Tim Yoder
Tulsa
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Articles by Tim Yoder
TIM YODER: Structure may change, the purpose doesn't
I would like to offer my perspective on the recent Letter to the Editor and the conversations surrounding the credit union’s acquisition of The Hicksville Bank. As Chairman of the Board, and as a lifelong member of this credit union, I care deeply about this organization, our members, and the communities we serve. I recognize that change can bring questions, and I appreciate the opportunity to address them.
Tim Yoder, Ph.D., CPA
FreshBooks Review: Features, Pricing & Alternatives FreshBooks is a cloud-based accounting program that allows you to create and send unlimited invoices, manage clients and projects, and accept payments online. It offers a robust set of features, including double-entry accounting, recurring invoices, project management, and mobile accounting. It has four plans with monthly fees starting at $23 for one user.
A Simple Explanation of Section 1250 Property With Examples
Section 1250 property is your depreciable real property-like buildings-owned for more than one year and used in your business, trade, or rental activity. It's important to identify your 1250 property because the gain on the sale of such property is taxed differently than ordinary assets, capital assets, and other 1231 assets. Key Takeaways: What Is Section 1250 Property? Common examples of sec.
A Simple Explanation of Section 1245 Property With Examples
Section 1245 property is the depreciable personal property-like machinery, equipment, and furniture-that you have used in your business for over one year. It's a subclass of section 1231 property, but unlike other 1231 property, gain on the sale of 1245 property must be recaptured as ordinary income to the extent that depreciation was claimed on the property. This ordinary income is referred to as section 1245 recapture.
Definition, Examples & Taxation
Editor's Note: This article focuses on the big-picture 1231 issues. It excludes details and exceptions that rarely make a difference and only serve to overly complicate things. It is intended for small business owners trying to understand how the tax is calculated on their asset sales, so if you're a tax pro researching the nuances of 1231 or studying for an exam, this article might not be for you.
How To Print Reports in FreshBooks
In this fifth and last FreshBooks tutorial, we'll teach you how to print reports in FreshBooks-which includes accessing the Report section, locating the report you need, and printing it in a PDF format. We'll also show you how to customize the report before printing it, as well as how to export it as a CSV file if needed. You'll benefit most from this tutorial by following along in your own FreshBooks account. Try FreshBooks for free or receive 60% off for four months.
13 Tax Facts & Statistics for 2024
Income tax in the US is complicated and-of course-very unpopular. Rich or poor, most people feel they pay too much and others aren't paying their fair share. I've compiled some tax facts and statistics to shed some light on how the tax system spreads the tax burden among individuals of varying income levels as well as different business types and sizes.
Business Vehicle Depreciation for Cars, SUVs, Vans & Trucks
Business vehicle depreciation is severely limited for cars, smaller SUVs, trucks, and vans with an unloaded weight of under 6,000 pounds. Any vehicle with a personal-use nature is listed property, which eliminates section 179 and bonus depreciation and reduces MACRS depreciation to straight-line if the business use is 50% or less. Key Takeaways Considerations for Business Vehicle Depreciation Four major issues need to be considered to calculate your business vehicle depreciation.
What Is the Expense Recognition Principle?
The expense recognition principle is a fundamental concept in accounting that dictates when a business records its expenses. It is also known as the matching principle, which emphasizes presenting a clear picture of a company's financial performance by matching revenues with the expenses incurred to generate those revenues. For instance, say you buy inventory for $10,000 and sell half for $6,000 in a particular month.
How Much Do Small Businesses Pay in Taxes?
Self-employed small businesses-or sole proprietorships-must pay federal income tax, self-employment tax, and sometimes, additional Medicare tax on their Schedule C income. By studying various combinations of self-employment income and other income reported on the same return, we find that most small businesses have an effective tax rate between 14.13% and 37.00%. Self-employed taxpayers with wages from other sources face particularly high effective tax rates on their business income.
Advantages and Differences
Partnerships and multimember limited liability companies (LLCs) are two popular business types for operating a business with multiple owners. While a partnership is easier and less expensive to form, an LLC offers liability protection and has flexibility in choosing how to be taxed: A partnership is the default tax classification for any business with two or more owners. While certainly recommended, a formal partnership agreement is not required.
An Introduction to the Alternative Minimum Tax (AMT) for Small Business Owners
The alternative minimum tax (AMT) is a parallel tax system with fewer deductions but lower tax rates than the regular income tax system. It is a parallel tax system in the sense that taxpayers must calculate their tax liability under both the AMT system and the regular tax system and pay whichever liability is higher. I will help small business owners understand the basics of the AMT and what situations might trigger an AMT liability.
