Keep Up With Payables: Paying Bills in QuickBooks It’s not your favorite accounting task, but QuickBooks makes bill-paying easier. Last month, we described the process of entering bills in QuickBooks. We discussed how you can’t pay bills without first entering them (Vendors | Enter Bills). We went over the steps required to memorize them to [...]

When the COVID-19 pandemic first hit, many people’s emergency funds were suddenly put the test – if the funds existed at all.  Now, about a year later, and presumably with the benefit of some hindsight, you might want to reconsider your savings for a rainy day.  You’ve probably heard that, to guard against an emergency [...]

Any U.S. person who has a financial interest in, or signature or other authority over, any foreign financial accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.  Let’s explore more of the pertinent details. [...]

If you own a home, the interest you pay on your home mortgage may provide a tax break in the form of the mortgage interest deduction.  However, you must itemize deductions on your tax return and follow a few other rules. ACQUISITION DEBT A personal interest deduction generally isn’t allowed, but on type of interest [...]

About a year ago, the Paycheck Protection Program (PPP) was launched in response to the COVID-19 crisis.  If your company took out such a loan, you’re likely curious about the tax consequences – particularly for loans that have been forgiven. FORGIVENESS CRITERIA An eligible recipient may have a PPP loan forgiveness in an amount equal [...]

We all want to keep our finances on track but doing so can be difficult without a clearly expressed plan.  Everyone’s strategy doesn’t have to be complex, but it does generally need to cover two major facets: paying down debt and saving money. If you’re like most Americans, you probably have multiple credit cards, as [...]