Make 2023 More Productive and Prosperous Using QuickBooks We’re one month into 2023. Are you ready for what may come the rest of the year? QuickBooks can help. Now that the holidays are over and you’ve settled back into a normal work pace, it’s a good time to assess where you are with your finances [...]
If you run a business, you know that you need to support expenses with detailed records. To be deductible, every expense on your tax return might have to be defended if your company is subject to an audit. Plus, failing to operate in a businesslike manner, complete with good records, might lead the IRS to [...]
A Health Savings Account (HAS) coupled with a high-deductible health plan can be a powerful tool for funding medical expenses on a tax-advantaged basis. For 2022, individuals with self-only coverage can make tax-deductible contributions to an HAS of up to $3,650 ($7,300 for family coverage). These limits are increased by $1,000 for individuals aged 55 [...]
Many rules can potentially apply to the sale of business property, but what are the tax consequences? For simplicity, let’s assume that the property you want to sell is depreciable property used in your business and you’ve held it for more than a year. (Different rules apply based on property held for sale to customers, [...]
If you have a large unpaid federal tax bill, beware. A 2015 law allows the U.S. State Department to deny your passport application – or revoke or limit your current passport – if the IRS certifies that you have a seriously delinquent tax debt (SDTD). How large does the debt have to be to [...]
How to Use QuickBooks’ Doc Center QuickBooks can store more than records and transactions. It has lots of room for supporting documents you’ve uploaded. We’ve been hearing about the “paperless office” for many years. But if you look around your work area, you probably still see evidence of a lot of paper. We’re not there [...]