The Tax Cuts and Jobs Act (TCJA) didn’t eliminate the individual alternative minimum tax (AMT). But the law did draw a silver lining around it. Revised rules now lessen the likelihood that many taxpayers will owe substantial taxes under the AMT for 2018 through 2025. PARALLEL UNIVERSE Think of the AMT as a parallel universe [...]
Maybe QuickBooks does everything you need. But if you outgrow parts of it, don’t worry, you’ll have options. What do you do when an application you’re using stops meeting your growing needs in a specific area? You can: a.) find a workaround, b.) switch to different software, or, c.) resign yourself to living without that [...]
The limited liability company (LLC) and limited liability partnership (LLP) business structures have their advantages. But, in years past, the IRS treated LLC and LLP owners as limited partners for purposes of the passive activity loss (PAL) rules. This could be a tax negative. Fortunately, LLC and LLP owners can now be treated as general [...]
It’s a safe bet that state tax authorities will let you know if your business hasn’t paid enough sales and use taxes. But the lines of communication may not be so open if you’re overpaying. For this reason, many business use reverse audits to find over-payments so they can see reimbursements. In most states, businesses [...]
How to Use Memorized Transactions in QuickBooks Tired of repetitive data entry? QuickBooks provides a way to save time and keystrokes when you create some transactions. We wrote last month about the benefits of having QuickBooks on your desktop. Among those we listed are three that have impact on every business that uses it. QuickBooks [...]
As a business owner, you may have most of your money tied up in your company – making saving for retirement especially challenging. If you haven’t already set up a tax-advantaged retirement plan, think about setting one up this year. Keep in mind that, if you have employees, they generally must be allowed to participate [...]