Individuals starting a new business or acquiring the assets of an existing business often incur start-up expenses, which can be considerable, in the investigation and acquisition phase before actual business operations begin. Most start-up expenditures can be segregated into two broad categories: (a) investigatory expenses and (b) business preopening costs. Taxpayers can immediately deduct up [...]
Although we can’t escape death or taxes, we may be able to minimize the federal income taxes due on our final Form 1040. Filing a tax return after we die (we are then known as the “decedent”) is probably not something most of us think much about. But, a final Form 1040 generally must be [...]
With many college and high school graduates still looking for jobs, we thought it would be a good time for a refresher on which expenses are and are not deductible in connection with landing that first post-graduation job. Job Search Expenses Expenses incurred by taxpayers when searching for new employment in the same trade or [...]
Create item records in QuickBooks carefully, and QuickBooks will return the favor by running useful, accurate reports. Figure 1: Clearly-defined items result in precise reports. Obviously, you're using QuickBooks because you buy and/or sell products and/or services. You want to know at least weekly -- if not daily -- what's selling and what's not, so [...]
Tired of QuickBooks' cramped, claustrophobic screens and uneven interface? You'll be pleased to see the 2013 version. You chose QuickBooks for a variety of reasons, a major one being its simplicity and usability. But the software is more than 20 years old now, and hundreds of features have been added over the years. QuickBooks looks [...]
One of the most popular tax deductions for individuals is the one allowed for donations to charitable organizations-from the local church or synagogue to the Red Cross and various other national organizations. Unfortunately, this deduction has also been among the most abused. Thus, perhaps it is not surprising that Congress has responded to the problem [...]