Thanks to the passage of the American Taxpayer Relief Act of 2012 (ATRA), many tax provisions that expired in 2011 were retroactively extended (or made permanent) that are of benefit to taxpayers filing 2012 returns this year. Here are six of them: 1. Education-Related Tax Deductions ATRA extended, through 2017 and retroactive to 2012, two […]
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Due to current economic conditions, it’s likely that collecting on your accounts receivables is becoming more and more of a challenge. Strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. The following suggestions will help your business improve its cash flow and tighten up
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According to the IRS, under-reporting of income is the biggest contributing factor to the IRS tax gap–the amount owed by individuals and businesses versus the amount that was actually paid in taxes. In 2006, the most recent year for which data are available, under-reporting across taxpayer categories accounted for an estimated $376 billion of the
1099’s: 5 Key Reporting Changes for Businesses Read More »
You chose QuickBooks for a variety of reasons, a major one being its simplicity and usability. But the software is more than 20 years old now, and hundreds of features have been added over the years. QuickBooks looks old, tired and in need of a makeover. Not anymore. Intuit has totally redesigned the program’s interface
QuickBooks 2013 Gives You a Reason to Upgrade Read More »
Figure 1: Clearly-defined items result in precise reports. Obviously, you’re using QuickBooks because you buy and/or sell products and/or services. You want to know at least weekly — if not daily — what’s selling and what’s not, so you can make informed plans about your company’s future. You get that information from the reports that
Are You Defining Items in QuickBooks Correctly? Read More »
Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes in 2012. Standard Mileage Rates The standard mileage rate in 2012 is 55.5 cents per business mile driven, 23 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service
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Here’s what individuals and families need to know about tax changes for 2012. From personal deductions to tax credits and educational expenses, many of the tax changes relating to individuals remain in effect through 2012 and are the result of tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization
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There are a number of end of year tax strategies businesses can use to reduce their tax burden for 2012. Here’s the lowdown on some of the best options. Purchase New Business Equipment Section 179 Expensing. Business should take advantage of Section 179 expensing this year for a couple of reasons. First, is that in 2012
Year-End Tax Planning for Businesses Read More »
Every business has to keep careful track of its accounting. We have an abundance of information and helpful hints to share, and this is where you can get them on an ongoing basis. When the rules change or the economy moves, we’ll be posting about it, so feel free to subscribe to our RSS feed
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