7 Steps to Take When You Open QuickBooks What do you do when you first log into QuickBooks? Maybe you’re there frequently and just popping in to look something up or fire off a quick invoice. If that’s the case, it’s not recommended that you take all these steps every time you open the program. […]
Summer is here, and you may be planning a picnic or other outing for your employees. When doing so, keep tax deductions in mind. Most entertainment expenses aren’t deductible, and business meals are generally subject to a 50% deduction limit. But, you may be able to deduct 100% of employee party costs. The event must […]
If your child is going to a summer day camp while you work, it may count as an expense toward the federal Child and Dependent Care Credit. For one qualifying child under age 13, you may annually use up to $3,000 of eligible child care expenses, including day camp expenses, to claim the credit for […]
It may not be as fun to plan as the wedding venue, invitations and attire, but marriage can result in changes affecting essential tax issues that need prompt attention following the wedding: Name. If your name has changed, report it to the Social Security Administration (SSA) so that the name on your Social Security card matches […]
If you’re thinking about helping a child or grandchild pay for school, you’re not alone, and you’re not without help. While families have always saved for education, Section 529 plans have made it easier and more tax-efficient. Tax Advantages With a 529 plan, your contributions grow tax-deferred, and no taxes are due when the money […]
Ever since you became a business owner, you’ve focused on growing revenue, managing expenses and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy will help you meet your retirement and estate planning goals. Multiple-Owner Businesses A buy-sell agreement is […]
The accounting method your business uses to report income for tax purposes, either cash or accrual, can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may in some cases be more appropriate or even required. So review your current method to help ensure you’re using the best […]
One of the biggest challenges small businesses face is managing a steady cash flow. Keeping income ahead of expenses is a constant balancing act. QuickBooks Online can help. With easy-to-use forms and a convenient mobile app, it helps you track and deposit incoming payments with ease. Do you ever receive instant payments for certain products […]
The IRS Business Tax Account provides information to sole proprietors, partners of partnerships, and shareholders of S corporations and C corporations. Eligible business taxpayers who set up an account can use the hub to make electronic payments, schedule or cancel future payments and access other tools. Business taxpayers can also view their current balances, payment […]
Eligible individuals with disabilities and their family members can use Achieving a Better Life Experience (ABLE) accounts to pay for qualified expenses. These are savings or investment accounts that don’t affect eligibility for government assistance programs. Contributions aren’t tax deductible, but withdrawals used for qualified expenses are tax free, similar to 529 education savings plans. […]
Making a family loan isn’t the only way to assist a loved one with purchasing a home. If you aren’t concerned about being paid back, a straightforward option is gifting cash. In 2025, you can give up to $19,000 to anyone without federal gift tax consequences under the gift tax annual exclusion. If your loved […]