Did you know that you can transfer funds directly from your IRA to a Health Savings Account (HSA) without taxes or penalties? According to the IRS, you’re permitted to make one such “qualified HSA funding distribution” during your lifetime. Typically, if you have an IRA and an HSA, it’s a good idea to contribute as [...]
For various reasons, business owners sometimes decide to put their companies on the market. To successfully negotiate the sale of a business, it’s critical to understand the tax implications. Armed with this knowledge, you can assess the impact of various transaction structures and sales price allocations on your net proceeds from the sale and may [...]
October 10 Employees must report September tip income of $20 or more to employers (Form 4070). October 16 Individual whose personal federal income tax returns for 2022 receive an automatic extension must file them no later than today and pay any tax, interest and penalties due. In addition: Those with offshore bank accounts [...]
Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get carried away by a windfall and end up in worse financial shape. If you’re hit with a financial windfall, here are some points you should know. RISKY CONDITIONS Perhaps the most obvious [...]
Nearly every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, established rules that generally apply to the deductibility of more long-standing business costs provide business owners with a basic idea of how to anticipate and handle the tax impact of a website. And the [...]
When Do You Use Sales Receipts? Invoices? Statements? QuickBooks offers multiple types of sales forms that are appropriate for different situations. Here’s a look at when they’re used and how to create them. QuickBooks is very good at providing tools for creating the business forms you need. If you’ve already created records for your customers [...]