If you are contemplating selling real estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a number of years.
The…
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A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married…
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July 1 - Time for a Mid-Year Tax Check Up
Time to review your 2019 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties.
July 10 - Report Tips to Employer
If…
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You’re accustomed to money going in a certain direction, but sometimes you have to pay your customers. Here’s how it’s done.
QuickBooks is very good at helping you get paid by your customers. It comes equipped with customizable invoice…
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The Treasury Department and the IRS have essentially shot down efforts by several states to help their residents circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT).
When the Tax Cuts and Jobs Act (TCJA),…
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Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. Recent tax law changes have added to the confusion. The differences…
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Taxpayers often will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of the year, the big question is whether or not that…
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Note: effective for years 2018 through 2025, the Tax Cuts and Jobs Act of 2017 suspended the deduction of miscellaneous itemized expenses that must be reduced by 2% of the taxpayer’s adjusted gross income. Employee business expenses, including…
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June 15th falls on the weekend this year, so the due date for the second installment of estimated taxes is the next business day, June 17, which is just around the corner. So, it is time to determine if your estimated tax payment should be lowered…
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Summer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the school vacation period. A popular…
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Facing a Huge Gain from a Realty Sale?
Real Estate, TaxesHow to File Taxes After Saying “I Do”
Tax Planning, Tax Tips, TaxesJuly 2019 Individual Due Dates
Tax Planning, TaxesIssuing Credit Memos and Refunds in QuickBooks
QuickbooksStates’ SALT Deduction Workarounds Shot Down
2018 Tax Laws, Tax Planning, Tax Reform, TaxesHobby or Business? It Makes a Difference for Taxes – Now More than Ever
Accounting, BusinessHousehold Help: Employee or Contractor?
Accounting, Business, Finance, Personal Finance, Self-Employment, Small Business, Tax Planning, Tax TipsHow Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?
2018 Tax Laws, Business, Deductions, Entrepeneurship, Self-Employment, Tax Planning, Tax Reform, Tax Tips, TaxesJune Estimated Tax Payments Are Just Around the Corner
2018 Tax Laws, Business, Corporate, Tax News, Tax PlanningSchool’s Out - Who Is Going to Take Care of the Kids?
Education, Tax Planning