Barry's Bookkeeping & Services

I'm looking for a rock-star full charge bookkeeper to join our staff. I'm open to part time, full time or even temporary or occasional. Remote work is not an option, at least not at this time. If you know this person, would you kindly send me a private message or give me a call? Thank you!

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IRS tax brackets 2024 vs. 2023: Here’s the full list of new income thresholds The Internal Revenue Service (IRS) has announced new income thresholds for the 2024 tax season. The changes are meant to offset the impact of inflation.

When we’re exhausted, we tend to loosen our grip on the promises of God. But Jesus has compassion for the exhausted, worn-out, weary heart. He invites us to come to Him to find rest for our souls and a fresh perspective on our lives (Matthew 11:28–30).

Requested an extension to file your 2022 tax return? To avoid a possible late filing penalty, you should file your Form 1040 on or before Monday, 10/16. See: https://ow.ly/oORY50PS74q

This article provides a pretty simple explanation of some of the most common business structures and why you might want to choose one over the other.

Which Business Structure Should You Choose for Your Business No sure if an S-corp, C-corp or LLC is the right business structure for you? Learn more about each type and what businesses they’re good for.

Being a business owner is not for the faint of heart. You must be courageous, hard working, focused and have a very thick skin. Here’s to the ones who everyday get out there, make it happen and are the very backbone of the economy! 👏🍻🇺🇸 HAPPY INDEPENDENCE DAY!!

Tomorrow is the tax deadline. If you need more time to file your return, apply for an extension by the April 18 deadline. Remember, an extension to file is not an extension to pay any tax owed.

Learn more about extensions: www.irs.gov/extensions

IRS tells millions of taxpayers to wait to file returns The Internal Revenue Service is telling some people to wait to file their 2022 tax return, a group that could represent millions of taxpayers. The issue

Charlie Miracle | 8 tips when starting your small business from a CPA Starting a business can be overwhelming. Running a company often requires learning new skills, and for many entrepreneurs – legal contracts, bookkeeping, and financial statements are uncharted territory. Here are

How is it that I am so blessed to have the most generous, fabulous clients in this world? These help make my office a reply joy to be at. My heart felt thanks to Jason & Jenn for such a beautiful expression of appreciation.

Copied from a peer group that I follow. If I have told you, as a client, that you don’t conduct business by journal entries so your work should not be recorded that way; now you can read a clear explanation for why I say that.

*Unpopular Opinion*

Common Advice I would like you to ignore... "Just journal everything." I have heard this from MANY people and even see "experienced" bookkeepers give this advice. This is why you should ignore it.

1) Most entries don't require a journal entry.

2) Excessive journal entries are reason enough to draw unwanted attention to your processes because it's seen as improper.

3) Journal entries should be reserved for adjustments. (To correct errors and to adjust financial statements at the end of the period to comply with GAAP)

4) Journaling everything tells me you are taking shortcuts or you don't understand how to use the system. (A common shortcut is to post everything to one account and then journal it out at the end of the month instead of recording each transaction properly as it happens.

The general rule in accounting is this. Transactions should be recorded in the same manner they happened. So if a customer paid $500 and a processing fee was charged for $50, you don't record the customer payment at the net amount $450 and leave it alone. You record $500 and a $50 payment processing fee to net. You should also have a $500 invoice in the system to account for the revenue, posting directly from cash/bank to revenue is also improper.

Many people will, I am sure, fight me on this but I FIRMLY stand by this as the PROPER way of processing transactions as an experienced bookkeeper. I am aware a lot of courses will teach you to take these shortcuts, those are also the courses that promise you 6 figures after a few months without teaching you how to do real bookkeeping because "the system will do it for you".

You have been cautioned. *Rant Over*

I must say once again that I have the most amazing clients on the planet! I was blessed to receive this fabulous arrangement from an appreciative client. My heart felt thanks to Shane & Stephanie.

Employers third quarter reports are due by Oct. 31, as are the Department of Revenue reports for quarterly filers. Let's get those filed early to avoid the inevitable website issues.

This will affect all businesses regardless of having entry elevel employees being paid minimum wage. Both direct and indirect costs to businesses will surely increase due to this change. Anticpating the need to increase prices to offeset this increase in expenses is a must.

The Washington State minimum wage for 2023 will increase to $15.74/hr January 1. That’s up $1.25 from what it is now.

The 8.66% rise is linked to increased costs for housing, food, and medical care as reflected in the Consumer Price Index.

Read more: https://lni.wa.gov/news-events/article/22-026

Heads up business owners

Proposed Rates Proposed and final workers' compensation rates announcement

Moses Lake man gets 5 years in federal prison for stealing unemployment benefits TACOMA — A Moses Lake man and former state Employment Security Department employee was sentenced Friday to five years in federal prison for exploiting his employment for personal enrichment and

This will affect average people not the super rich. There will be HUGE number of new IRS agents whose job it is to collect money from whoever they can find to get it from.

The Inflation Reduction Act would double IRS agents and audits — but the superrich aren’t the real targets Small-business owners and upper-middle-income workers will likely be the targets of additional IRS audits created by the “Inflation Reduction Act.”

IRS increases mileage rate for remainder of 2022 | Internal Revenue Service IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

OUR ANNUAL APPLE BLOSSOM OPEN HOUSE is kicking off within minutes. Come by to see us, have a little food and a cold drink! We would love to see your face!

Apple Blossoms of days gone by pictured below

Here is a little good news.

Teachers, have you heard the good news? Get the 4-1-1 on the new higher amount you can deduct on your taxes for out-of-pocket expenses. Previously $250, teachers and educators are now eligible to claim up to $300. To learn more click here: https://go.usa.gov/xtzsN

Happy Teacher Appreciation Day!

April 18th is the deadline to file for an automatic extension. Please remember that an extension to file is not an extension to pay taxes due.

The tax deadline is almost here. Check out this tax tip with reminders if you’re waiting until the last minute to do your taxes: https://go.usa.gov/xux3B

I have actually heard the words used interchangeably but the difference matters. RETURNS are inevitable - REFUNDS are conditional.

If you’re paid with a paycheck and your W-4 is correctly filled out, you should not get a refund. If you’re self employed and you make estimated tax deposits, as required, you should not get a refund. The IRS does not like refunds and prefers that you make adjustments to your tax payments throughout the year if there are financial changes in your household. Don’t let the government use your money interest free. Refunds really are not a good thing.

Tax Term Tuesday: Tax Return vs. Tax Refund

These terms are related, but are two different things.

Your tax return is the tax form or forms you file to report income, deductions and - if self-employed - expenses for the year.

Your tax refund is the money you get back from the government. It’s an overpayment of taxes from what you paid, or had withheld throughout the year, along with any deductions and refundable credits that reduce your tax.

Learn more at www.irs.gov

This is a simple explanation of the two options. It will help with a new start-up as well as a growing business considering a change to S-Corp.

LLC vs. S Corp: Which Is Right for Your Business? Determining the right business structure for your company is key, but how do you know if you’re better off as an LLC or as an S Corporation?

I LOVE my work but I work to live, not live to work.

Just kidding (sorta) 😉

The requirement is real. In my opinion, it is fantasy to think that someone with I’ll-gotten-gain is going to report it.

Yes, the IRS requires people to report income from stolen property and illegal activities If a person steals property or makes money from illegal activities, the IRS requires taxpayers to report that on their income tax return.