Much of the work you do in QuickBooks is short-term. You send an invoice and it gets paid. Your purchase order is fulfilled, and the products move into your inventory. You run payrolls and submit their related taxes and other payments.Read More
If you asked five small business owners to name the top three roadblocks they face in their quest for ongoing profitability, it's likely that all five would point to slow payments.Read More
Transition Rule for Rehabilitation Tax Credit
The Rehabilitation Tax Credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition rule, which is summarized below:Read More
The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here's what individuals and families need to know as they get ready for tax season.Read More
Is it time to adjust your pricing? Changing the prices of your company's services and inventory items can solve one of two problems, depending on why you're looking for a solution.
Say your materials suppliers have upped their prices. You may choose to increase your affected products to maintain your profit margin, or maybe an item or service has not been moving well. A drop in price might trigger improved sales.Read More
This Financial Guide answers frequently asked questions surrounding tax saving ventures; and provides tax saving strategies for deferring income, and maximizing deductions; it also includes some strategies for specific categories of individuals, such as those with high income and those who are self-employed.
Before getting into the specifics, however, we would like to stress the importance of proper documentation.Read More
What pieces of paper do I need to keep in order to do my taxes? Keep detailed records of your income, expenses, and other information you report on your tax return. A good set of records can help you save money when you do your taxes and will be your trusty ally in case you are audited.
There are several types of records that you should keep. Most experts believe it's wise to keep most types of records for at least seven years, and some you should keep indefinitely.Read More
In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year.Read More
One of the biggest hurdles you'll face in running your own business is staying on top of your numerous obligations to federal, state, and local tax agencies. Tax codes seem to be in a constant state of flux, making the Internal Revenue Code barely understandable to most people.
The old legal saying that "ignorance of the law is no excuse" is perhaps most often applied in tax settings and it is safe to assume that a tax auditor presenting an assessment of additional taxes, penalties, and interest will not look kindly on an "I didn't know I was required to do that" claim. On the flip side, it is surprising how many small businesses actually overpay their taxes, neglecting to take deductions they're legally entitled to that can help them lower their tax bill.Read More