Adjustments to Withholding or Estimated Payments for 2018 Should Be Made Sooner Rather than Later As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, […]
Bill Includes a Number of Extenders that Retroactively Apply to 2017 Returns Needless to say, these last-minute changes may create a problem for taxpayers who have already filed their returns and will need to file amended returns to take advantage of these extenders. The retroactive changes will cause the IRS some headaches as well. Since […]
Be Aware of Many Tax-Related Issues if You Sold Your Home Last Year Read About Home Sales and the Home-Sale Gain Exclusion If you sold your home last year, or if you are thinking about selling it, you should be aware of the many tax-related issues that could apply to that sale so that you […]
5 QuickBooks Reports You Need to Run in January Does your accounting to-do list look like a clean slate, or are critical 2017 tasks still nagging? Getting all of your accounting tasks done in December is always a challenge. Besides the vacation time you and your employees probably took for the holidays, there are those […]
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.
Internal Revenue Service Announced 2017 Mileage Rates As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Habits That Threaten Your Identity and Pocketbook We all do things without thinking due to old habits – however, these habits might be creating vulnerable hacks, ID theft, scams and Internet phishing schemes to separate us from our hard-earned money. Take a look at the following:
With 2017 less than a month away, it’s time to focus on getting everything organized in QuickBooks. Hopefully, you’ve been creating new records, entering transactions, paying employees and submitting payroll taxes, recording payments in addition to running the necessary reports.
Are you a high-income taxpayer who would like to contribute to a Roth IRA but cannot because of income limitations? Well, here is a work-around that will allow you to fund a Roth IRA.
Time Is Running Out! If you did not file your 2015 return by the normal April due date and requested an extension, be aware that the final due date for your return is October 17, 2016. The date is normally October 15, but that falls on a weekend this year, giving you two extra days to meet […]