Determining Tax Deductions for Travel Expenses + List of Deductions
The IRS considers deductible travel expenses to be any ordinary and necessary expenses you incur while traveling away from home on business. To get tax deductions for travel expenses, the trip must have a business purpose and be temporary (less than one year) and you must be away from your tax home for a length of time that exceeds your usual work day or be away overnight to get sleep to fulfill the demands of your job while away.
How To Calculate Small Business Taxes
Calculating business income for tax purposes starts with accurate bookkeeping throughout the year to have a reliable income statement. Once you have your income statement, you need to do an extensive search for other sources of income, unclaimed tax deductions, and potential tax credits that can offset your tax. It's a lot of work, but if you are a do-it-yourselfer (DIYer) and enjoy a good challenge, I'll teach you how to calculate business taxes.
Best Accounting Software for Amazon Sellers in 2024
The best accounting software for Amazon sellers offer inventory management, comprehensive reporting capabilities, and seamless integration with Amazon Seller Central. A must-have feature for Amazon sellers is accounting software that tracks COGS automatically, which is why our list below is quite short.
50 years
This summer marks the 50th anniversary of the Yoder family’s arrival in Fountain Hills. The goal at the time was to set up a new custom home construction business and begin building houses and developing the town. In the half century since, various members of the Yoder family built hundreds of pre-sold custom homes, joined the architectural committee, joined Kiwanis and served the citizens on the Fire Board for nearly 20 years.
Pricing, Features & Alternatives in 2024
Dext Prepare is a business management software that features receipt scanning, expense reporting, and bookkeeping and analytic tools. It integrates with popular accounting software like Xero, QuickBooks, and Sage Accounting. Small businesses can use Dext Prepare to streamline expense reporting and reimbursement through approval flows and receipt processing features. You can get Dext Prepare starting at $27 per month.
Presentation
If you’re a WWII history buff, if genealogy interests you, or if you’re a Francophile you’ll enjoy my presentation at the Community Center on Feb. 9, 2023, at 11 a.m. Based on the last chapter in the recently released memoir, “Magnificent Memories of an Ordinary Man,” the French Connection is a story of love, betrayal, redemption and, above all, family. Reserve the date. Hope to see you there.
A Checklist for Your Small Business Internal Controls
Internal controls are important for all businesses, regardless of nature, size, and type. When I was at the university, we created an accounting manual for a local small business in the area. The main challenge that we encountered was creating a sound internal control system for a small business with three administrative employees who handle multiple job posts.
What Is a Tax Credit vs Deduction? Difference & Calculation
Federal tax credits and deductions both reduce the amount of tax you owe on your tax return, but the way the tax savings is calculated is very different. Tax deductions reduce the amount of your taxable income, whereas tax credits are directly applied against the tax you owe. Credits can reduce the amount of tax you owe or increase your tax refund, and some credits may give you a refund even if you don’t owe any tax.
Forensic Accounting vs Auditing: A Small Business Guide
The difference between forensic accounting and auditing lies in how the engagement is performed. Forensic accountants look for the existence of fraud in a business and can go as far as spotting other criminal behaviors committed by the owners or employees. Meanwhile, auditors focus more on your business’s compliance with accounting principles, such as United States generally accepted accounting principles (US GAAP) and other regulatory frameworks like tax laws and environmental compliance laws.
Wave Accounting Review: Features & Pricing in 2023
Wave is a free cloud-based accounting software program that allows you to manage your bookkeeping, invoicing, and payment processes in one place. With it, you can send unlimited invoices, manage your accounting for free, and process financial transactions―payroll and payments―at a low cost.
How To Reconcile a Credit Card Balance in QuickBooks Desktop
In this tutorial, we’ll walk you through the step-by-step process of how to reconcile a credit card balance in QuickBooks Desktop, which is crucial to keep your financial transactions accurate and your company safe. We’ll teach you how to trace transactions from QuickBooks to your credit card statement and vice versa. If you aren’t a QuickBooks Desktop user yet, you can choose from a Pro, Premier, Enterprise, or Accountant package.
Dedicated
The election nears. Libby Settle is smart, dedicated, hard-working and holds positive values. Our town’s parents, kids and district employees will benefit with the likes of Libby Settle sitting on the school board. I endorse Libby Settle.
11 Expert-approved Restaurant Bookkeeping Tips
Managing your finances can be one of the most difficult parts of running a restaurant. Restaurant bookkeeping comes with special challenges—expenses can fluctuate wildly and your profit margin is often very thin. But by monitoring your finances, you can ensure that your restaurant remains profitable. To assist you, we have collected 11 key bookkeeping tips for restaurants: Reconcile accounts regularly. Account for required tips as restaurant income. Claim your tax credit on employee tips.
6 Best QuickBooks Hosting Providers for 2022
Mark has researched and reviewed accounting software at Fit Small Business since 2019 and has developed an extensive knowledge of accounting software features and how unique business needs determine the best accounting software. Tim is a Certified QuickBooks Time (formerly TSheets) Pro, QuickBooks ProAdvisor, and CPA with 25 years of experience. He brings his expertise to Fit Small Business’s accounting content.
