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Bruce McFarland

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Tax Accountant, L & R Tax Preparation

70 points

Our firm is one of the leading firms in the Grandview area. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention.

We provide total financial services to individuals, mid-size and ...

Our firm is one of the leading firms in the Grandview area. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention.

We provide total financial services to individuals, mid-size and small businesses along with other agencies.

An accounting firm is known for the quality of its service. Our firm's reputation reflects the high standards we demand of ourselves.

Our primary goal as a trusted advisor is to be available to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you.

We feel it is extremely important to continually professionally educate ourselves to improve our technical expertise, financial knowledge and service to our clients.

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Nov. 5, 2011

Bruce McFarland is now following Harley McKenson and 5 other people

Oct. 12, 2011

Bruce McFarland recommends this answer by Douglas Millington

Accountants: What is the entry for receiving a post dated cheque?

I don't know where you are getting your information but post-dated checks are not income on the cash basis until the date of the check.
If you have an IRS cite I'd love to see it. more

March 14, 2011

Bruce McFarland recommends this answer by Raelin Musuraca

If you go into business with a friend what are some things you should do to protect yourself?

First and foremost you want to protect your friendship. You do this by setting aside the friendship and meet as business colleagues to put in place contracts with each other. Talk about it and agree to leave the "friend" outside the room. It's a state ... more

March 12, 2011

Bruce McFarland and 18 other people answered this question

What is your favorite software for small business accounting?

I have been a part of the Inuit Family (user not employee) since 1999. As a QB pro you know that QB isn't always the right answer for everyone. They teach you that. I still use their products and plan on adding more. QB is ... more

Accounting Software

March 9, 2011

Bruce McFarland recommends this answer by Joanne Carry

Attention busy professionals, What makes you want to spend valuable time on social sites like Focus?

Honestly, Focus is the only place I have found consistent high quality answers and opinions from top experts who are physically working, living and breathing in the online space.
It is an invaluable resource when looking for examples of the experiences others have had (both ... more

General Management

Social Media Sites

March 8, 2011

Bruce McFarland and 3 other people answered this question

What are the 3-4 most common mistakes that SMBs make when filing their taxes?

The biggest obstacle for the small business owner is knowledge and understanding of the tax law because it is constantly changing. Most small business owners have no time to keep up with these changes.
The most common mistake is not keeping good records. Next would be, ... more

Accounting Software

Business Finance

Feb. 12, 2011

Bruce McFarland answered this question

How do I calculate payroll taxes?

The IRS is very strict on payroll tax and the deductions associated with it. Even a small miscalculation can land an organization in serious trouble with this regulatory authority. So, it is important to maintain careful records of payroll accounts in any organization.
The first step ... more

Human Resources

Financial Services

Feb. 12, 2011

Bruce McFarland answered this question

What does the Small Business Jobs and Credit Act really mean for small businesses?

The primary intent of the law is create 500,000 jobs and makes credit more accessible to small businesses. On top of that, the bill also provides approximately $12 billion or so in tax breaks.
Including:
 A $30 billion fund that would make low-cost capital available to ... more

General Management

Feb. 12, 2011

Bruce McFarland answered this question

Small business tax deductions: are there common small business deductions?

There are a great many things that are deductible, and in line just as many that are not. A general rule to determine if something is or isn’t deductible is to ask yourself
• Is it necessary for your business?
• Is the item 100% going to ... more

Small Business Finance

Tax and Regulation

Feb. 12, 2011

Bruce McFarland and 1 other person answered this question

What is and isn't deductable?

There are a great many things that are deductible, and in line just as many that are not. A general rule to determine if something is or isn’t deductible is to ask yourself
• Is it necessary for your business?
• Is the item 100% going to ... more

Financial Services

Feb. 12, 2011

Bruce McFarland and 1 other person answered this question

What is Tax Efficient Procurement?

Tax Procurement Efficiency is the process of restructuring the Procurement function with an attention to tax optimisation on top of all the other operational reasons.
TPE applies mostly to multinationals with operations on a global basis where most categories are procured on a regional or global ... more

Procurement Management

Feb. 12, 2011

Bruce McFarland recommends this answer by Robert Gordon

What are the tax benefits for an LLC?

More specifically, if an LLC elects to be a partnership, S-Corp. or sole proprietorship, income is only taxed once (at the owner level) and losses flow through and can be used by the owner to offset other income (subject to various restrictions). more

Financial Services

Feb. 2, 2011

Bruce McFarland is now following

Jan. 21, 2011

Bruce McFarland and 2 other people answered this question

What are examples of accounting software applications?

Accounting software is application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, and the trial balance.
There is a great multitude of possibilities here. I mean you can get a great software packages that will do ... more

Accounting & Audit Services

Accounting Service Provider

Accounting Software

Jan. 21, 2011

Bruce McFarland recommends this answer by Tyler Wells, CPA

How can you know that you are really getting everything you need to be getting out of your CPA?

Communication is the simple answer. You should be comfortable communicating with your accountant and keeping them up-to-date with the big issues that affect your business. Of course, communication is a two way street and, in my opinion, a good accountant needs to be more than ... more

Accounting Service Provider

Accounting Software

Jan. 21, 2011

Bruce McFarland and 1 other person answered this question

What does a controller do?

The Controller is the auditor and general accountant of your business. This encompasses all areas of accounting from financial accounting to forecasting and includes specific project work.
These aspects including but are not limited to: financial planning, preparing financial statements, budgeting, internal controls, computer systems ... more

Accounting Software

Jan. 21, 2011

Bruce McFarland and 1 other person answered this question

Where do I begin with my accounting records?

Depending on your “mess”, The simple answer and best place to begin is, anywhere. Just get it organized.
How:
I assume everything has dates so first sort everything out by its activity date. Then I would highly recommend some sort of software to help further organize. If ... more

Accounting Services

Accounting Software

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