Do You Toss Your Paystub Every Week? Maybe It’s Time To Take a Closer Look
What you do with your paystub often depends on how you get paid. If you have direct deposit there’s a good chance that you just rip the entire thing up without a glance, confident in the fact that the money is in your bank account...
TAX ISSUES WHEN CONVERTING A HOME INTO A RENTAL
Article Highlights:Reason for ConversionBasisDepreciationCash Flow versus Tax Profit or LossPassive LossesHome Gain ExclusionOther Tax IssuesBecoming a LandlordWith the current substantial appreciation in home values and demand for housing exceeding the available inventory, along with low home mortgage interest rates, more and more homeowners are converting...
Small Business: Rent Expenses May Be Tax-deductible
If you're a small business owner who is just starting out, you may not realize that some rent expenses may be deductible on your tax return. Here are some things small business owners should keep in mind when it comes to deducting rental expenses:How Rent...
Cash Management Tips for Your Small Business
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business's success. In fact, a healthy cash flow is more important than your business's ability to deliver its goods and services.While that...
FOREIGN INCOME AND TAX REPORTING ISSUES
Article Highlights:Non-Resident Alien SpouseForeign RentalsForeign PensionsForeign Income ExclusionFBARStatement of Specified Foreign Financial AssetsCredit of Foreign Tax PaidCanadian Registered Retirement Savings & Income PlansReporting Receipt of Foreign Gifts or BequestsReporting Ownership or Transactions with Foreign TrustsAnnual Information Return for Foreign Trust with U.S. OwnerOwnership or Voting...
You should be running reports in QuickBooks Online
You should be running reports in QuickBooks Online on a weekly—if not daily—basis. Here’s what you need to know.You can do a lot of your accounting work in QuickBooks Online by generating reports. You can maintain your customer and vendor profiles. Create and send transactions...
THE TAX-FILING DEADLINE IS DRAWING NEAR
Article Highlights:ExtensionsBalance-Due PaymentsContributions to Roth or Traditional IRAsIndividual Refund Claims for the 2018 Tax YearMissing InformationAs a reminder to those who have not yet filed their 2021 tax returns, April 18, is the due date to either file a return (and pay the taxes owed)...
YOU MAY QUALIFY FOR THE 20% TAX PASS-THROUGH DEDUCTION
Article Highlights:Sec 199A DeductionQualified Business IncomeThresholdSpecified Service BusinessesLimitationsWage LimitationAggregating AmountsSeveral years ago, when Congress changed the tax-rate structure for C corporations to a flat rate of 21% instead of the former graduated rates that topped out at 35%, they also came up with a new...
Inheritances Enjoy a Special Tax Benefit
Article Highlights:· Stepped-Up Basis· Inherited Basis· Inheritance Basis Example· Step Down Basis· Long-Term Capital Gains Tax Rates· Jointly Owned Property· Gifting Prior to DeathYou may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance...
Read This Before Tapping Your Retirement Savings
Article Highlights:· Tapping Your Retirement Savings· Traditional IRAs and Qualified Retirement Plans· Simple IRAs· Early-Withdrawal Penalties· Reduction in Retirement Savings· Exceptions from the Early-Withdrawal Penalty· Roth IRAsYour 401(k), IRA or other retirement accounts may be a tempting source for cash if you find yourself short...