How to Track Inventory in QuickBooks Knowing where you stand with your company’s product count is crucial. QuickBooks can help you stay current. If your company sells physical products, you know how important it is to always be aware of your stock levels. You have to know what’s selling and what’s not. And you need [...]
If you’re a partner in a business, you may have encountered a situation that gave you pause. In any given year, you may have been taxed on more partnership income than was distributed to you. The cause of this quirk of taxation lies in the way partnerships and partners are taxed. Unlike regular corporations, partnerships [...]
Many young adults are heading off or back to college in the fall. It’s particularly exciting this year because of high hopes that, thanks to mass vaccinations, students will be able to have something approaching a traditional college experience. If your child has been awarded a scholarship, that’s cause for celebration, too! But be aware [...]
Family businesses make up a huge percentage of companies in the United States and produce much of the country’s gross domestic product. Generally defined as companies that are majority owned by a single family with two or more members involved in their management, family businesses can be a significant source of wealth. However, for various [...]
As investing in Bitcoin, Dogecoin and other cryptocurrencies becomes increasingly popular, investors need to understand the potential tax ramifications. Unlike traditional currency, the IRS views cryptocurrency as property for federal income tax purposes and even asks about it on IRS form 1040. Many transactions involving cryptocurrency – such as purchases of goods or services – [...]
July 15 If the monthly deposit rule applies, employers must deposit the tax for payments in June for Social Security, Medicare, withheld income tax and nonpayroll withholding. August 2 The second quarter Form 941 (“Employer’s Quarterly Federal Tax Return”) is due today. (If your tax liability is less than $2,500, you can pay it in [...]