If you've already set up your QuickBooks employee and company payroll files, the hard part's over. It's not just a catchy ad slogan: It's true. Unless you have dozens of employees or numerous exceptions each payday, you can literally process a payroll run in just a few minutes using the employee compensation tools in QuickBooks. [...]
The 2010 Healthcare Act included several significant tax changes scheduled to take effect next year. Listed below is information on two provisions that could impact numerous taxpayers. We have also noted what you can do before year-end to minimize the negative impact of these provisions. $2,500 Cap on Healthcare Flexible Spending Account (FSA) Contributions. Before [...]
Employee fringe benefits paid on behalf of a 2% S corporation shareholder are subject to special rules. A 2% shareholder is one who owns more than 2% of the corporation’s outstanding stock on any day of the corporation’s tax year, considering direct and constructive ownership. Under the family stock attribution rules, a person is considered [...]
As we enter the final quarter of 2012, purchasing a new business vehicle may be an effective way to lower your 2012 tax bill. The tax code allows increased first-year depreciation limits for qualifying vehicles purchased and placed in service during 2012. Taxpayers can claim up to an additional $8,000 of first-year depreciation (in addition [...]
Failure to use head of household (HOH) filing status is a common tax filing mistake. HOH status is preferable to single or married filing separately status because the tax rate brackets are more favorable (except 35% single bracket) and the standard deduction is larger. If you are not eligible to file jointly or as a [...]
Taxpayers with appreciated securities positions may be able to save on federal taxes by donating the actual securities (e.g., stocks) held more than one year (long-term gain securities) to a qualified charity rather than selling the securities and donating the cash proceed. That’s because a sale of those securities is a taxable transaction that results [...]