The COVID-19 pandemic changed the landscape of work for a lot of people, as numerous business owners began working from their homes. Many are still working from their home offices, whether full-time or on a hybrid basis. If you’re self-employed and run your business from home, or perform certain functions
Many Americans receive disability income. If you’re one of them or know someone who is, you may wonder whether it’s taxable. As is often the case with tax questions, the answer is “it depends.” KEY FACTOR The key factor is who paid it. If the income is paid directly
For various reasons, business owners sometimes decide to put their companies on the market. To successfully negotiate the sale of a business, it’s critical to understand the tax implications. Armed with this knowledge, you can assess the impact of various transaction structures and sales price allocations on your net proceeds
October 10 Employees must report September tip income of $20 or more to employers (Form 4070). October 16 Individual whose personal federal income tax returns for 2022 receive an automatic extension must file them no later than today and pay any tax, interest and penalties due. In addition:
Nearly 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
The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). The benefits of HSAs include: contributions are made on a pretax basis; funds can be withdrawn tax-free to pay for a variety of medical expenses, such as doctor visits, prescriptions, chiropractic care and
When Do You Use Sales Receipts? Invoices? Statements? QuickBooks offers multiple types of sales forms that are appropriate for different situations. Here’s a look at when they’re used and how to create them. QuickBooks is very good at providing tools for creating the business forms you need. If you’ve already
The COVID-19 pandemic and its aftermath have significantly affected our lives in many ways that are still playing out. For example, the pandemic has served as a reminder of how difficult an unexpected medical crisis may be to manage financially. It has also reinforced the importance of guarding against the
How QuickBooks and Word Improve Customer Relationships The pandemic taught businesses a lot of things. One was the importance of staying in touch with customers. Hard to believe it was more than three years ago that many businesses had to shut down because of the COVID-19 pandemic. Others remained open,
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
