Failure to use head of household (HOH) filing status is a common tax filing mistake. HOH status is preferable to single or married filing separately status because the tax rate brackets are more favorable (except 35% single bracket) and the standard deduction is larger. If you are not eligible to file jointly or as a [...]
Taxpayers with appreciated securities positions may be able to save on federal taxes by donating the actual securities (e.g., stocks) held more than one year (long-term gain securities) to a qualified charity rather than selling the securities and donating the cash proceed. That’s because a sale of those securities is a taxable transaction that results [...]
Most of the income we receive is taxable, but certain types of income are only partially taxed or not taxed at all. The following are some of the more common types of income that individuals receive and an indication of how they are treated for federal income tax purposes. Adoption Expense Reimbursements: Taxpayers adopting a [...]
Businesses that operate as C corporations have substantial flexibility when selecting a tax year. However, businesses that operate as partnerships or S corporations are restricted by law in their choice of a tax year. Once selected, a tax year generally must be maintained until the business is required or elects (with the IRS permission, if [...]
No matter which version of QuickBooks you're using, there are always ways to make your workday easier. As with any software, we tend to learn the features we need and not much more. But small changes in the way you operate can add up to significant time savings and more accurate files. If you jumped [...]
Most of us have more than enough to do. We’re on the go from early in the morning until well into the evening-six or seven days a week. Thus, it’s no surprise that we may let some important things slide. We know we need to get to them, but it seems like they can just [...]