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I'm going to try to go live each week to answer your accounting questions for small nonprofits, churches and businesses. I'll update this post each week with links to the latest videos.

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self employed, tax reform, TCJA -

Did you know that 43 percent of the U.S workforce will do some form of freelancing by 2020?  Are you one of these Uber drivers, multi-level marketing distributors, online sellers, or freelancers?  The Tax Cuts and Jobs Act (TCJA) has provisions favorable to the self-employed, but many in the gig economy may not qualify if they aren't careful.

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The 2018 mileage reimbursement rates have gone up by 1 cent to 54.5 cents per businesses mile for 2018. For the federal per diem rates for travel around the US, check out their website: https://www.gsa.gov/travel/plan-book/per-diem-rates/per-diem-rates-lookup.    

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1099, independent contractors, self employed -

You can receive free 1099-MISC forms from the IRS to send to your independent contractors. If you paid an individual who was not an employee more that $600 in 2017, you may need to file the 1099-MISC forms and the transmittal Form 1096 to the IRS by the end of January 2019. For detailed information on who is an independent contractor, check out Church Accounting-The How-To Guide for Small & Growing Churches. The forms received from the IRS are the manual type with several layers. If you have more than a dozen to send, you may prefer the computer type...

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pledges, prepaid pledges -

Are you wondering how to record the prepaid pledges donors are sending in because of the new tax reform? In this video, I'll take you through the steps to set up a prepaid pledges account that will allow the donation to reflect on the Donor Acknowledgement letter. (Please NOTE: This is designed for management reporting purposes only; specifically religious organizations who do not need to file a tax return or a 990.)  Quick Summary: Set up a new account in the Chart of Accounts called "Prepaid Pledges/Unearned Donations". It must be a Current Liability. Set up a new Item as...

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