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Provision Business Services LLC

A Professional Bookkeeping Firm

Located in Albuquerque, Serving all of New Mexico

505-269-3783

How to Handle Charitable Contributions

How to Handle Charitable Contributions

Congratulations for being charitable.  Contrary to what many think, charitable contributions are not a deductible business expense.  They are deducted on your personal tax return, the 1040.  Because of this, charitable contributions should ideally be made from a...

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Recording Vendor Names in Your Books

Recording Vendor Names in Your Books

I've seen books where the vendor names are omitted - probably in an attempt to speed up data entry.  So just the date, dollar amount, and expense account were recorded, but not who the money was paid to.  Did you know you need to be able to track how much you paid...

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How to post health insurance to your books

How to post health insurance to your books

Many business owners run health insurance payments through their business checking account.  Depending on how your business is organized (LLC, S-Corp, etc), health insurance may or may not be a business deduction and it may depend on how you book it. Health insurance...

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How to Post Medical Expenses to Your Books

How to Post Medical Expenses to Your Books

Medical expenses are a tax deduction, but not a business deduction.  What does that mean?  Something I see frequently is business owners paying for their personal medical expenses or their family's medical expenses with business funds.  The thinking is that it's a tax...

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How to avoid double booking downloaded bank transactions

How to avoid double booking downloaded bank transactions

Linking your bank account to your Quick Books file may seem like a great time-saver, but it still requires some oversight to work properly.  One of the frequent complaints I hear about are downloading duplicate transactions.  This happens when you have more than one...

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