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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Will Itemized Deductions Be A Thing of the Past?

• Posted on November 27, 2012

With the national debt and tax simplification taking front burners these days, there has been a great deal of discussion by both political parties and bi-partisan groups about doing away with or substantially altering itemized deductions. Itemized deductions have been around for as long as most of us can remember, and altering these deductions would have a profound effect on many taxpayers.
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Are You Required to File 1099s?

• Posted on November 26, 2012

If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2012 must be provided to the independent contractor no later than January 31 of 2013.
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Saver’s Credit Can Help You Save for Retirement

• Posted on November 26, 2012

Low- and moderate-income workers can take steps to save for retirement and at the same time earn a special tax credit.
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Keep Track of Meal & Entertainment Expenses

• Posted on November 26, 2012

When looking for deductions to add to your taxes, don’t overlook your meal and entertainment expenses. These types of expenses must be “ordinary” and “necessary” to your business or trade and must be “directly related to” or “associated with” the active conduct of business.
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Eldercare Can Be a Medical Deduction

• Posted on November 26, 2012

With people living longer, many individuals find themselves becoming the care provider for elderly parents, spouses and others who can no longer live independently. When this happens, questions always come up regarding the tax ramifications associated with the cost of nursing homes or in-home care.
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Say Good-Bye to 2012 and Ready QuickBooks for 2013

• Posted on November 26, 2012

We hope you’ll be ringing out a successful financial year at month’s end. In any case, here’s what you should know about preparing for 2013.
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Keep Track of Your Basis

• Posted on July 24, 2012

Regarding taxes, there is a saying to the effect that “those who keep records win.” If you are an investor, you may have a variety of securities, including stocks, bonds, and mutual funds. When you sell those securities, you want to minimize your gains or maximize your losses for tax purposes. Gains or losses are measured from your tax basis in the investment (asset), making it important to keep track of the basis in all of your investments.
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Raising Cash in Tough Times

• Posted on July 24, 2012

A housing market that has not recovered from the big price drops that began several years ago, long-term unemployment, and a still wobbly economy mean tough times for cash-strapped individuals seeking to raise money for an immediate financial need. Compounding the misery is the fact that many people have locked away the lion's share of their savings in a tax-favored retirement vehicle, such as a company profit-sharing or 401(k) plan, IRA, SEP, SIMPLE IRA, or Roth IRA. And getting at that money in order to resolve a pressing financial crisis before 59 1/2 years of age is not easy and can be financially painful.
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Inheritances Can Be Tricky

• Posted on July 24, 2012

If you have received an inheritance or anticipate receiving one in the future, this article may answer many of the questions you might have. The process of claiming an inheritance can be quite complex, and it helps to understand the basics and be aware of potential tax liabilities. NOTE: Special rules, not covered in this article, will apply if the decedent’s death occurred during 2010 and the executor elected to apply the “no estate tax” rules available at that time (usually this occurred only if the estate was valued at more than $5 million). If you are a beneficiary under this condition, the executor should provide you with additional information as to the basis of the property you inherited.
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Middle-Class Tax Cuts: Will Congress Act Soon?

• Posted on July 24, 2012

So who does President Obama see as the middle class? He has repeatedly used earnings of $250,000 for married couples and $200,000 for single individuals as the threshold for what he considers the wealthy and those who should not benefit from tax cuts.
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Take Advantage of Education Tax Benefits

• Posted on July 24, 2012

The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or children are being educated. Which of these options will provide the greatest tax benefit depends on each individual’s particular circumstances. The following is an overview of the various possibilities.
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QuickBooks Can Do Much More Than You Think

• Posted on July 24, 2012

No, you'll never max out all of its features, but here are some tips on tools that extend QuickBooks' usefulness – and save you time.
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