Most individual don’t regard themselves as businesses, trying to turn a profit and beat the competition. But, occasionally, it may help to look at your financial situation this way to determine where you might cut expenses and boost cash flow. Here are some tips. LAY OUT YOUR FINANCIALS Where an executive might teach for financial [...]
Receive Payments the Right Way in QuickBooks: Your Options How you record a customer payment in QuickBooks depends on why and how you received it. One of the reasons we like QuickBooks is because it uses language and processes that are familiar to small businesspeople. Instead of using the term “accounts receivable,” it has a [...]
Whether you’re planning to claim charitable deductions on your 2018 return or make donations for 2019, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. WHAT YOU GIVE Among the biggest factors affecting your deduction is what you give. For example: Cash [...]
How Do You Track Jobs in QuickBooks? Part 2 In this second of a two-part series, we’ll explore how you use the job-related records you’ve created. Last month, we showed you how to start building a foundation for tracking jobs in QuickBooks. We explained that you can use the software’s jobs tools to track income [...]
Working from home has become commonplace for people in many jobs. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Beginning with the 2018 tax year, few taxpayers will qualify for the home office deduction. Here’s why. CHANGES UNDER THE TCJA For employees, home office expenses [...]
Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) plan may be just what you need, and now may be a great time to establish one. A SEP plan has high contribution limits and is simple to set up. Best of [...]