JANUARY 15 Individual taxpayers’ final 2018 estimated tax payment is due. JANUARY 31 For 2018 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to your employees. File 2018 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. Most employers [...]
Lending money – rather than giving it – to loved ones is an idea worth considering. Perhaps you’re not ready to part with your wealth. For example, maybe you’re concerned about having enough money to fund your retirement or you feel that your children aren’t ready to handle the responsibility. HOW DOES IT WORK? The [...]
The last month or so of the year offers accrual-basis taxpayers an opportunity to make some timely moves that might enable them to save money on their 2018 tax bills. The key to saving tax as an accrual-basis taxpayer is to properly record and recognize expenses that were incurred this year but won’t be paid [...]
Many people reach a point in life when buying some life insurance is highly advisable. Once you determine that you need it, the next step is calculating how much you should get and what kind. CAREFUL CALCULATIONS If the coverage is to replace income and support your family, this starts with tallying the costs that [...]
Paying Bills in QuickBooks: The Basics The time-consuming part’s over once you’ve entered bills in QuickBooks. Here’s how to pay them. Last month, we explained that the process of paying bills in QuickBooks requires two separate sets of actions. We went over what’s required to enter bills and to set up reminders so they don’t [...]
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRA’s, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in traditional taxable accounts. KNOW THE RULES Some investments, such as fast-growing stocks, can generate substantial capital gains, [...]