For years, politicians have been talking about simplifying the process of filing federal taxes, but despite the promises, the process continues to be complicated and stressful. But as bad as preparing taxes can be, it pales in comparison to the sinking sensation of receiving an IRS notification telling you that you’ve done something wrong. […]
Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for tax planning. The following are some […]
If you are a small business owner, chances are good you’re paying more attention to your accounts receivables and deliverables than to a three-year-old Supreme Court decision. But knowing what happened in the Wayfair decision on June 21st of 2018 is important if you do a significant amount of business in states other than where […]
Article Highlights Employer Identification Numbers (EINs) Contact Information Update Responsibilities ID Theft and Fraud Issues Responsible Party Filing Tips Updating Individual Contact Information Blog: The Internal Revenue Service (IRS) is reminding entities with Employer Identification Numbers (EINs) of their responsibility to update that information whenever the contact information or responsible party changes. IRS regulations require […]
Where is your money coming from? Where is it going? You can use tags in QuickBooks Online to find out. QuickBooks Online offers numerous ways to help you track your sales, expenses, and profitability. If you’re using QuickBooks Online Plus or Advanced, you can create and assign Classes to transactions to differentiate between, for example, […]
Article Highlights: Trading in a Vehicle Selling a Vehicle Gifting a Vehicle Donating a Vehicle to Charity If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some of which have tax implications and some of which don’t. These options include […]
Article Highlights: SSA Name Change IRS Address Change Postal Service Address Change Tax Withholding Tax Filing Status Marrying A Non-resident Alien Joint and Several Liability Beware of Tax Scams Most weddings planned for 2020 were delayed because of COVID, causing a big upswing in the number of weddings in 2021. Although tax issues are the […]
Article Highlights: Income as a Factor Filing Status as a Factor 85% Maximum Taxable Base Amounts Deferring Income Maximizing IRA Distributions Gambling Gotcha Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your […]
There are many ways to encourage delinquent customers to pay. QuickBooks Online’s statements may be effective for you. After the year-plus you’ve just experienced, the last thing your small business needs is customers who are behind on their payments to you. You may have been giving them a break because you know that they’re struggling, […]
The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many of those returns have yet to be processed. While backlogs are not unusual, this year’s is far greater than in previous years. That’s bad news […]