You may think a natural or man-made disaster will never happen to you, but it can be a nightmare when it does. This current hurricane season is a good example, not to mention the wildfires in the West, the tornadoes in the Midwest, plus the potential for inevitable earthquakes.
When You Should Stop Doing Your Own Accounting
Running your own business is a complicated affair with a wide range of different “moving parts” to concern yourself with, but many people don’t realize how many of them ultimately lead back to your finances until it’s far too late.
Premium Tax Credit Explained
Almost everyone is required to be insured or pay a penalty as part of Obamacare. Unfortunately, this created a substantial financial burden for lower-income families. So, in order to alleviate this situation, Obamacare included a subsidy, referred to as the premium tax credit (PTC), to help them pay the cost of the insurance which is based on family size, household income in relationship to the federal poverty.
One major difference between being an employee and being self-employed is how you deduct the expenses you incur related to your work. If you are self-employed, you’re able to deduct expenses on your business schedule, but is you are an employee you are limited to deducting them as itemized deductions.
TV ads focusing on home solar touting free electricity as these savings and tax credits may not be all that they are advertised to be as it all depends upon your financial and tax circumstances. Keep in mind that home solar is not necessarily the best option for everyone. So, before you make a decision, we’d like for you to educate yourself and consider the tax and financial aspects of solar electric systems as they apply to your circumstances.
Find the Right Accounting Firm to Help Support Your Small Business
One of the most positive qualities that many small business owners share is a burning desire – an insatiable willingness – to “do it all.” It’s what separates entrepreneurs from employees in the first place. An employee is more than willing to set out on the path that someone else has carved for them. An entrepreneur has a need to carve a path for themselves.
Take Advantage of the Available Tax Benefits
Considering borrowing funds to finance your education or the education of your spouse or children? If so, you might want to take advantage of the available tax benefits.
Use a Qualified Longevity Annuity Contract
Are you one of the boomer generation and find that your required minimum distributions (RMDs) from qualified plans and IRAs are providing unneeded income (along with a high tax bill)? Are you also afraid that the government’s RMD requirements will leave too little in your retirement plan for your later years? You can use a qualified longevity annuity contract (QLAC) to reduce your RMDs and extend the life of your retirement distributions.
Great QuickBook Internal Safeguards & Tips
Keeping QuickBooks data is accurate takes time – let’s be sure it’s safe!
Your QuickBooks company file contains some of the most sensitive information on your computer such as customers’ credit card numbers and employees’ Social Security numbers. An intruder who captured all that data could create tremendous problems for you and a lot of other people.
Information Regarding Saving for a Child’s Future Education
This question frequently arises: Who controls the funds held in a Section 529 qualified tuition account? These accounts can become quite large, as they are limited only by the projected cost of a college education, and those costs will vary between state plans. Some states base their maximums on the cost of an in-state, four-year education, but others use the cost of the most expensive schools in the U.S.—including graduate studies. Most have limits in excess of $200,000, and some can reach $475,000 or more. Thus, it is only natural that those who fund an account would be concerned about who controls the account’s distributions. This is especially true when grandparents or others are making contributions to an account that is limited only by gift-tax considerations.