QuickBooks has a new set of tools that can help you deal with what is probably one of your most pressing problems: getting customers to pay. Here’s how to use this new feature:Creating Your GroupsQuickBooks has added an entry in the Customers menu to take you to these new tools. Go to Customers | Payment […]
If you aren’t in the trade or business of gambling, you should be aware that gambling winnings are fully taxable and must be reported as income on your tax return. Gambling income includes but isn’t limited to winnings from lotteries, raffles, horse races, and casinos, and also includes cash winnings and the fair market value […]
Many small businesses have closed due to COVID-19. If yours is one of them, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors – you must also take certain actions as required by the IRS to fulfill your tax obligations. For […]
To help reduce the burden to taxpayers brought about by the coronavirus pandemic, the use of electronic or digital signatures on certain paper forms they normally cannot file electronically have been extended through December 31, 2021. Let’s take a look at what this means for taxpayers:Types of acceptable electronic signaturesAn electronic signature is a way […]
IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here’s a basic overview of terms to know:Contribution. The money that someone puts into their IRA. There are annual limits to contributions depending […]
Per diem rates have been updated for FY 2022 and are effective October 1, 2021. These allowances substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home and include lodging, meal, and incidental expenses, as well as meal and incidental expenses only.Taxpayers are not required to use a […]
The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with without calling or visiting an IRS office. Here’s what you need to know about IRS notices and letters:Reasons You Might Receive an IRS Notice or LetterThe IRS sends notices and […]
Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free, as well as minimize estate taxes. Additional opportunities are available as well, thanks to low interest rates and a volatile stock market. Let’s take a look at some of […]
If you’re a savvy investor, you probably know that you must generally report as income any mutual fund distributions, whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax owed.But if real estate’s your game, did you know that […]
Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not.While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good results. Every business owner knows […]