Beware of Phone Banking Apps | Bellevue & Kirkland Business Accountant
Banking Technology: Good or Bad for Consumers? In the last year, numerous banks have developed apps for the IPhone and/or Droid to assist depositors with depositing checks to their accounts. The depositor simply opens the app and then takes a picture of the check. The check amount is then deposited to their account. I was recently reconciling a client’s business checking account and discovered that a payroll check had cleared the bank on the current reconciliation. What was odd was that it had also cleared the previous month. Same check number, amount, etc. When I began researching...
Read MoreBusiness Accounting Strategy: How Much Should I Withhold? | Seattle Corporate Accounting & Tax Strategy
This is always one of the big questions on my clients’ minds and I have to address this in different ways. However, here are some guidelines I found in an article I originally read in Money magazine a couple years ago: 1. If you get a big refund each year, you’re having too much withheld from your paycheck. In effect, you’re giving the government an interest-free loan. 2. If you have too little withheld, you may be charged an underpayment penalty. You must pay 90% of what you owe for the tax year by the end of that year or an amount equal to 100% of your tax liability for...
Read MoreTop Things to Know on Managing Your Personal Debt
Credit cards aren’t the enemy is used wisely. Since the average American has about $10,000 or more in credit cards debt in their portfolio, it doesn’t necessarily mean that that’s a bad thing. Work on keeping current, maintaining a lower interest card, and paying off more than the minimum payment on a regular basis. Some debt is good and some debt is bad. Borrowing for some of life’s major purchases such as a car, home or wedding perhaps, isn’t necessarily a bad thing. Just make sure you shop around for a better deal always and don’t borrow more than you...
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