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Q: How can you tell a transaction has been marked for extract?
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How to lower the cost of capital gains on selling a bed and breakfast?

By getting professional tax advice BEFORE selling, contracting to sell, or even listing the property for sale. Too often, people come to a tax pro AFTER the transaction is complete asking how to save on taxes. At that point, there is generally little or nothing that can be done, all that they can tell their clients is the proper way to report the sale on their tax return. If the client had asked for advice before the transaction, ways could have been found to structure the transaction to save on taxes.


How do you avoid over paying capital gains tax on selling a bed and breakfast that is your home?

By getting professional tax advice BEFORE selling, contracting to sell, or even listing the property for sale. Too often, people come to a tax pro AFTER the transaction is complete asking how to save on taxes. At that point, there is generally little or nothing that can be done, all that they can tell their clients is the proper way to report the sale on their tax return. If the client had asked for advice before the transaction, ways could have been found to structure the transaction to save on taxes.


How can you verify the date of your last transaction if the original creditor does not appear on your credit report?

If this is going through a collection agency you can tell them what you need to verify it was your debt and they have to get it from the original creditor. They have to get you whatever you need to verify it was your debt.


A trial balance is not a conclusive proof of the arithmetical accuracy of the posting?

A Trial Balance only proves that debits = credits. The trial balance cannot tell you if there were mistakes in either the calculation of the entry amounts or in the accounts used for the transaction. Using external documents such as a bank statement is helpful in ensuring that correct amounts have been posted. When you get Cash right, you are well on your way.


What is a cancelled check and why is it important to the checking account owner?

Cancelled checks tell account owners that the check amount has been paid to the payee. The back of the check shows who countersigned and cashed the check as well as the date of the transaction. These are proofs of payment and are available as copies if a problem occurs. For instance, if you have had to pay additional money for repair or cleaning of an apartment, you want the check copy in your files.