It’s been more than two years since the U.S. Supreme Court ruled in South Dakota v. Wayfair that states may require out-of-state sellers to collect sales and use tax even if they lack a physical presence in a state. Since that time, most states that have a sales tax have enacted “economic nexus” laws that [...]
As we approach the end of 2020, now is a good time to review any mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. AVOID SURPRISES Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares. Near [...]
QuickBooks can be overwhelming when you first start using it. Here are five ways to familiarize yourself with some of its features to get you up and running in no time. Tackling any new piece of software can be daunting. Add a complex process like accounting to the mix, like QuickBooks does, and you may [...]
QuickBooks allows you to create Price Levels that you can assign to customers and jobs and to individual items. You already know that when you create a product or service record in QuickBooks, you must assign a sale price to it. But did you know that QuickBooks gives you a great deal of flexibility when [...]
A Health Savings Account (HSA) coupled with a high-deductible health plan can be a powerful tool for funding medical expenses on a tax-advantaged basis. For 2020, individuals with self-only coverage can make up to $3,550 in tax-deductible contributions to an HSA, while those with family coverage can contribute up to $7,100. These limits are increased [...]
If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be tax –deductible as ordinary and necessary business expenses. Unfortunately, every type of environmental cleanup expense cannot be currently deducted – some cleanup costs must be capitalized (spread over multiple years for tax purposes). Of course, to [...]