BookkeepingConcepts

Avoid the "Bank Feed Trap": Are your QuickBooks settings costing you thousands?

If you are a contractor running your own books, QuickBooks automated banking rules can be a silent cash drain. The software loves to guess where your money went, and it often guesses wrong—mis-categorizing your material runs or tool purchases.

Step 1 to fix this is to Turn Off "Auto-Add" in your banking rules. This stops the software from automatically dumping transactions into generic buckets before you verify them.

To read the next 2 critical steps to protect your cash flow and stop overpaying self-employment tax, head over to our brand-new official business page, where I post the full financial guides every week! 👇 Click here to finish reading and follow us for more updates: facebook.com/bookkeepingconceptsllc

Bookkeeping Concepts LLC Lisa A. Netter is an accomplished entrepreneur and business owner with over twenty-five years of experience in providing professional accounting, bookkeeping, payroll, and tax solutions to small businesses.

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To continue receiving bookkeeping tips, tax updates, payroll resources, and contractor-focused business content, please follow our new page:
Bookkeeping Concepts LLC
Facebook: facebook.com/bookkeepingconceptsllc
All future updates will be posted there.
Thank you for your continued support.
— Lisa

Bookkeeping Concepts LLC Lisa A. Netter is an accomplished entrepreneur and business owner with over twenty-five years of experience in providing professional accounting, bookkeeping, payroll, and tax solutions to small businesses.

We've Moved!
Thank you for following Bookkeeping Concepts.
To continue receiving bookkeeping tips, tax updates, payroll resources, and contractor-focused business content, please follow our new page:
Bookkeeping Concepts LLC
Facebook: Bookkeeping Concepts LLC
All future updates will be posted there.
Thank you for your continued support.
— Lisa N

Bookkeeping Concepts LLC Lisa A. Netter is an accomplished entrepreneur and business owner with over twenty-five years of experience in providing professional accounting, bookkeeping, payroll, and tax solutions to small businesses.

Unlock Bigger Deductions on Rental Real Estate

Many rental property owners are surprised to learn that federal tax law often restricts their ability to deduct losses, treating most rental activities as passive unless specific requirements are met. But if you can qualify for the real estate professional exception, you may be able to turn otherwise suspended losses into immediate tax savings.

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Taking Control with Self-Directed IRAs

You have until April 15, 2026, the tax filing deadline, to make 2025 contributions to an IRA. If you’re seeking more than the traditional mix of stocks, bonds and mutual funds, a self-directed IRA offers greater autonomy and diversification. But it also introduces added complexity.

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5 Ways to Expand Your Use of QuickBooks Online

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Which Parent Gets the Tax Breaks After Divorce?

IRS rules determine who can claim many child-related federal income tax breaks after parents divorce or legally separate. Generally, the parent with whom the child spends the most nights gets the benefits. But the rules allow this “custodial” parent to release to the other, “noncustodial,” parent the right to claim the child for certain tax breaks if specific tests are passed.

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If You're Closing Your Business, Don't Forget These Tax Steps

Closing a business can be overwhelming. But it’s important not to let tax duties fall through the cracks. File a federal income tax return for your business’s final year and, if you have employees, make final federal tax deposits and report employment taxes.

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