Don’t Overlook Tax Credits
Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. Congress provides tax credits to individual taxpayers for a number of reasons, including…
With the holiday season approaching, and with the great need for aid in the wake of the recent hurricanes and wildfires, you no doubt are being solicited for donations. However, do not be fooled by the scammers who come out from hiding whenever…
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The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this year and can…
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November 2018 Individual Due Dates
November 13 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no…
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Receiving notification from the Internal Revenue Service that there’s some kind of problem is one of the most bone-chilling situations an American taxpayer can experience. Just receiving an envelope with a return address from the IRS can strike…
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Tax reform added some new taxpayer-advantageous changes to college savings plans. These plans are also known as qualified tuition programs (QTPs) or Sec. 529 plans, named after the part of the Internal Revenue Code that established them.
Background:…
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When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are three commonly encountered situations and the tax ramifications associated with each.
Renting…
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Those who have a large taxable gain from the sale of a stock, asset, or business and who would like to defer that gain with the possibility of excluding some of it from taxation should investigate a new investment called a qualified opportunity…
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Article Highlights:
One Rollover per Year Rule
Exceptions
Tax Consequences
Disqualified Rollover
Early Withdrawal Penalty
Tax law permits you to take a distribution from your IRA account, and as long as you return the…
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How to Enter Bills in QuickBooks
It’s not as much fun as creating invoices, but the bills must be paid. Here’s how QuickBooks helps.
We’re in a bit of a transitional period with business bill-paying. Some paper bills still come via…
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Don’t Overlook Tax Credits
2018 Tax Laws, Tax Reform, TaxesLegitimate Tax-Deductible Charity or Scam?
CharityMedical Insurance and Taxes
2018 Tax Laws, Tax Tips, TaxesNovember Tax Due Dates
2018 Tax LawsMost Common Types of IRS Tax Problems
2018 Tax Laws, Tax Reform, Tax Tips, TaxesBig Changes to College Savings Plans
CollegeThree Common Family Tax Mistakes
2018 Tax Laws, Finance, Finance Tips, Tax Tips, TaxesTax Reform Enables Deferral of Taxable Gains Into Investments in Opportunity Zones
2018 Tax Laws, Growth, Investment, Tax ReformMaking Two IRA Rollovers in One Year Can Be Costly
Accounting, Investment, Personal FinanceHow to Enter Bills in QuickBooks
Small Business