November 2021

DE Franchise Tax Calculator Harvard Business Services, Inc

By unity in Bookkeeping Posted November 30, 2021 Tags

As your Registered Agent, we will send you tax reminders both by mail and email, well in advance of the due date. We offer a tax filing service for a small fee in addition to your Franchise Tax amount. For a discounted rate you can submit your Delaware Franchise Tax payment via our online Franchise Tax form. The online fee will vary depending on when the online payment is submitted. You’ll incur a $200 penalty if you don’t file an annual report on or before March 1. You’ll also pay 1.5% per month applied against any unpaid tax and penalty.

Delaware franchise tax is a tax charged by the state of Delaware for the right to own a Delaware company.
It can be completed quickly with proper guidance and understanding of the process.
For corporations with more than 5,000 authorized shares, the tax rate was $250 plus an additional fee of $50 for each additional 10,000 authorized shares.
The minimum tax is waived on newly formed or qualified corporations filing an initial return for their first taxable year.
This type of company does not pay the standard annual Delaware Franchise Tax, but must still file and pay the annual report fee of $25 per year.

Delaware Franchise Tax is based on a Corporation’s total Authorized Shares. In nutshell, Franchise Tax is a fixed fee for companies to pay to maintain their businesses in Delaware, in a sense the cost of having a business in Delaware. It is essentially a form of state tax imposed by the state of Delaware for the right to own a company in Delaware. Paying your Delaware franchise tax is an important requirement for all corporations incorporated in the state. By following the steps outlined in this article, you can ensure that you pay your tax on time and avoid any penalties or interest charges.

Whether your business is physically in Delaware or not, you don’t pay any state taxes. We will also explain who has to file and pay, how much they have to pay, and what happens if they don’t comply with the regulations. If you have moved your business out of state, or if your business has been dissolved, you may be eligible for a refund of the tax that you have already paid. However, if you are still doing business in Delaware but have simply changed your business structure, you will not be eligible for a refund. If you are unsure whether or not you are eligible for a refund, you should contact the Delaware Division of Revenue to discuss your specific situation. Becoming a Delaware C-Corp is simple, but there is a lot of legwork.

Step 3: Choose a Payment Method

Delaware franchise tax is an annual tax that businesses incorporated in the state of Delaware must pay. The tax is important to note that the Delaware franchise tax is not the same as the state’s corporate income tax. Similarly, businesses can reduce their total gross assets in the state of Delaware by selling assets or moving them out of the state. This will result in a lower tax liability under the assumed par value method. The Delaware Franchise Tax is a tax imposed on corporations for the privilege of doing business in the state.

The company owners’ personal assets become to creditors of the company. This is where keeping current with the Delaware Franchise Tax comes in. The Delaware franchise tax is collected every year by the Delaware Department of State. They mail your official business address an annual reminder to pay your franchise taxes. When filing a franchise tax in Delaware, all the must be submitted is the physical address of the business and the name of the registered agent. When you submit your Delaware franchise tax payment, you’ll also need to submit an annual report.

Everything you need to know about Delaware franchise tax

Fortunately, in the case of an LP and LLC there is no such trap because the annual franchise tax is a flat fee not formulated based on ownership interest calculations. They may decide to start with a minimum stock structure which is 1 to 5,000 shares of stock. With this stock structure, the Delaware Corporation will pay a $225 Delaware Franchise Tax each year which includes the annual report fee. This will allow for the lowest annual fees which is sometimes beneficial for bootstrapped start-up companies.

What Is Delaware Franchise Tax?

Don’t forget about your Delaware franchise tax and annual report filings! Delaware corporations or Delaware LLCs that are actively conducting business need to stay compliant with the Delaware Division of Corporations to keep a business in good standing. Filing the annual report and paying the franchise tax as soon as possible help you avoid frustration and delays with other time-sensitive filings. The Delaware Franchise Tax for a corporation is based on your corporation type and the number of authorized shares your company has.

Who has to pay the franchise tax?

After you’ve made your payment, it’s important to verify that it was received by the Delaware Division of Revenue. You can do this by visiting the Delaware Division of Corporations website and searching for your corporation’s name. If your payment was received, it will be reflected in your corporation’s record. Although not as common, the Investor Rights Agreement may also make reference to the par value of preferred shares. This document outlines the rights of the investors, including anti-dilution protections and information rights, among others.

If you’re trying to figure out if you owe Delaware franchise tax, Bench can help. We provide small businesses with a tax filing and bookkeeping solution. ‎wave invoicing on the app store Our all-star team does your monthly bookkeeping for you and sends your financials to trusted tax professionals for a stress free filing experience.

Authorized shares calculation (corporations with zero par value stock)

Delaware LLCs however are required to pay the Delaware Annual Franchise Tax no matter where their operations are located. This is true even if a Delaware LLC does not have any income in a given year. This article is for informational purposes only and should not be relied upon as tax or legal advice. Please consult professionals for advice tailored to your specific situation. The author and publisher assume no responsibility for any errors or omissions or for any actions taken based on the information presented.

QuickBooks® Online Pricing & Free Trial Official Site

By unity in Bookkeeping Posted November 29, 2021 Tags

When signing up for QuickBooks Online, it only gives options for paying monthly. However, once you’ve signed up, navigate to your account settings, and you can switch to annual billing to save 10%. All Online plans include receipt capture, QuickBooks support and more than 650 app integrations with apps such as PayPal, Square and Shopify.

QuickBooks Online is better than QuickBooks Desktop if your business is looking for easy cloud-based accounting software with more mobility.
Launched back in 1992, QuickBooks Desktop Pro is the software that put QuickBooks on the map.
Today, we’ll explore QuickBooks Online pricing and subscription levels to help you choose the best bookkeeping software for your budget and needs.
This service uses your existing QuickBooks Online accounting information to determine your eligibility for a loan.
If you assign products and services to categories in the items list, you will also be able to filter the price level by product category to more easily apply price levels to the applicable products.
There’s nothing to install, no servers or data files to maintain, and no backups needed.

