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 [...]
So many of the documents we all use in our personal lives these days are digital. However, there are still many that you should retain as hard copies. These include birth, marriage and death certificates; Social Security cards; tax returns; passports; and estate planning documents, such as deeds and wills. Be sure to safeguard these [...]
Electric vehicles (EVs) are increasing in popularity all the time – and more of them are qualifying for a federal tax credit. In fact, the IRS added several more eligible models over the summer. The tax code provides a credit to buyers of qualifying plug-in electric drive motor vehicles, including passenger vehicles and light trucks. [...]
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 [...]
Because of the current estate tax exemption amount ($11.7 million in 2021), many estates no longer need to be concerned with federal estate tax. Years ago, a much smaller exemption amount put more pressure on estate plans to avoid it. Now that many estates won’t be subject to estate tax, you can devote more energy [...]
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. [...]