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Charitable Contributions

Charitable Contributions

As you plan for your giving budget in this holiday season, remember that THIS YEAR ONLY (per the CARES Act), you can take the standard deduction, as well as up to $300 of cash donations. It has to be cash though, and it's up to $300 per return, so if you file jointly, it's still only $300. (Since most people use the new higher standard deduction, charitable giving is not deductible. But this year, you can claim up to $300 on top of that standard deduction.)

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Annual Reports - How 2020 Was And How To Prepare For 2021

Annual Reports - How 2020 Was And How To Prepare For 2021

With the end of 2020 fast approaching, we’re going to look at annual financial reports. Your shop’s financial report is being prepared and there are some steps for you to take. There are also steps you can take to prepare for a solid start to the new year. The content of this blog comes from two checklists provided by Three Rivers Bookkeeping. If you would like copies of these checklists, ask by phone or email at the bottom of this post. I would love to deliver these useful tools to you.

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Quarterly Reports - Much More Than What They Appear To Be

Quarterly Reports - Much More Than What They Appear To Be

Within this post we’re going to pull back the covers and take a look at what goes into a quarterly report. For this conversation we’ll be talking about privately owned auto repair shops only. By definition a quarterly report is a summary or collection of unaudited financial statements. These include balance sheets, income statements, and cash flow statements. These are prepared by your bookkeeper every quarter (three months). Some quarterly reports may also include year-to- date figures and

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How To Read And Understand Your Statement of Cash flows In As Little As 1-Hour

How To Read And Understand Your Statement of Cash flows In As Little As 1-Hour

Before this installment, I talked about the balance sheet and before that I educated you about the income statement. Let’s learn about your statement of cash flows and how to read it. My goal today is for you to totally understand the statement of cash flows The statement of cash flows is also called the cash flow statement. It is a general-purpose financial statement and the numbers are related to the information on the balance sheet. When the balance sheet changes, so does the cash accoun

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WARNING: Here's What Every Automotive Repair Shop Owner Needs To Know About Their Balance Sheet

WARNING: Here's What Every Automotive Repair Shop Owner Needs To Know About Their Balance Sheet

Check out this post to learn about the three parts of your balance sheet; Assets, Liabilities, and Equity. We’ll break them apart but first here’s a statement about a balance sheet in general. A balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by owners, investors and/or shareholders. In other words, the balance sheet shows a shop owner(s) the shop's net worth. Now let’s talk about assets. Within the as

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What Is The Income Statement And How Is It Useful For Business Owners?

What Is The Income Statement And How Is It Useful For Business Owners?

Last time we took a quick look at three financial reports: Balance sheet Income statement Statement of cash flows We talked about how you should read/review each of these monthly like reading the financial GPS to your repair shop’s finances. How financially healthy is your shop? Not-so-subtle hint, if you haven’t talked to your bookkeeper about the three reports, book an appointment with her today. In this day and age, this is a bare minimum service that yo

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Three key financial reports every business should review monthly

Three key financial reports every business should review monthly

Let's take a look at three financial reports, balance sheet, income statement, statement of cash flows. You should read/review each of these monthly. Looking at the numbers from these three reports is a clear picture of your shop’s financial health. This is a road map to planning your future. Let’s begin with the balance sheet. A balance sheet is a snapshot of your shop's financial condition at a moment in time. In the this article, we’re going to use a month as the bookkeeping period.

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How Much Does it REALLY Cost to Hire a Virtual Bookkeeper?

How Much Does it REALLY Cost to Hire a Virtual Bookkeeper?

Are you thinking about hiring a bookkeeper to handle the day to day finances of your business but not sure of the price tag? Not to worry, here at Three Rivers Bookkeeping, we want to give you as much information as possible so that you can make an informed decision about hiring a great bookkeeper. What is the initial cost? When outsourcing a new bookkeeper there might be some up front costs that are incurred and they can range anywhere from $200 - $5000. Why can this range b

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