Those with QuickBooks Online accounts are potentially eligible, though they’ll still need to qualify on the strength of their accounting history. The QuickBooks Payroll software tracks employees by name, pay rate, pay method, and current status. You can track KPIs with in-depth analysis tools, consolidate data from multiple companies into singular reports, and compare different companies, clients, or franchises. You also get access to exclusive premium apps such as LeanLaw, HubSpot, DocuSign, Bill.com, Salesforce, and more.

Discover a greater view of your business with Plus

Some features are hidden in settings and are frustratingly difficult to find, but the built-in help button can make it easier to discover what you’re looking for. With QuickBooks Payroll Premium, we’ll review your setup to make sure everything is correct. The QuickBooks Online plans vary in terms of the number of reports you can create and the ability to run customized reports.

You can always get back to this thread if you need further assistance with payroll or other relevant concerns. I’m here to help you route to the best support available that can help you get back the pay history. When you switch from QuickBooks Desktop to QuickBooks Online (QBO), you may notice differences in the appearance of your financial records, @raiderguy10.

How many employees do you have?

QuickBooks Online is one of the company’s most popular accounting software choices for small-business owners. QuickBooks Online pricing is based on a monthly subscription model, and each plan includes a specific number of users. First-time QuickBooks Online users can typically receive a free 30-day trial or a discount for the first few months of service. Users can switch plans or cancel without having to pay termination fees. Customer support includes 24/7 live chat help as well as daytime phone assistance every day of the week, including weekends. Plans support up to 40 users and business owners can purchase varying levels of cloud access.

Small Business Statistics

To review your file data on the preview screen, just click on “next,” which shows your file data. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file. Gusto is an all-in-one people platform that simplifies payroll many human resources tasks. Many people are expected to assume that a QuickBooks Accountant is just a regular accountant. Well, while there are great similarities in the roles these two groups of people perform, there is also a defining difference that sets them apart.

Add-On Features

Use your smartphone’s GPS to reliably track the miles you drive, making it easy to sort business trips. There are six different versions of QuickBooks, including QuickBooks Online, QuickBooks Self-Employed, QuickBooks Pro Plus, QuickBooks budgeting common terms and definitions Premier Plus, QuickBooks Enterprise, and QuickBooks Mac Plus. If you want a happy medium, QuickBooks Mac Plus might be a good balance since its UI is easier to use without sacrificing advanced and customizable features.

QuickBooks Simple Start vs QuickBooks Essentials

You need to click “Start” to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export. The previously set up recurring transaction will not be impacted if a price rule expires or the rates are altered. There is no restriction on the number of price rules that can be created, but less than 10,000 is ideal. There are no contracts, and you can also add additional features, such as health benefits, 401(k), and workers’ compensation.

QuickBooks Online: Overall Best For Small Businesses

It’ll help someone keep their accounting data in one place, although it doesn’t offer many bells and whistles that could be useful for a larger operation. The QuickBooks Online plan that’s best for you largely depends on the number of users who will be using the program, the size of your business and your particular needs. If you are self-employed and report income on Schedule C of your personal income tax return, the QuickBooks Self-Employed plan will likely make the most sense. With Plus, you have the ability to add more users, track transactions by class and location, manage inventory, track jobs with Project Profitability, budgeting, and even more reports. After any initial trial period, you will be charged the standard rates for your product. QuickBooks Pro, Premier, Enterprise, and Mac are the best for users with existing accounting experience or who want a locally-installed option.

How do I get an Individual Taxpayer Identification Number ITIN?

By unity in Bookkeeping Posted November 23, 2021 Tags

Applicants who meet one of the exceptions to the requirement to file a tax return (see the Instructions for Form W-7) must provide documentation to support the exception. Having an ITIN number is a necessary tool if you have to file tax returns. A Form 1040 return with limited credits is one that’s filed using IRS Form 1040 only (with the exception of the specific covered situations described below).

Consider getting certified copies or using one of the application methods listed below, rather than mailing original identification documents to the IRS. Let’s say you’re working and earning money in the United States, but you don’t qualify for a Social Security Number (SSN). An ITIN (Individual Taxpayer Identification Number, type of Tax ID or Taxpayer ID) will serve as your identification number for filing your tax returns. If you do not qualify for an SSN, you will need to apply for an ITIN. Navigating the FAFSA submission process can be challenging, but with persistence and strategic planning, applicants can overcome hurdles and ensure timely completion of this key financial aid document.

Forms & Instructions

Having an ITIN number won’t make you eligible for benefits, such as Social Security or earned income credits that provide refunds to some low-income filers. You will usually file an ITIN application, Form W-7, Application for IRS Individual Taxpayer Identification Number, with your first tax return, which you must file as a paper return, not electronically. All the exceptions are listed in the ITIN application instructions. If you qualify for one of the exceptions and do not need to file a tax return, send only your ITIN application form and the required documents to prove that you meet the requirements of that exception.

We provide the best and most competitive value to you as valued customers to transform your goals into a solution with a clear action plan.
LITCs represent individuals whose income is below a certain level and who need to resolve tax problems with the IRS.
If you receive an IRS notice related to the ITIN application, CAAs can contact the IRS on your behalf.
No matter which way you file, we guarantee 100% accuracy and your maximum refund.
After you submit your application, you’ll receive a letter from the IRS within six weeks containing your ITIN.

A foreign entity that completes Form SS-4 in the manner described above should be entered into IRS records as not having a filing requirement for any U.S. tax returns. Failure to respond to the IRS letter may result in a procedural assessment of tax by the IRS against the foreign entity. If the foreign entity later becomes liable to file a U.S. tax return, the foreign entity should not apply for a new EIN, but should instead use the EIN it was first issued on all U.S. tax returns filed thereafter. The Individual Tax Identification Number, or ITIN, allows taxpayers who don’t have a Social Security Number (SSN) to file income tax returns. Unlike other forms of ID, ITINs only have one purpose—tax filing and reporting.

What is a tax ID number?

