 sets the standards as it relates to Exempt and Non-Exempt employees and their associated compensation and work standards.  The Labor Standards Act is located in Chapter 20 Section 201 of the Federal Code.  This Act is applicable to those small business operations with more than $500,000 of annual...

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Realized and Unrealized Gains or Losses

When a product or investment is sold, the seller must realize a gain or loss from the transaction.  The actual sale or transaction will trigger the gain or loss realized.  In effect, the receipt of cash sets the threshold for a ‘REALIZED’ amount.  Unrealized gains or losses are potential i.e. on paper transactions. A common...

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Estate Tax – The Basics

Even after death, your heirs may still have to file a separate tax return for you with the Internal Revenue Service.  If your accumulated wealth is greater than $5.25 Million, then your executor must file Form 706 – The Estate Tax Return. This article will cover the basics of the estate tax.  I’ll discuss the...

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