Once you’ve entered them, the hard part’s over. Also, why you should use QuickBooks’ Bill Tracker Last month, we talked about how helpful it is to record and pay bills in QuickBooks. Using the software’s tools will ensure that you always have a record of bills and their payments. We
Why You Should Be Using QuickBooks’ Bill Pay Tools It’s a no-brainer. QuickBooks can help ensure that your bills are paid accurately and on time. Thirty years ago, we didn’t have a choice. We either mailed off checks immediately or put the paper bills in a folder or on a
Donating cash and property to your favorite charity is beneficial to the charity, but also to you in the form of a tax deduction. However, to be deductible your donation must meet certain IRS criteria. First, the charity you’re donating to must be a qualified charitable organization, with tax-exempt status.
Is your business having trouble collection payments from clients or vendors? Years after the onset of the pandemic, some operations continue to feel the impact on business activity. It may be small solace, but at least you might be able to salvage a bad debt deduction on your tax return.
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
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
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:
Individual taxpayers may be able to claim medical expense deductions on their tax returns. However, the rules can be challenging, and it can be difficult to qualify. Here are five points to keep in mind: You must itemize to claim the deduction and have quite a few expenses. The medical
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
The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). The benefits of HSAs include: contributions are made on a pretax basis; funds can be withdrawn tax-free to pay for a variety of medical expenses, such as doctor visits, prescriptions, chiropractic care and