If you are not a U.S. citizen and do not have a Social Security number, learn how to get and use an Individual Taxpayer Identification Number (ITIN) to file a federal tax return. Acceptance Agents are entities (colleges, financial institutions, accounting firms, etc.) who are authorized by the IRS to assist applicants in obtaining ITINs. They review the applicant’s documentation and forward the completed Form W-7 to IRS for processing. An Employer Identification Number (EIN) is also known as a federal tax identification number, and is used to identify a business entity. It is also used by estates and trusts which have income which is required to be reported on Form 1041, U.S. The following form is available only to employers located in Puerto Rico, Solicitud de Número de Identificación Patronal (EIN) SS-4PRPDF.

Applying for and using an ITIN.

The number of documents you need for an ITIN number application is minimal. You can make the ITIN application in a few steps, & in approximately 8–12 weeks, you can have it. Discover all you need to do it right, and when you need this tax ID how to calculate prepaid rent expenses number. All features, services, support, prices, offers, terms and conditions are subject to change without notice. With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish.

You’re our first priority.Every time.

You’ll earn credit Points for every eligible U.S. dollar spent. It takes several weeks to process the application and receive the number. The estimated time is six weeks if all your ITIN application documents are in order. Most importantly, it allows undocumented immigrants to create a business entity to earn income in the US and receive business licenses. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.

Instead, you can use an individual taxpayer identification number (ITIN), which is another nine-digit identifier that functions similarly to a Social Security number. The process for obtaining an ITIN isn’t always easy – a PATH Act law passed in 2016 affecting ITIN renewals. With the law, every ITIN will now have an expiration date. So, if ITIN holders don’t renew on time, your refund could be further delayed, preventing you from claiming certain tax credits.

The processing time for an ITIN application varies, but it usually takes about 7 to 11 weeks. It’s advisable to apply well in advance of any tax filing deadlines. If you’re a foreign national business owner, you can also apply for a business credit card. Use your ITIN to apply for an employer identification number (EIN) on the IRS website. Once you have your ITIN, you’re ready to apply for a credit card.

Essay Writing Software

By unity in Uncategorized Posted November 19, 2021 Tags

The 21st century introduced the convenience of electronic services and now you can buy essays available by email, without ever leaving your property. It has never been easier to deal with the stressful Continue reading Essay Writing Software

Corporate Delaware Annual Franchise Tax Return

By unity in Bookkeeping Posted November 18, 2021 Tags

Please consult professionals for advice tailored to your specific situation. The author and publisher assume no responsibility for any errors or omissions or for any actions taken based on the information presented. When forming a Delaware corporation, one significant detail you will need to consider is the number of shares the entity will have authorized, and the corresponding par value of those shares.

Taxpayers owing $5,000 or more pay estimated taxes in quarterly installments with 40% due June 1st, 20% due by September 1st, 20% due by December 1st, and the remainder due March 1st.
At any moment, executives or team members may own public or private stock in any of the third party companies we mention.
To help your Delaware corporation annual report filing process go smoothly, we’ve got some answers to the most frequently asked questions we receive this time of year.
Thus, if the stated interest rate on a bond is 10% and the bond par value is $1,000, then the issuing entity must pay $100 every year until it redeems the bond.
If the state requires a copy of the Schedule L, there will be a note added to the record and the entity will show that the report was submitted but not accepted and will therefore not be in Good Standing.

The above calculations must be done for each class of stock that is authorized by a corporation. Taxpayers owing $5,000.00 or more must pay estimated taxes in quarterly installments with 40% due June 1, 20% due by September 1, 20% due by December 1, and the remainder due March 1. The amount of the par value of a share of stock is printed on the face of a stock current liabilities definition and example certificate. If the stock has no par value, then “no par value” is stated on the certificate instead. Corporations owing more than $5,000 should make estimated payments with 40% due June 1st, 20% due September 1st, 20% due by December 1st, and the remaining due March 1st. We set startups up for fundrising success, and know how to work with the top VCs.

The assumed par value capital method

The tax under this method is $400 per $1,000,000, or portion thereof, of assumed par value. All Delaware-incorporated businesses must, however, still pay the annual franchise tax, submit an annual report, and pay a filing fee. Here’s how to figure out how much you need to pay, how to file, and what happens if you don’t. Assumed Par Value Capital Method
With this method your Delaware Franchise Tax bill is calculated based on issued shares, authorized shares and total gross assets. If DE sent your startup a huge tax bill for their annual franchise tax, don’t panic – you can likely reduce your Delaware Franchise Tax by using an alternative calculation method.

This includes LLCs, corporations, limited partnerships, and limited liability partnerships doing business or organized in California.
To help you understand how franchise taxes work in different states, here are a few examples of how businesses are taxed.
Franchise taxes can be confusing to business owners, especially when the tax obligations vary from state to state.
Note that a single additional authorized share will cause this startup to pay an extra $85.

That’s right; Delaware wants its share even if you’re just using its name. The Delaware Franchise Tax is a fee that the state charges companies simply for the privilege of saying, “Hey, I own a Delaware company! ” It doesn’t poke its nose into how much you earn or what your business activities are. Think of it as a membership fee to the elite club of Delaware-incorporated entities. In addition to paying the Franchise Tax, Delaware requires every corporation to have and maintain a registered agent in the State. This is a person or a representative that is physically located in Delaware.

What is the New Beneficial Ownership Information (BOI) Reporting and How Does it Affect Your Business?

To use this method, you must provide figures for all issued and outstanding shares and total gross assets in the spaces provided in your annual franchise tax report. Total gross assets shall be those “total assets” reported on the US Form 1120, Schedule L (Federal Return) relative to the corporation’s fiscal year ending the calendar year of the report. The tax rate under this method is $350 (to be increased to $400 effective for the 2018 tax year) per million or portion of a million. This method calculates the tax based on your corporation’s total gross assets and the ratio of issued shares to authorized shares. Your corporation will owe an estimated $400 for each $1,000,000 in gross assets. The minimum tax when using this method is $400, and the maximum tax is $200,000.

How is franchise tax calculated in Delaware?

