What are Prepaids on a Balance Sheet? The Prepaids category appears under Current Assets on a Balance Sheet. Prepaids represent expenses that are paid in advance for a future period.
Tag Archive for property tax
18
Sep 2015
Personal Property Tax Issues
There is an interesting article in the San Jose Mercury News – “Silicon Valley’s stealthy, selfish war on taxes,” by Michelle Quinn (9/11/15). She looks at some of the assessed values high tech firms have noted for their equipment, including $1. She reports that some companies argue that the machine has no value to anyone else. That seems odd. But, it is a problem with a valuation tax, such as the property tax.
What is business personal property, such as equipment, worth each year? Arguably, when purchased, it is worth what you paid for it, but it isn’t worth that much after that. The valuation approach used does allow for adjustments down for subsequent years. The system also allows for lower values and appeals when necessary. Read more
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The Tax Digi-Nomad Series – A New PhenomenonAs the founder of virtual offices technology, I want to introduce a member who recently adopted TaxConnections Virtual Offices. Olivier Wagner is an example of a new phenomenon – a […]
You Could be Taxed on that “Non-Taxable” Employee BenefitA benefit frequently offered to employees is discounts on products or services that the company sells. Under the Internal Revenue Code, all benefits provided to an employee are taxable, unless they […]
Gluten-Free Federal Tax DeductionTo be eligible to deduct the excess costs of a gluten-free diet under Internal Revenue Code Section 213, you must have a documented reason to require the observance of a gluten-free diet, along with […]
Testimony To Senate Small Business Committee For AICPAOn June 14, 2017, I had the privilege to testify on behalf of the AICPA before the Senate Committee on Small Business & Entrepreneurship. The title of the hearing – Tax Reform: Removing […]
With Tax Records, When In Doubt, Keep ItYou’ve probably heard the expression, “when in doubt, toss it out.” That applies to just about everything except when you’re clearing out tax records! So, when you’re inspired to clear out those tax […]
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