Do you have significant investment-related expenses, including payment for financial service subscriptions, home office maintenance and clerical support? Under current tax law – specifically the 2017 Tax Cuts and Jobs Act – these expenses aren’t deductible through 2025 if they’re considered investment expenses to produce income. But they are deductible if they’re considered trade or [...]
Creating Items and Jobs in QuickBooks, Part 1 Does your company do projects or jobs for customers? Let QuickBooks keep all related data in one place. Before QuickBooks came along, tracking jobs or projects for your business probably involved file folders and paper invoices and bank statements and lots of sticky notes. You hoped that [...]
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your [...]
If you’ve filed your 2021 tax return, you may want to do some spring cleaning, starting with tax-related paper clutter. Paring down is good. Just be careful to hold onto essential records that may be needed in the event of an IRS audit. Some documents may be needed to help you collect a future refund [...]
QuickBooks 2022: New Pricing Structure, System Requirements Whether or not you’re ready for the latest version of QuickBooks, you should know about some important changes. Sometimes, deciding that you need to upgrade a piece of software is easy. Either a newer version has features you need that your current product lacks, or you’ve outgrown the [...]
If you have a life insurance policy, be aware that the proceeds your beneficiary receives could be subject to federal estate tax. That is, unless you take steps to ensure that the policy isn’t part of your estate. WHAT TO DO Life insurance proceeds will be included in your taxable estate if: Your estate is [...]