The default payment amount listed on your notification is set by Delaware using the Authorized Shares Method, which will almost always result in a much higher amount due for startups with limited assets. There is a helpful Franchise Tax Calculator on the Delaware website to assist in estimating your franchise taxes (note there is a different calculator for each of the 2017 and 2018 tax years). In addition to the franchise tax, there is also a $100 filing fee for the annual report. There are several variables that enter into the Assumed Par Value Capital Method including the corporation’s gross assets, issued shares, number of authorized shares and their par value. Delaware provides a Microsoft Excel worksheet that can be used to show the tax based on various assumptions.

Delaware franchise tax due March 1: two methods of calculation, two vastly different results

As you will note, the annual licensing fee for Washington corporations is a flat $69 (which is Washington’s equivalent of the Delaware franchise tax). For example, under the Authorized Shares Method, a corporation with 15 million authorized shares would pay $112,575 (i.e., $150 plus $112,425 [$75 x 1,499]). Under this method, your franchise tax is based on how many shares your corporation has authorized.

While the corporation may not have an income tax imposed simply for incorporating in the state, the corporation remains subject to Delaware’s franchise tax. For every additional 10,000 shares authorized after that, you pay another $85 in franchise tax, up to a maximum of $200,000. If you’re trying to figure out if you owe Delaware franchise tax, Bench can help. Our all-star team does your monthly bookkeeping for you and sends your financials to trusted tax professionals for a stress free filing experience. These include a business-friendly court system, flexible incorporation rules, and the fact that businesses operating only outside of Delaware don’t have to pay state corporate income tax.

Delaware franchise tax example

If the Company has dissolved it must be properly dissolved with Delaware, otherwise the Company will continue to be liable for the Annual Franchise Tax. At any moment, executives or team members may own public or private stock in any of the third party companies we mention. Help us have a productive first consultation by providing some additional information.

3 Ways to Buy IOTA MIOTA in 2024 A Simple 3 Step Guide

By unity in Cryptocurrency service Posted November 18, 2021 Tags

Our beginner’s guide found that not all cryptocurrency providers accept e-wallets, so do check this before signing up. Paypal is a fast, secure, and trusted payment method globally. A word of warning, some credit card providers charge the money queen’s guide a ‘cash advance fee’ for ATM withdrawals, gambling, and brokerage deposits. Having made it through steps 1 to 7, you will know that the main goal of buying a financial asset is for it to pay off when it’s time to cash out.

The pay-out possibilities on eToro, however, are still restricted. You must acquire a particular trading status before transferring crypto coins to any storage wallet other than the eToro wallet. Staking is presently available on ADA, ETH, and TRX on eToro.

We particularly appreciated the low transaction fees, which was a big plus for keeping costs down without compromising on the trading experience.
This “smart contracts” platform is currently in the process of redesigning its ledger technology and its protocol for consensus.
HITBTC boasts that it’s the “most advanced Bitcoin exchange” on the market.
The next step is to deposit Fiat money (USD, EUR, GBP, etc.) on Plus500.

You can buy cryptocurrencies like BNB, BTC and ETH, as well as other altcoins such as Monero with your debit card or credit card. Once you purchase any one of these crypto assets, you can trade your purchased tokens for IOTA tokens. You can buy IOTA with a credit card by first identifying a trusted and secure crypto exchange, creating an account, and clicking on the “Buy Crypto” option on the platform.

How easy is it to buy IOTA?

Make sure to locate your IOTA address inside the chosen IOTA wallet in order to request a withdrawal from the exchange. Both devices can hold a wide range of additional cryptocurrencies as well, so this might be a good choice if you’re looking to store additional other coins than IOTA. IOTA transactions are fast and feeless, thanks to a new model used by IOTA called “The Tangle”. IOTA uses node-to-node verification only, unlike Bitcoin’s traditional blockchain, where miners invest energy to solve math problems and add new blocks of transactions. Choose a sturdy crypto wallet, purchase IOTA tokens and store your purchased tokens long-term – IOTA is one for the present and the future.

The company gained $15 million through the Initial Coin Offering (ICO) for several minutes in summer, 2017.
As a result, you need to be wary of this high level of risk before investing your money.
Many investors of digital currencies do so to make the most of the temporary shifts in price, which change by the second.
Experts estimate a total of 35 billion IoT devices will be installed by the end of 2021 – the numbers are staggering.

This often means uploading a photo ID, such as your passport or driver’s license. Some platforms might also request proof of address, like a recent utility bill. Although the long-term outlook appears to be IOTA positive, it’s important to recognize that fear of missing out can cloud an investor’s judgment. Cryptocurrency is a volatile investment, so keep in mind that you could lose the money you invest. This “smart contracts” platform is currently in the process of redesigning its ledger technology and its protocol for consensus.

How To Sell IOTA (MIOTA)

A strategy adopted by many investors looking to buy IOTA is to come up with an investment plan. On the contrary, if you aren’t depositing with US dollars, eToro simply charges clients a 0.5% exchange fee. As is clear from the above, 1.49% sounds like a minute amount. But, as they are charged on each trade – these fees soon eat away at your potential profits. If you time the markets correctly and place the appropriate order, you can make some healthy gains buying IOTA from the comfort of your own home. When contemplating how to buy IOTA, you will be pleased to know that finding a place compatible with your chosen payment method is unlikely to present an issue.

How and Where to Buy IOTA (MIOTA) in UK in 2022

Compared to other cryptocurrencies, IOTA is number 77 in terms of largest market caps, sitting at $386 million. As far as 24-hour trading volume, IOTA currently sits at 97. Theoretically, this approach provides higher scalability and eliminates the need for miners or validators, potentially lowering transaction fees. The Tangle is a directed acyclic graph (DAG) that is utilized on the IOTA network to validate and record transactions.

Purchase IOTA – where to buy IOTA coin?

Conduct your own research and due diligence when engaging with any crypto project or service. Filling out the necessary information for you to set up your account. You will need to provide personal details, but nothing out of the ordinary compared to what you must input when you’re opening any other type of account.

