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When You Are NOT on the T.I.P.P.

Just like I wrote in my previous post, Prepaid Property Taxes: T.I.P.P. and Journal Entries .. the reason one might adjustment the business and property tax accounts on a monthly basis, or at the year-end .. is to make sure that the expense is correct for the fiscal period. I provided an example what to do when you are on a T.I.P. Plan that might be over 10 months .. But, what if you aren’t on the tax instalment payment plan? Should you be adjusting your expense accounts anyway? Or Leave it alone as an expense when paid?

I would adjust the expense

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From My Bloglines

If you hadn’t noticed, I use and prefer to use Bloglines as my online RSS feed reader. I haven’t been at the site since at least before July 28th, so I’m slowly catching up what’s out there since I got back. There’s a lot! Here’s something else that caught my eye.

The AllBusiness.com - Home-Based Business Articles site writes about the Top 10 Mistakes Home-Based Business Owners Make. Seems like sound advice, even if you don’t think it’s a mistake! I thought I would jot down a few thoughts how each relates to my own business, as I also work out of my house. The bold is from their list, the rest is how I relate to this ‘mistake’ for my own situation.

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