Accounting 101: Basic Terminologies, Accounting Cycle & More
In simple terms, accounting is the process of recording and summarizing transactions for the purpose of generating reports relevant to decision-making. Regardless of the business size, it is an important business function to ensure that all of the owners’ resources are used efficiently and effectively. Many certified public accountants (CPAs) and business executives define accounting as the language of business.
What Is a Profit and Loss (P&L) Statement? [+ Types & Uses]
The profit and loss (P&L) statement (also known as income statement) is one of the four basic financial statements that presents the revenues, expenses, and net income of a business. In basic accounting, the P&L statement is always one of the first financial statements to be prepared. It measures the performance and profitability of a company and guides business owners in making revenue growth and cost control decisions.
Hotelier Books Accounting Review: Features & Pricing for 2022
Hotelier Books is cloud-based accounting software and bookkeeping service platform tailored for limited-service small-scale hotel business owners, though it can also accommodate full-service hotels. It’s one of our best hotel accounting software and excels with its software that’s affordable and feature-rich, letting you manage the accounting for your properties and access business insights.
Nimble Property Review: Features & Alternatives for 2022
Nimble Property is an all-in-one cloud-based accounting software developed with hotels in mind. It offers a robust combination of easy-to-use features, automation, integration, and budgeting, which is why it’s one of our best hotel accounting software. It allows you to monitor daily sales, check occupancy, compare budgets, and monitor revenue per available room. It also lets you handle any day-to-day accounting activities, such as paying bills, invoicing customers, and reconciling bank accounts.
Cash-basis vs Accrual-basis Accounting Methods & When To Use Each
The option of whether to use the accrual or cash basis of accounting largely depends on what the accounting numbers will be used for as well as the cost and difficulty to produce accrual-basis numbers. Cash-basis accounting is often used for income tax reporting while accrual-basis is usually better for financial statements.
How To Void a Check in QuickBooks Desktop
In this tutorial, you’ll learn how to void a check in QuickBooks Desktop for bill payment checks and payroll checks already issued but not yet cashed or deposited. We’ll also cover the instances when you should void a check. This tutorial is more useful if you follow along in your QuickBooks Desktop account. If you don’t have one, you can purchase QuickBooks Desktop, one of our best small business accounting software, with a 60-day money-back guarantee.
What Is a Cash Flow Statement in Accounting? (Examples & FAQs)
The cash flow statement in accounting is one of the four basic financial statements. It presents the cash inflows and outflows of a business’s operating, investing, and financing activities. Reviewing it can give you information about your cash flow as opposed to net income. Below is a cash flow statement example: The cash flow statement above uses the indirect method in computing the net cash flow from operating activities.
What Is a Chart of Accounts & a Sample Numbering System
A chart of accounts is a list of all of your company’s accounts together in one place. Similar to a filing cabinet for your company’s accounting system, it’s used to organize transactions into groups. This is one of the many concepts discussed in our Accounting 101 article. Please see our example below for a better understanding of what’s included in a sole proprietorship’s chart of accounts.
What Are Liabilities in Accounting? With Examples
In accounting, liabilities are amounts that your business owes to any individual or entity—be it customers, debtors, vendors, or the government. These include accounts payables (A/P), deposits from customers, and salaries and wages payable. Most small businesses only include these on their balance sheet when the fact of the amount owed has been established, such as after having received the vendor invoice.
What Is a Balance Sheet? Definition & Illustration
A balance sheet displays a company’s assets, liabilities, and owner’s equity at any given point in time. It provides a snapshot of what a company owns and owes as of the balance sheet date and the amount invested by its owners, so note that the owner’s equity isn’t equal to the company’s fair market value. It’s one of several major financial statements that a bookkeeper should compile.
Revenue vs Profit: Differences & When To Use Each
Revenue is the amount your business receives for the sale of goods and services, whereas gross profit is the amount remaining after the cost of goods sold (COGS) are subtracted from revenue. Net profit, or net income, is the remaining amount after operating expenses are subtracted from gross profit. Revenue – COGS = Gross Profit – Operating Expenses = Net Profit There are a few distinct differences between revenue and profit, which are described below. We also recommend when to use each.
What Are Assets in Accounting? Types & Examples
Assets are resources that you own, control, and expect to provide a future economic benefit. For example, cash is an asset because it can be used to pay for future expenses. Other common assets are equipment, buildings, and investments. Assets are classified based on three criteria: Current vs noncurrent: An asset can be classified based on how soon it can be converted to cash or its economic benefit realized. Tangible vs intangible: An asset is classified based on its physical existence.