If you do require access to your coins, or don’t like the eToro solution for any other reason, this is probably the best possible choice Binance. The Ledger Nano X and Ledger Nano S Plus are hardware devices that allow you to store IOTA safely and securely offline. The Nano X also supports the use of a mobile app to send and receive funds. Today there isn’t a wide selection of wallets that support IOTA, so many people are storing it on exchanges. Many newbies who don’t have a solid understanding of the technical details are opting to do this.

You can trade Bitcoins, Ethereum tokens and Tether tokens for IOTA cryptocurrency on HitBTC. Launched in 2018, WazirX is India’s biggest cryptocurrency exchange with over 6,o00,000 users, and is expanding rapidly. It is one of the most reputable exchanges to currently offer IOTA (MIOTA) trading opportunities and currently accepts clients from all over the world. This exchange is part of the Binance Group, which ensures a high standard of quality. KuCoin currently offers IOTA (MIOTA) cryptocurrency trading as well as over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens.

IOTA is unique among cryptocurrencies because, as previously alluded to, it doesn’t use a traditional blockchain like Bitcoin or Ethereum. When it comes to where to buy IOTA, eToro has a benefit in that you can connect with more experienced professional traders and follow their IOTA investment plans. It provides deposit protection in the event that a trader’s funds are lost. To put it another way, when you trade IOTA, you’re actually trading MIOTA, which is 1 million IOTA units. IOTA is making it difficult to properly understand what an IOTA is – in addition to being one of the most difficult-to-understand and controversial cryptocurrency projects out now. Although IOTA isn’t supported by many exchanges yet, the technology is promising and we are excited to see the future of IOTA.

In addition, the web mobile wallets are in beta, making the IOTA paper wallet or the Ledger Nano wallets the best and easiest solution for long-term holders. Here are directions and comments from some users on Reddit who are discussing how hard this wallet is to set up. The IOTA GUI client is a desktop wallet that is available for Windows, Mac, and Linux. Setting up this wallet requires some work; When setting it up, choose “light node” and a host. Then generate an 81-character seed that contains only uppercase letters and the number 9. The total number of IOTAs in existence is 2,779,530,283,277,761.

CEX.io’s global reach makes it a versatile platform for users worldwide to diversify their portfolio with IOTA. KuCoin proved to be an excellent platform for buying IOTA, thanks to its interactive and intuitive interface. We particularly appreciated the low transaction fees, which was a big plus for keeping costs down without compromising on the trading experience.

Are sales discounts reported as an expense? Accounting Services

By unity in Bookkeeping Posted November 17, 2021 Tags

This means that a sales discount is not an expense but a contra-sales account. There are two primary types of discounts in accounting that might occur in your small business – trade discounts and cash discounts. A trade discount occurs when you reduce your sales price for a wholesale customer, such tax professionals in detroit, michigan as on a bulk order. If you receive discounts from suppliers, you can pass them on to your customers and expand your inventory, while keeping your expenses low. By offering a more diverse range of products, you’ll stay on top of the competition, while boosting your reputation and brand image.

Of course, credit sales always involve the risk that the buyer might not pay what they owe when the amount is due.
Basically, the cash discount received journal entry is a credit entry because it represents a reduction in expenses.
As a recap, both IFRS (IFRS 15, Paragraph 81) and ASPE require that if the bundled deliverables are sold at a discount, then that discount should be allocated proportionally among the different components.
It is simply a placeholder account that the entity uses to keep track of their discounts.
A change is reported to stockholder’s equity for the amount of the net income earned.

Direct expenses include deductions (e.g., discounts, returns, and allowances) and cost of goods sold. The purpose of a business offering sales discounts is to encourage the customer to settle their account earlier (10 days instead of 30 days in the above example). By receiving payment earlier the business now has use of the cash for an extra 20 days and reduces the chances that the customer will eventually default. The business receives cash of 1,950 and records a sales discount of 50 to clear the customers accounts receivable account of 2,000.

What is your current financial priority?

This means that the sales discount that was issued during the accounting period cost the business $500. However, in accounting a sales discount is not treated as an expense account but as a contra-revenue account. Hence, we will discuss sales discount, expense, and why sales discount is not an expense. A contra revenue account allows a company to see the original amount sold and to also see the items that reduced the sales to the amount of net sales.

If the customer does not pay within the 14 day period, when payment is made A Ltd would record this as Debit Cash $2,000 Credit Receivables $1,940 Credit Revenue $60.
A contra-revenue account is not an account that is shown in the entity’s Financial Statements.
Sales discount is debited as a contra revenue account and not as an expense.
The downside of offering a discount is that the business now has an extra cost.

The debit made to “Sales Discount” would make the debits and credits equal. A sales discount is the reduction that a seller gives to a customer on the invoiced price of goods or services in order to incentivize early payment. Hence, a sales discount is not an expense but a contra-revenue account that offsets revenue. Therefore, the natural balance of a sales discount is opposite to the natural credit balance of a revenue account. As seen in the income statement above, sales discount comes under Gross sales which is in the revenue section, and not in the expenses section.

sales discounts definition

For the recent year, the company had gross sales of $510,000 and had sales discounts of $4,000 and sales returns and allowance of $5,000. If a business has any returns, allowances, or discounts then adjustments are made to identify and report net sales. Net sales do not account for cost of goods sold, general expenses, and administrative expenses which are analyzed with different effects on income statement margins. We all look for discounts and sales, but the term “sales discounts” has a special meaning in accounting, and they impact the bottom line of the revenue figures for your business.

What is sales account in balance sheet?

The Sales Allowances contra revenue account may be utilised for products that are sold to a customer at a reduced price due to the product being defective or damaged. If Music World returns merchandise worth $100 after receiving a $1,000 order, they still owe Music Suppliers, Inc., $900. Assuming the credit terms are 2/10, n/30 and Music World pays the invoice within ten days, the payment equals $882, an amount calculated by subtracting $18 (2% of $900) from the outstanding balance. There is no upper limit to the number of accounts involved in a transaction – but the minimum is no less than two accounts. Thus, the use of debits and credits in a two-column transaction recording format is the most essential of all controls over accounting accuracy.

