Every month, we provide information on how to better use QuickBooks. By implementing the best methods for managing your accounting data, you can actually improve your financial bottom line. But all of your careful work is for naught if a malicious hacker gets into your computers, or if you experience identity theft by an employee. [...]
There aren’t that many different types of forms to keep straight in QuickBooks, but you likely don’t use all of them. You probably use invoices and purchase orders frequently, and may fill out the occasional sales receipt or credit memo or estimate. But what about sales orders? You may find that they could make your [...]
Many businesses continually make expenditures to improve and maintain business property. However, it is not always clear whether the amount incurred to repair or refurbish that business property is a capital expense or an incidental repair. Proper classification is critical because, for federal tax purposes, capital expenditures (see below) must be added to the property’s [...]
Filling out invoices the first time can be a pain, especially if they’re lengthy. But doing the same thing repeatedly if the identical invoice recurs regularly? No need. QuickBooks can memorize a variety of transaction types, including invoices, purchase orders, and bills. After you’ve memorized them, you can edit, reschedule, and delete them, as well [...]
The costs of commuting from a personal residence to places of business or employment generally are nondeductible personal expenditures. The deduction for commuting costs is disallowed regardless of the distance involved. However, taxpayers whose residences qualify as their principal place of business can deduct transportation expenses incurred in going between their residence and other work [...]
Health Savings Accounts (HSAs) were created as a tax-favored framework to provide health care benefits. HSAs are targeted mainly at the self-employed, small business owners, and employees of small to medium-sized companies who do not have access to health insurance. The tax benefits of HSAs are quite favorable and substantial. Eligible individuals can make tax [...]