Hobby or Business? It Makes a Difference for Taxes – Now More than Ever

Hobby or Business? It Makes a Difference for Taxes – Now More than Ever

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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…
Learn what factors determine whether a household worker qualifies as an employee or an independent contractor.

Household Help: Employee or Contractor?

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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…
How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

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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…
June Estimated Tax Payments Are Just Around the Corner

June Estimated Tax Payments Are Just Around the Corner

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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…
Top 10 Startup Business Questions Every Entrepreneur Should Answer

Top 10 Startup Business Questions Every Entrepreneur Should Answer

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Starting a small business can be one of the most exciting and rewarding events in someone’s life. But it can also be extremely stressful. If you’re thinking about becoming an entrepreneur, you might have more questions swirling around…
How QuickBooks Protects Your Data, and How You Can Help

How QuickBooks Protects Your Data, and How You Can Help

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The data in your QuickBooks company file contains some of the most sensitive information on your computer. Make sure it’s secure. Your customer list is gold. And those Social Security and bank card numbers in your payroll, client, and…
May 2019 Due Dates

May 2019 Individual Due Dates

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May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required…
Employees’ Fringe Benefits after Tax Reform

Employees’ Fringe Benefits after Tax Reform

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Tax reform made a lot of changes, some of which impacted employees’ fringe benefits. This article reviews the most frequently encountered fringe benefits, including those that were and were not impacted by tax changes. These changes can affect…
Are You Missing a W-2?

Are You Missing a W-2?

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Have you received all of your W-2s? These documents are essential for completing individual income tax returns, as they include the taxable amount of your wages and the amount withheld for federal and (if applicable) state income tax, along…
Could Your Sales Invoices Be Better? How QuickBooks Online Can Help.

Could Your Sales Invoices Be Better? How QuickBooks Online Can Help.

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Every interaction with your customers can enhance your image. Here’s how QuickBooks Online contributes to that. Getting paid by your customers—on time, and in full—can take some effort on your part. You set smart due dates and enforce…