Sales Discount Not Taken

When these incidents occur, recovering the remaining portion of the invoice can be difficult, and in some cases may be written off to bad debt. Monitor your accounts closely to reduce these instances as much as possible. The sales discount will be shown in the company’s profit and loss statement for an accounting period below as the gross revenue of the company.

Sales Discount: Accounting, Journal Entry, Example, Debit or Credit

Thus, the sales allowance is created after the initial billing to the buyer, but before the buyer pays the seller. This is because the initial accounting journal entry at the time of sale was a debit to Accounts Receivable asset account and credit to a Sales Revenue account. If the customer does not pay within the 14 day period, when payment is made A Ltd would record this as Debit Cash $2,000 Credit Receivables $1,940 Credit Revenue $60. In an accounting journal, debits and credits will always be in adjacent columns on a page. Entries are recorded in the relevant column for the transaction being entered. The first is to create a “contra-revenue” account and the second is to simply net the discount immediately off of the Revenue figure.

What is the account classification of sales discounts?

The first step in identifying such problems is to carefully monitor sales returns and allowances in a separate, contra‐revenue account. An income statement is a financial statement that reveals how much income your business is making and where it is going. Another example is “2% 10/Net 30” terms, which means that a buyer will enjoy a 2% discount if he settles his balance within 10 days of the invoice date, or pays the full price in 30 days. Net sales allowances are usually different than write-offs which may also be referred to as allowances. A write-off is an expense debit that correspondingly lowers an asset inventory value.

What does FIFO mean?

By unity in Forex Trading Posted November 16, 2021 Tags

First in, first out (FIFO) accounting is an inventory accounting method that assumes the first goods that enter your inventory are the first goods to leave it. As prices fluctuate, this method gives you a consistent framework for determining the cost of both the goods you sell and the goods you still have on hand. Check out our guide to the top inventory management software solutions to get started. By using such technology, you can improve the accuracy and efficiency of your inventory management processes. Leverage inventory management software and automation tools to enhance your FIFO compliance.

Tracking inventory and calculating COGS don’t have to be complicated or time-consuming.
This step establishes a chronological order for the smartphones in the inventory.
Additionally, FIFO ensures a fair and transparent approach to handling items.
This way, you can avoid product spoilage or obsolescence, leading to significant waste reduction and cost savings.

While the FIFO method may not be suitable for every business, it is a widely used system for managing inventory. Under the moving average method, COGS and ending inventory value are calculated using the average inventory value per unit, taking all unit amounts and their prices into account. Using the FIFO method, the cost of goods sold (COGS) of the oldest inventory is used to determine the value of ending inventory, despite any recent changes in costs.

Arnold points out that there are sometimes good reasons to use a LIFO model for fulfillment. For example, an electronics manufacturer might want customers to get the newest https://forex-review.net/ version of a device, even if that means the older stock sells at a discount. In this case, giving consumers the latest products is worth forgoing higher profit.

Which Inventory Method Should You Use?

Can lead to inconsistencies in the inventory value shown on the balance sheet over time. Reflects older, potentially lower purchase prices, leading to higher COGS during inflation. The stock should be rotated periodically to keep the older inventory in the front storage area and the newer inventory behind it. Companies dealing with products that tend to become obsolete or “go out of style” relatively quickly use FIFO as a standard method. Footwear, textiles, and technology products, like mobile phones and computers, are examples that would come under this category.

Offering fresher products to your customers can have a profound impact on your sales and customer satisfaction levels. When consumers receive goods at their peak quality, they are more likely to return and recommend your business to others. Positive word-of-mouth and customer loyalty can significantly boost your revenue, creating a virtuous cycle of growth. Effective cash flow management is critical for business sustainability and growth.

These new smartphones, representing the most recent additions to the inventory, are carefully integrated into the existing stock. However, the FIFO method still applies, ensuring that the newer arrivals are placed behind the older stock. To better illustrate how the FIFO method works in practice, let’s explore a concrete example of its implementation in a retail setting. In this scenario, we’ll consider a small electronics store that uses FIFO to manage its inventory of smartphones. This article will delve into the intricacies of the FIFO method, explore its numerous advantages, and provide real-life examples of its implementation. The up-to-date valuation of inventory helps you make informed decisions about pricing, procurement, and overall financial planning, ensuring your business operates efficiently and competitively.

FIFO: What the First In, First Out Method Is and How to Use It

When in doubt, please consult your lawyer tax, or compliance professional for counsel. Sage makes no representations or warranties of any kind, express or implied, about the completeness or accuracy of this quebex article and related content. Using FIFO, the COGS would be $1,100 ($5 per unit for the original 100 units, plus 50 additional units bought for $12) and ending inventory value would be $240 (20 units x $24).

This will provide a more accurate analysis of how much money you’re really making with each product sold out of your inventory. Throughout the grand opening month of September, the store sells 80 of these shirts. All 80 of these shirts would have been from the first 100 lot that was purchased under the FIFO method. To calculate your ending inventory you would factor in 20 shirts at the $5 cost and 50 shirts at the $6 price.

Business

The actual movement of goods in your business is not always as reflected in your accounting records. Let’s consider the other downsides besides the apparent disadvantages of old inventory perishing and increasing inventory storage costs. Reflects older purchase prices, leading to lower ending inventory value during inflation. The remaining stocks are 210 shirts (10 – beginning inventory & 200 – second purchase). In many cases, the goods purchased or produced first may not necessarily be sold first. Typically, recent inventory is more expensive than older inventory due to inflation.

Company

If you have items stored in different bins — one with no lot date and one with a lot date — we will always ship the one updated with a lot date first. Following the FIFO logic, ShipBob is able to identify shelves that contain items with an expiration date first and always ship the nearest expiring lot date first. When you send us a lot item, it will not be sold with other non-lot items, or other lots of the same SKU. Compared to LIFO, FIFO is considered to be the more transparent and accurate method. However, it does make more sense for some businesses (a great example is the auto dealership industry).

