October 15 Personal federal income tax returns for 2020 that received an automatic extension must be filed today and any tax interest and penalties due must be paid. The Financial Crimes Enforcement Network (FinCEN) Report 114 “Report of Foreign Bank and Financial Account” (FBAR) must be filed by today, if not filed already, for offshore [...]
Every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, established rules that generally apply to the deductibility of more long-standing business costs provide business owners with a basic idea of how to anticipate and handle the tax impact of a website. And the IRS [...]
How to Use QuickBooks' New Customer Groups You can now create groups of customers and automate the process of sending payment reminders. QuickBooks has a new set of tools that can help you deal with what is probably one of your most pressing problems: getting customers to pay. Here’s how to use this new feature. [...]
Like most business owners, you’ve probably heard about 100% bonus depreciation. It’s available for a wide range of qualifying asset purchases. But there are many important details to keep straight. Here are five key points about this powerful tax-saving tool. It’s scheduled to phase out. Under current law, 100% bonus depreciation will be phased out [...]
During the pandemic, more than a few families have hired household workers while schools in many areas have gone virtual and some day care centers have had limited availability. If you’ve done so, be sure you know the nuances of the “nanny tax.” WITHHOLDING TAXES For federal tax purposes, a household worker is anyone who [...]
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 [...]