By now, everyone has heard about the “fiscal cliff” bill signed into law on January 2, 2013, but what you might not understand is how it affects you. With that in mind, let’s take a closer look. What is the “Fiscal Cliff”? The term “fiscal cliff” refers to the $503 billion in federal tax increases …
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 …
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 …
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 …
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 …
Millions of Americans have hobbies such as sewing, woodworking, fishing, gardening, stamp and coin collecting, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Definition of a Hobby vs a Business The IRS defines a hobby as an activity that is not pursued for profit. …
Most of us have heard of QuickBooks, and probably even use it for our day-to-day tasks in our businesses. But believe it or not, and Intuit would never you tell you this, but there are some areas in which it lacks. That’s where 3rd-party Apps come in. We all know “Apps”, a popular buzz word …
Using QuickBooks? Check out this article for some useful apps… Read More »
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 …
If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit that went into effect in 2010. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Affordable Care Act enacted in 2010, is …
Claiming the Small Business Health Care Tax Credit Read More »
Lending money to a cash-strapped family member or friend is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications down the road. Let’s say you decide to loan $5,000 to your daughter who’s been out of work …
Lending Money to Family? Make it a Tax Free Loan… Read More »