The FIFO procedure is a very useful system that can help food establishments optimize food ingredients and gain maximum benefits and increase restaurant profit margin. It uses a system that prioritizes using foods with the soonest expiration or use-by dates to reduce the likelihood of food waste and spoilage that can lead to foodborne illnesses. Let’s say you’re running a medical supply business, and you’re calculating the COGS for the crutches you’ve sold in the last quarter. Looking at your purchase history, you see you’ve bought 550 new crutches during this time period, but each new order came with a different cost per item. When smartphones arrive at the electronics store, they come from various manufacturers with different production dates.

Depending on the valuation method chosen, the cost of these 10 items may be different. FIFO enhances the financial reporting accuracy by reflecting the current market prices of goods sold. The COGS aligns with the cost of the older inventory items and better represents profitability.

It will help better accounting and a realistic picture of your business. Another critical step when implementing FiFo is to set up a system for tracking and recording inventory activities. This will give businesses an up-to-date view of their stock levels at any given time, which can help them quickly identify discrepancies and make necessary adjustments. In addition, businesses should regularly review the inventory list to determine if any products need to be restocked or removed from their shelves.

Trezarcoin TZC Wallet setup and how to mine Trezarcoin PoW PoS

By unity in Cryptocurrency exchange Posted November 10, 2021 Tags

As usual to get started with mining you’ll need 3 things. A wallet address which we hope you’ve one, A Miner program and a pool to join. Before mining we’d like to inform you that solo mining Trezarcoin is not possible as this coin is nearly a year old and the network difficulty is too high. You can still join a pool and mine Trezarcoin using your CPU and GPU.

Before getting into staking; anyone who is looking to setup wallet in Linux (Ubuntu, VPS) we suggest you to go through this official guide. Alternatively you can mine Trezarcoin from the following pools. If you still wish to try mining Trezarcoin using your CPU then you can download this NeoScrypt CPU Miner. However we don’t recommend it until unless you have a high end processor with more than 8 cores/16 threads.

So before we start this tutorial, I have two tips for making the most out of your mining experience.
For GPU mining there are many programs for AMD, but the one I have found to be the best is Claymore’s NeoScrypt AMD GPU Miner.
Still with high end CPU you cannot match the GPU speed so you will always end up paying for your electricity bills mining nothing.
A wallet address which we hope you’ve one, A Miner program and a pool to join.

Still with high end CPU you cannot match the GPU speed so you will always end up paying for your electricity bills mining nothing. CryptoGround.com is an independent publishing house that provides Cryptocurrency & Blockchain how to mine trezarcoin Technology News. It is a News Media Platform which serves its audience with accurate News and Analytical Articles. Super-Secure and Energy-Efficient PoW/PoS Coin featuring the latest advanced 0% PoS by Ghostlander.

Bitcoin Fees Soar as Ordinals Inscriptions Clog the Network

More the coins with more the time they are in your wallet your input weigh will increase and you have high chance of finding a block. Once you found the block the age of coins in your wallet will get reset to 0 and it can start staking only when it matures again which is 24 hours. To start staking you’ll need a huge amount of coins which can either be obtained from exchange or by mining.

Suprnova Mining Pool – How to mine on Suprnova? BTG, VTC, XVG, RVN, ZEN

Trezarcoin is a Hybrid currency that has both Proof of work and proof of stake algorithm. With both combined it helps https://cryptolisting.org/ the network run stronger and secure. When you use your GPU or CPU power to verify transaction then its mining.

They also have a hybrid Proof of work and Proof of stake system, where the more coins you have staking, the more chances you will find a block. Trezarcoin uses the NeoScrypt algorithm, which is ASIC resistant. One thing I thought was interesting, was the fact the the block times are 1 minute apart. Trezarcoin core wallet is available for Windows, Mac as well as Linux and the download link can be found on their website. Download the wallet and follow this guide to complete your wallet setup where we’ve explained everything about QT wallet. Once you complete the setup your wallet should be ready to send, receive and stake coins.

Make sure to type in your public key into the mining pool’s dashboard, to keep track of your statistics. As for their features, there a medium sized pool, with a current estimate of finding 160 blocks per day. The red arrow indicates the GPU speed and total speed. The blue arrow indicates the GPU temperatures and fan speed. The temperature differences of course will be different for everyone, even with the same software and hardware setup that I have.

The blue arrow indicates the total speed for your GPU’s. The green arrow indicates the GPU clock speed, hashes per watt, total power usage, temperature and fan speed. For GPU mining there are many programs for Nvidia, but the one I have found to be the best is CCminer. This mining software is compatible with Windows and Linux, however there are only precompiled binaries available for Windows. One thing that is unique about this pool is that they have most of the neoscrypt coins. They also have a lot of other coins, on different algorithms as well.

How Do I Start?

TrezarCoin utilizes a multi-algo implementation to ensure the highest level security with NeoScrypt PoW, Sha256d PoS, and BLAKE2s for Block Hashing. If you see a lot of stale shares, you may want to try a server that is closer to you. If you see a lot of rejected shares, try to lower the intensity of the miner if available. We will not focus on CPU mining since it is not profitable, compared to GPU mining.

Check out all other Cryptocurrency Mining Calculators.

A low market cap coin may be really profitable one day, and then could have half the payout tomorrow. There are several mining pools available for Trezarcoin however for this guide we’ll use unimining.net as an example. To stake Trezarcoin all you have to do is keep the wallet open 24 x 7. Your wallet starts staking as soon as the coins in your wallet become mature which usually takes a day. At the bottom right corner of your wallet you’ll see an icon next to network that turns from grey to orange which means your wallet is staking. To start mining with your consumer grade GPU you’ll need a miner program first.

In this image, we can quickly see how many coins and USD value we will make in certain time frames. You want to look at the Profit column, since this is the value after paying for your electricity usage. Keep in mind you also want to weigh the daily payout with the market cap.

