Month: December 2018

Accounting Technology Educational Training Options

Accounting Technology Educational Training Options

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The finances for any business have to be managed correctly in order to ensure monetary success. To accomplish this businesses and organizations place their financial records in the hands of educated professionals. Students can learn to work with several areas of a business by looking into accounting technology educational training options.

Tracking financial records is the main area of study within a program. Students learn to work with several accounting areas that include payroll, billing, and accounts receivable. Educational opportunities for students interested in accounting technology are available at the certificate and associate’s degree level. Most students complete an associate’s degree program because the skill set obtained from training gives students more career preparation.

The field has advanced to include a high level of computer-based accounting. Computerized accounting technology certificate programs are a great way for students to begin careers in this field. Exploring the computer software used by today’s professionals teaches students basic accounting tasks. Curriculum focuses on several career areas preparing students to step into various professional positions. Studies in business fundamentals and automated accounting systems courses are covered that focus on training students to handle financial records. QuickBooks, business writing, payroll accounting, and taxation are some course subjects that students can expect to work through. The skills obtained inside a certificate program focus on computerized accounting systems, which are directly related to the work professionals conduct inside the workplace. Understanding how to use computer programs allow professionals to minimize errors and work faster. Working through this level of education is a good way for students to enter careers quickly.

Further education at the associate’s degree level teaches students to take their knowledge of accounting technology and apply it real life situations. Schooling focuses on financial management and accounting to give students a strong foundation that will help them succeed inside the workplace. Two aspects of the field are highly emphasized. Students will take courses that focus directly on basic accounting and courses on how to use computer accounting software. Courses in security management, cost accounting, technical communication, information systems for accounting, and managerial accounting are some specific subjects included in training. Students are eligible for careers after completing either a certificate or associate’s degree program.

Entry-level careers that are available to students include:

*Bookkeeper

Professionals work with small businesses by recording their financial transactions. This typically includes purchases, investments, project costs, accounts payable, and more. The work conducted by bookkeepers helps a business know where they stand financially, which helps them conduct transactions.

*Accounting Clerk

Accounting clerks work with larger businesses and organizations. They maintain a detailed portfolio of the financial status of a company. Transactions, accounts, loans, and interest rates are some main areas professionals monitor.

Trained professionals are essential to helping businesses stay current on all monetary issues. Students can begin education by choosing accredited accounting technology degree programs based on the type of careers they want. The Accrediting Council for Independent Colleges and Schools (  ) fully accredits programs that offer quality … Read More

The Gift Tax in Layman Terms

The Gift Tax in Layman Terms

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Few people in America truly understand how the federal gift tax regulation really works, even though every year millions of people give away gifts to other people that they know. Some people mistakenly think they will get a deduction for a gift to a friend or relative. Actually, it works a bit differently. The gift tax is applicable whenever there’s a transfer of any kind of property. In other words, you are considered to have made a gift if you give property (including money), or the use of income from property, without expecting to receive something of equal value in return. The fact that they specify “something of equal value in return means that if you sell something for less than its full value or make an interest-free loan to someone, those transactions can be considered as gifts by the IRS.

According the Internal Revenue Service (IRS) an individual who gives a gift or a combination of gifts to one person that is valued at over thirteen thousand dollars must pay a gift tax. To be completely clear, it’s the gift giver’s responsibility to report and pay the tax, by filing the Form 709: United States Gift Tax Return, which which is available on the IRS website. Gifts that are recognized by the government include real estate property, money, fine art, jewelry, and so on.

So you can legally give someone a gift of up to thirteen thousand dollars in value without incurring a gift tax. That amount is the Annual Exclusion Amount. It can be combined in the case of a husband and wife, meaning that the couple can gift up to twenty-six thousand dollars without triggering the tax. On top of that exclusion amount, there’s the lifetime gift tax limit, and that limit is one million dollars. In layman terms, your yearly gifts are tallied (whether they exceed the annual exclusion or not); once you pass one million dollars in total gifts, anything in excess of that amount is falls under the gift tax, at rates varying between 37% and 45%.

There are exceptions to the gift tax. They include tuition or medical expenses you pay for someone (the educational and medical exclusions), gifts to your spouse, gifts to a political organization for its use, and gifts to qualified charities (a deduction is available for these amounts). In the case of the educational and medical exclusions, you must be careful. It’s crucial that the person giving the gift pays the bill directly to the educational institution or medical provider for the exclusions to kick in. If the recipient has already paid for them and you reimburse them, that amount will be subject to the annual exclusion limit.

A lot of people make use of the gift tax limit for estate planning purposes, in order to limit the size of their estate when they die and limiting the tax bill on their estate after their passing. In addition to its obvious tax benefits, a gift is very … Read More