Don’t Panic If You Receive an IRS Notice

• Posted on May 24, 2013

A letter from the IRS will probably increase your heart rate a little. Don’t panic; many of these letters can be dealt with simply and painlessly.
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Read this before Tossing Old Tax Records

• Posted on May 24, 2013

Now that your taxes have been completed for 2012, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. It would be helpful to understand why the records must be kept in the first place.
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Tax Tips for Students with a Summer Job

• Posted on May 24, 2013

Many students hold a summer job during their time off from school. Here are some tax issues that should be considered when working a summer job.
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Tips for Students and Parents Paying College Expenses

• Posted on May 24, 2013

Whether you’re a recent high school graduate going to college for the first time or a returning student, paying for college can be a daunting financial task. The following are some tips about education tax benefits that can help offset some college costs for students and parents.
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Convert Unused Property Into a Tax Deduction

• Posted on May 24, 2013

When you give away items like clothing, appliances, vehicles, and other goods to a qualified charity, your generosity can add up to a tax write-off if you itemize your deductions. The amount of your deduction is generally the donated property's “fair market value.” The IRS definition of fair market value (FMV) is “the price a willing buyer would pay and a willing seller would accept for an item, when neither party is compelled to buy or sell and both parties have reasonable knowledge of the relevant facts.”
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How to Create a Progress Invoice from an Estimate

• Posted on May 24, 2013

Not using progress invoices? Maybe you should be.

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Did You Overlook Something on a Prior Tax Return?

• Posted on April 23, 2013

Occasionally, clients will realize that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the oversight will result in more tax due or a refund, it should not be dismissed.
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Tax Facts about Summertime Child Care Expenses

• Posted on April 23, 2013

Many parents who work or are looking for work must arrange for care of their children during the school vacation. If you are one of those, and your children requiring care are under 13 years of age, you may qualify for a child care tax credit.
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Energy Costs Rise as Tax Incentives Fade

• Posted on April 23, 2013

With energy costs skyrocketing, you would think that the federal government would come up with some tax incentives aimed at curbing the consumption of energy. However, on the consumer end of taxes, the incentives are actually fading away. Apparently, federal lawmakers and administrators believe the high cost of energy itself is incentive enough to reduce consumption.
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Higher Income Taxpayers Hit with Exemption & Itemized Deductions Phase-out

• Posted on April 23, 2013

Generally, taxpayers are allowed to deduct personal exemptions of $3,900 for themselves, their spouses and their dependents. In addition, taxpayers are allowed a standard deduction or, if their deductions are large, they can itemize their deductions.
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10 Tips to Perfect Check-Printing in QuickBooks

• Posted on April 23, 2013

If you used small business accounting products in the early days, you know how frustrating it was to print checks correctly from your software. Pre-printed checks weren’t cheap, and you probably printed at least a few that didn’t line up right or were otherwise unusable.
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Checking the Status of Your Federal Tax Refund is Easy

• Posted on March 25, 2013

If you already filed your federal tax return and are due a refund, you can check the status of your refund online.
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Individual Estimated Tax Payments for 2013 Start Soon

• Posted on March 25, 2013

Our tax system is a “pay-as-you-go” system, and if your pre-paid amount is not enough, you become liable for non-deductible interest penalties. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-go” requirement.
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Are You Collecting the Needed W-9s?

• Posted on March 25, 2013

If you use independent contractors to perform services for your business or rental that is a trade or business, and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year to avoid facing the loss of the deduction for their labor and expenses. (This requirement generally does not apply for payments made to a corporation. However, the exception does not apply to payments made for attorney fees and for certain payments for medical or health care services.)
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Tax Breaks for Charity Volunteers

• Posted on March 25, 2013

If you volunteer your time for a charity, you may qualify for tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, some deductions are permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply. The following are some examples:
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Preparing Purchase Orders Precisely

• Posted on March 25, 2013

Modifying the default template makes tracking easier, more accurate.
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Home Affordable Modification Program

• Posted on February 21, 2013

To help financially distressed homeowners lower their monthly mortgage payments, the Dept. of the Treasury and the Dept. of Housing and Urban Development (HUD) established HAMP. In appropriate cases, HAMP has been offering the Principal Reduction Alternative (PRA) as part of a HAMP loan modification since the last quarter of 2010. Current plans call for HAMP to continue accepting new borrowers through the end of 2013.
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IRS Introduces New Safe Harbor Home Office Deduction

• Posted on February 21, 2013

Effective for tax years beginning in 2013, taxpayers can elect a simplified deduction for the business use of the taxpayer’s home. The deduction is $5 per square foot with a maximum square footage of 300. Thus, the maximum deduction is $1,500 per year. Here are the details of this simplified method:
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Has Your 2012 Roth-Converted IRA Declined in Value?

• Posted on February 21, 2013

If you converted your traditional IRA to a Roth IRA in 2012 and paid (or will pay) the tax on the conversion and then watched the value of the account decrease due to an unexpected poor investment performance, you still have an opportunity to do something about it.
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Energy Costs Rise as Tax Incentives Fade

• Posted on February 21, 2013

With energy costs skyrocketing, you would think that the federal government would come up with some tax incentives aimed at curbing the consumption of energy. However, on the consumer end of taxes, the incentives are actually fading away. Apparently, federal lawmakers and administrators believe the high cost of energy itself is incentive enough to reduce consumption. The following are the only energy-related tax incentives remaining for individual taxpayers:
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Tax Tips for Recently Married Taxpayers

• Posted on February 21, 2013

If you got married during 2012, here are some post-marriage tips to help you avoid stress at tax time.
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Does This Icon Make Me Look Fat?