This coin uses NeoScrypt proof of work algorithm which is ASIC resistant and you can mine using both NVIDIA and AMD GPU. Using a pool will allow you to receive consistent payouts, multiple times per day. So before we start this tutorial, I have two tips for making the most out of your mining experience. First make sure you have the latest drivers for your GPU’s. Secondly, most mining software will get flagged as a virus from virus scanners. What I like to do, is I make one folder and then put all of my mining software in sub folders.

Assessed Value vs Market Value: Whats the Difference?

By unity in Bookkeeping Posted November 9, 2021 Tags

In real estate, an assessment typically refers to a local government’s evaluation of property taxes homeowners must pay each year. These taxes serve as the primary revenue source for local governments and fund essential services, such as schools, hospitals, roads, police, and fire departments. Your home’s appraised value is determined by a state-licensed real estate professional known as an appraiser.

Our editorial team does not receive direct compensation from our advertisers.
This means if a home sold for $150k when it was listed for $200k, then the $150k becomes the market value.
Well, some of the most obvious factors include location, age of the home, and materials used to build the home.
The third-party assessors who determine the value are known as appraisers.
Our goal is to give you the best advice to help you make smart personal finance decisions.

On the other hand, assessors are simply there to determine how much taxes you’re required to pay on your home based on similar homes in your neighborhood. The main difference is that assessments are primarily used for tax determination, whereas appraisals help determine a home’s fair market value, typically during a sale. As such, assessments are more frequent than appraisals since local governments collect taxes annually or every few years. The appraisal value of homes is different from the assessed value in that it is an evaluation of a property’s value at a specific point in time. The appraised value is vital to the loan underwriting process as it can determine how much money can be borrowed against a property.

Assessed Value vs. Market Value: What’s the Difference?

In many situations, it may be necessary to request a second evaluation, especially if the value that is determined is significantly less than expected. Though it’s rare, it’s definitely possible for the appraised value of a home to come back higher than market value. This can happen if buyers are few and far between when a seller lists their home. In hot seller’s markets (where supply is low and demand is high), many buyers are willing to pay over the appraised value to get a home.

What’s the difference between an appraisal and an assessment – and how are these terms defined in real estate jargon?
The tax assessor will likely inspect the exterior and interior of your home, although you generally have the right to refuse him access to your house or property (the law on this varies from state to state).
If the property appraisal comes in higher than expected, the buyer gets to enjoy some immediate equity when they purchase the home.
Amanda co-founded a SaaS startup and has worked with small businesses and Fortune 500 brands.
Most assessment disputes happen when a homeowner feels the assessed value of their home is too high, since this means an unfair tax bill.
When you receive your assessment each year, review it and determine whether you agree with it.

Many of these factors are derived from computerized real estate data for the property’s neighborhood and the surrounding area. They will also compare your real estate holding to other comparable homes in your nearby area. Even if a buyer isn’t financing their purchase, they may choose to get an appraisal to make sure they’re not overpaying for the property.

Local Government Assessors

Don’t be upset as a property owner if your assessment is calculated at a lower amount than you’d figured. When trying to understand the assessment value of a property, you must know who is doing the assessing and why the property is being assessed. While assessed value and market value may seem similar, these numbers can be different—typically, the value as assessed is lower—and they’re used in different ways.

The majority of homeowners want their property’s appraised value to be higher than the assessed value because of tax implications. If you feel the assessed value of your home is wrong, go to your county’s assessment website. There you can check all information for any mistakes — like the wrong square footage or wrong number of bathrooms — so you’re billed the correct amount when property taxes are due. We’ve determined that a tax assessed home and an appraised home are two different things, but how do the processes differ?

An appraised value is an evaluation of a property’s value by a professional appraiser during the mortgage process. The appraiser is hired by the lender but the appraisal is paid for by the borrower. The borrower and lender will receive a copy of the home’s appraisal report. This report will include justification for the home’s given appraised value using information such as recent comparable home sales. During a home purchase, the appraisal starts after a buyer’s offer is accepted by the seller. Here, an appraiser completes a comprehensive internal and external assessment of the home to estimate its value and, ultimately, its price point.

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The good news is that many states and municipalities have laws in place to prevent property taxes from jumping along with inflated property values. In California, for example, where many of the most expensive housing markets can be found, annual assessment increases are capped at 2% until a property is resold. Use the information provided in your property tax bill and your county’s real estate tax rate. Bankrate follows a strict
editorial policy, so you can trust that our content is honest and accurate.

A home appraisal is used to determine market value, while an assessment is used to calculate yearly property taxes. It’s important to remember that these values are not interchangeable and typically won’t be the same. You’ll typically hire an appraiser to provide an appraisal of the property, giving you an estimate of the home’s value.

What Is A Special Assessment Tax?

In order to get an appraisal redone, you’ll need to provide a point of comparison that shows the original value is off. Whether you’re selling or buying, you should learn what is the extended accounting equation how the outcome of the home appraisal affects the sale. The assessed value of a property is determined by an assessor who examines how a property will be taxed.

Bank appraisal vs. market value

Low appraisal values can seriously affect what a mortgage company is willing to lend against a property, which is why it can be necessary to get a second opinion. Furthermore, if you are a buyer and a home appraisal comes in much lower than what a seller is asking for a listed house, this is something that should be seriously considered. While you cannot assign a value to a home (which is instead determined by a professional appraiser), you can provide your appraiser with relevant information to support your property’s value. In other words, the government can think your home is worth a certain amount, the bank another and buyers still less or more than what your property’s appraised or assessed value. Market value refers to the actual value of your property when placed at sale on the open market. It’s determined by buyers and defined as the amount they are willing to pay for purchasing the home.

Guide Taxonomy

The assessed value of a property may also change if the designated tax authorities change the tax rate used to calculate the taxes. Property tax laws are determined at the local government level, meaning the criteria used to conduct a property assessment may vary from one location to another. Typically, the local governments decide how often they conduct assessments. Some choose to assess property taxes once a year, every three years, or after the property is transferred from one owner to another. A home appraisal is an objective, third-party assessment of a home’s market value.

Month: November 2021