Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Here are some key tax tips to keep in mind if you get divorced or separated. Child Support. If you pay child support, you can’t deduct it on [...]
Yet another calendar? Yes. It’s a good idea to use QuickBooks’ calendar to stay on top of your financial transactions. These days, some of us find ourselves updating multiple calendars. There’s the Outlook calendar or other web-based solution for scheduling and task management. Maybe a smartphone app to track to-do’s on the road, and a [...]
Accounting is about more than just numbers. QuickBooks lets you make documents available from within the program itself. You could call QuickBooks a “green” computer program. It can conserve reams of paper by storing customer and vendor records, for example, emailing transaction forms, and accepting online payments. Most small businesses are a long way from [...]
Tax-related fraud isn’t a new crime, but tax preparation software, e-filing and increased availability of personal data have made tax-related identity theft increasingly easy to perpetrate. The IRS is taking steps to reduce such fraud, but tax payers must play their part, too. HOW THEY DO IT Criminals perpetrate tax identity theft by using stolen [...]
January 15 Individual taxpayers’ final 2015 estimated tax payment is due unless Form 1040 is filed by February 2, 2016, and any tax due is paid with the return. February 1 Most employers must file Form 941 (Employer’s Quarterly Federal Tax Return) to report Medicare, Social Security and income taxes withheld in the fourth [...]
When you sell a capital asset, the sale results in a capital gain or loss. A capital asset includes most property you own for personal use (such as your home or car) or own as an investment (such as stocks and bonds). Here are some facts that you should know about capital gains and losses: [...]