• Posted on February 21, 2013

Spring is a good time to clean up and slim down QuickBooks and its data.
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Revising Your W-4? Seek Professional Advice.

• Posted on January 27, 2013

This time of the year, many employers will request from their employees updated W-4 forms (and the equivalent state form for those who live in a state with income tax). The W-4 form allows you to specify your filing status and the number of dependent exemptions to be used for figuring the amount of income tax to be withheld from your pay. Even though the IRS provides an on-line W-4 calculator, it is generally suitable for the more simple returns and may not be appropriate in all cases since it does not take into account all income adjustments, credits, and deductions available. Be careful when completing the W-4 form because errors can create some significant financial problems.
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President Signs American Taxpayer Relief Act of 2012

• Posted on January 27, 2013

President Obama on January 2 signed the American Taxpayer Relief Act of 2012. The new law makes permanent Bush-era tax rates for individuals and couples with annual income of $400,000 and $450,000, respectively. The law also permanently indexes the alternative minimum tax for inflation, extends unemployment insurance benefits for one year and extends numerous business benefits. The law does not continue the 2012 reduction in employment tax rates from 6.2 percent to 4.2 percent.
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Direct Deposit Puts Your Money in Your Pocket...Faster

• Posted on January 27, 2013

Don’t wait around for a paper check. Have your federal (and state, if applicable) tax refund deposited directly into your bank account. Selecting Direct Deposit is a secure and convenient way to get your money into your pocket more rapidly.
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Do Not Forget to Report Those Foreign Financial Assets!

• Posted on January 27, 2013

Don’t overlook the requirement for any individual who holds any interest in a “specified foreign financial asset” during the tax year to complete and attach Form 8938 to his or her income tax return if a certain reporting threshold is met. The reporting threshold varies, depending on whether or not the individual lives in the U.S. and files a joint return with his or her spouse. For example, an individual who is not married and does not live abroad will need to file Form 8938 for 2012 if the total value of his or her specified foreign financial assets amounts to more than $50,000 as of December 31, 2012 or more than $75,000 at any time during 2012. For married taxpayers filing a joint return and living in the U.S., the threshold amounts are twice as high. The thresholds are also higher for taxpayers residing abroad.
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What to Do If You Are Missing a W-2

• Posted on January 27, 2013

Have you received all of your W-2s? These documents are essential for completing individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from all of your employers each year. Employers have until January 31st to provide or send you a 2012 W-2 earnings statement, either electronically or in paper form. If you have not received your W-2, follow these steps:
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Use QuickBooks’ Tools -- and Common Sense Procedures -- To Prevent Financial Fraud

• Posted on January 27, 2013

You work hard for your money. Strong internal controls can keep it from disappearing unnecessarily.
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It’s Tax Time! Are You Ready?

• Posted on December 26, 2012

If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save! When you arrive at your appointment and are fully prepared, you’ll have more time to:
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Don’t Forget Those Nominee 1099s

• Posted on December 26, 2012

For tax purposes, if you receive income in your name that actually belongs to someone else, you are also a nominee. Being a nominee means that you must file a 1099 form with the IRS appropriate to the type of income you received and give a copy of the 1099 to the actual owner of the income. However, if the other person is your spouse, no 1099 filing is required.
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Don’t Be a Victim!

• Posted on December 26, 2012

Not too long ago, we cautioned you about being duped by Internet identity thieves. We want to remind you once again about this fast-growing threat and how to protect yourself from being a victim and avoid the immense amount of trouble and aggravation that accompanies identity theft.
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Is 2013 The Year You Finally Go Mobile With Financial Data?

• Posted on December 26, 2012

Using QuickBooks Mobile, you’ll improve business relations, put out fires before they start and unchain yourself from your office computer.
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Forgot Something on Your Tax Return? It’s Not Too Late to Amend the Return

• Posted on May 23, 2012

If you discover that you forgot something on your tax return, you can amend that return after it has been filed. The need to amend can include a number of issues:
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Social Security Administration Launches New Online Tool

• Posted on May 23, 2012

If you go back a few years, you may remember that every year, about three months before your birthday, you received an earnings and benefits statement from the Social Security Administration providing you with a history of your earnings and projected benefits. Then, along came a recession and the accompanying budget cuts and the mailing out of the statements stopped, except for workers age 60 and over.
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Are You an Employee or an Independent Contractor?

• Posted on May 23, 2012

The distinction has significant implications for both the employer and the employee. Employers like to treat individuals as independent contractors because they avoid having to match the employees’ payroll tax, pay benefits, pay unemployment insurance, etc. This results in a significant savings for employers.
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IRS Liberalizes Position on Local Lodging

• Posted on May 23, 2012

In the past, a business deduction was allowed only for lodging when a taxpayer traveled away from his or her “tax home.” A taxpayer’s tax home is generally the location (such as city or metropolitan area) of a taxpayer’s main place of business (not necessarily the place where he/she lives).
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Job-Tracking Adds Precision to Your QuickBooks Company

• Posted on May 23, 2012

Does your business have clients whose work sometimes requires multiple steps drawn out over weeks or months, like remodeling projects or court cases? If so, and you're not using QuickBooks' Jobs features, you're missing out on the opportunity to track and evaluate the financial impact of these complex tasks.
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