In the due course of business, you probably spend time and money “wining and dining” current or potential customer, vendors and employees. And, as you may recall, what you can deduct on your tax return for these expenses changed under the Tax Cuts and Jobs Act (TCJA). Let’s review the rules. 3 BASIC RULES Among [...]
Business owners want to compensate themselves and their top executives fairly and competitively for their work, results and commitment. So, how do you achieve that goal without attracting undue IRS scrutiny and claims of inappropriate compensation? By making informed, astute decisions. START WITH THE BASICS Compensation is affected by the amount of cash in your [...]
April 15 Along with being the last day to file (or extend) your 2019 personal return and pay any tax that’s due, first quarter 2020 estimated tax payments for individuals, trusts and calendar-year corporations are due today. Also due are 2019 returns for trusts and calendar-year estates and C corporations. FinCEN Form 114 (“Report of [...]
QuickBooks allows you to create multiple types of sales forms for different situations. Here’s a look at what they are and when to use them. When you buy something at a store, you want a piece of paper that shows what you purchased and what you paid. If you receive products or services before you [...]
The Tax Cuts and Jobs Act created a new tax credit for certain employers that provide paid family and medical leave. Originally, it was available only for the 2018 and 2019 tax years. However, in December, a new law extended credit through 2020 for eligible employers that have a written policy providing at least two [...]
If you help your kids understand money when they’re young, they’re more likely to develop sound financial habits when they’re adults. Of course, you’ll want to tailor the information to your child’s age. Here are some tips: Toddlerhood and preschool. Talk about how most people work to earn money to buy things like food and [...]