What Are Expenses in Accounting? Variable & Fixed Explained
An expense is a cost incurred by a business in its operations to produce revenues. Expenses in accounting can be either variable or fixed. A fixed expense doesn’t change with the level of usage or production, such as the rent paid for a building, whereas a variable expense changes with the production or the amount used, such as how your electric bill varies with the amount of electricity used. Variable Expenses Defined A variable expense is a cost that changes depending on your production level.
When you need to replenish your inventory, you’ll need to place an order with your supplier. Purchase orders (POs) provide documentation of your order and can be compared to actual goods received and invoices received to make sure you get what you’ve ordered and paid for. A PO also serves as a legal contract for the sale of goods once it’s accepted and signed by the vendor. Purposes of a Purchase Order A PO is useful for businesses with a complex organizational structure.
How To Print Reports in Sunrise Accounting
We’re pleased to present this tutorial in Sunrise Accounting, our overall best free accounting software and one of our leading small business accounting software. In this fifth and final lesson of our free Sunrise tutorials, we’re going to cover how to print reports in Sunrise Accounting, along with how to create and export them. We’ll also show you how to customize basic reporting options. You’ll benefit the most from this guide by following along in your own Sunrise account.
How To Reconcile Bank Accounts in Sunrise
We’re pleased to present this tutorial for Sunrise Accounting, one of our best small business accounting software and top-recommended free accounting software. In this fourth lesson of our free Sunrise courses, we’re going to cover how to reconcile bank accounts in Sunrise, classify imported transactions, and delete or archive your bank account. You’ll receive the most benefit from this guide by following along in your own Sunrise account.
How To Track and Pay Bills in Sunrise Accounting
We’re pleased to present this tutorial for Sunrise, one of our best accounts payable (A/P) software and leading small business accounting software. In this third lesson of our free Sunrise tutorials, we’re going to cover how to pay bills in Sunrise Accounting. We’ll also show you how to add expenses, track unpaid bills, and classify expenses from the bank feed. You’ll get the most out of this guide by following along in your own Sunrise account.
How To Create Invoices in Sunrise Accounting
We’re pleased to present this guide for Sunrise Accounting, our best free accounting software and one of the leading small business accounting software. This course, the second in our free Sunrise tutorials, covers how to create invoices in Sunrise Accounting. We’ll also show you how to add and manage customers, set up your product list, send invoices, receive checks to apply to open invoices, and customize an invoice template—a feature available to Sunrise Plus users.
How To Use Sunrise Accounting: 5 Free Tutorials
Welcome to the Fit Small Business free Sunrise Accounting Tutorials. Whether you’re new to the platform or could benefit from a more in-depth understanding of it, we have five courses to help you. Each tutorial includes an in-depth lesson, complete with text and images—and this first course covers how to set up your company in Sunrise.
What Is Fixed Asset Accounting? 3 Things You Need To Know
Fixed asset accounting is the process of capitalizing the purchase cost, allocating the cost over the asset’s useful life via depreciation, and removing the fixed asset from the books following a disposal. We go over each in detail and provide examples below. What is a fixed asset in accounting? Fixed assets are long-term assets that are expected to be used for more than one operating cycle.
How to Manage and Reconcile Bank Accounts in FreshBooks
Prior to reconciliation, it's essential to classify imported expense transactions in FreshBooks-which involves navigating to the Expense page, locating the transaction, and reviewing and properly classifying that transaction. You'll then need to match the imported transactions with the entries in your FreshBooks; and when you're ready to reconcile, head to the Accounting page, set your opening balance, and start with the reconciliation process.
How to Enter, Track & Pay Bills in FreshBooks
You can enter, track, and pay bills in FreshBooks from the Bills page under the Expenses menu. Use the New Bill form when entering a new bill, and track unpaid bills either from the page or by running an A/P aging report. When it's time to pay the bill, simply locate that bill on the Bills page and then select the Add a Payment button. You'll receive the most benefit from our tutorial by following along in your own FreshBooks account. Try FreshBooks for free or receive 60% off for four months.
5 Free Tutorials
Welcome to the Fit Small Business free FreshBooks tutorials. Whether you're new to FreshBooks or could benefit from a more in-depth understanding of the software, we have provided five tutorials that will help you. Each FreshBooks tutorial includes an in-depth lesson, complete with text and images as well as a comprehensive video demonstration. You'll find these tutorials much more useful if you have a copy of FreshBooks so that you can follow along with your own data.
Straight Line Depreciation: How To Calculate & Formula
Straight line depreciation is the simplest way to allocate the cost of an asset over multiple years in fixed asset accounting. The straight line method calculates annual depreciation by dividing the cost of the fixed asset by its useful life. Thus, an equal amount of the asset’s cost is deducted as depreciation expense against profit and loss during each year of the asset’s life.
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