IntraScope Accounting Solutions, LLC

 

 

June 2002 Edition

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The deductibility of charitable contributions can be confusing.  Here is a quick summary of the rules:

▪   The value of services rendered to a charitable institution are not deductible

▪   The standard mileage rate is 14 cents per mile for charitable mileage

▪   The payment of money for tickets, show, athletic events, etc. is only deductible if the money paid exceeds the fair market value of the ticket or event.  For instance, an individual pays $200 for a ticket that has a face value of $75.00.  The deductible contribution is $125.

▪   Generally, gifts of capital gain property are deductible at their fair market value on the date of contribution

 

 

 

QuickBooks has several “hot” keys or shortcuts to help you move quickly through the screens.  Here are a few you might find helpful.

Ctrl + Del – Deletes a line from the detail area

Ctrl + Ins – Inserts a line in the detail area

Shift + Tab – Moves you to the previous field

Ctrl + P – Print

+ (plus key) – Increases check or other form number by one

- (minus key) – Decreases check or form number by one

 

Should your company have a budget – the answer is absolutely yes!  A recent study of successful companies found those companies had one thing in common: a strategic plan and a budget to support that plan.  Budgeting allows management to anticipate cash flow problems in advance, determine appropriate raises for staff, make knowledgeable decisions about pricing to customers, and imposes discipline on spending.  A good budget will take the fear out of wondering where we are going to be at the end of the year.  It will also allow you to monitor progress throughout the year and react quickly to changes in the market place.  If you would like some help getting your budget in place, feel free to call.

 

Lay offs or “downsizing” can do more harm than good to a company’s long range financial success, according to a recent article in Harvard Business Review.  Obviously companies with falling revenues and shrinking profits need to act – but lay offs may not be the best choice.  Unless the eliminated jobs remain unreplaced for at least 6 – 12 months, the company will fail to earn a financial payback.  The cost of severance packages and costs associated hiring new employees will offset the savings in wages.