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.
- Payroll Taxes
- Corporate Officers
- Employees of a Corporation
- Reasonable Salaries
- Flow-Through Deductions
- Wage Limitations
If you dread every minute of the time you spend on accounting, you should know how QuickBooks Online can change your outlook.
How long would it take you to determine:
- What your total expenses for this quarter are?
- Whether or not your business is profitable as of today?
- How much you’ve sold every month this year?
- Which invoices are overdue?
If you’re using QuickBooks Online, you can get answers to all those questions—and more—in the time it takes you to sign on to the website.
That’s not an exaggeration. The first thing QuickBooks Online displays is what’s called its Dashboard. This is the site’s home page, which contains an array of charts and account balances that provide a quick overview of your finances. Click on an element here—say, a checking account balance—and you’ll be able to drill down and see the details behind it (in this case, an online account register). Click on the Expense graph, and a transaction report opens.
Original Article by Catherine Morehouse
- The Oregon Supreme Court approved the use of a privilege tax to fund the state’s Clean Vehicle Rebate Program on Sunday, after AAA Oregon/Idaho and Trucking Associations Inc. challenged the tax in November 2017, saying it violated Oregon’s Constitution.
- The program is integral to Democratic Gov. Kate Brown’s 2017 initiativeto address greenhouse gases and climate change. One of the goals of the initiative is to have 50,000 or more registered and operating electric vehicles (EVs) in the state by 2020, according to Oregon Department of Environmental Quality (DEQ) air quality planner Rachel Sakata.
- The clean vehicle program offers both a standard rebate option and a “charge ahead” option for qualifying low-to-middle income (LMI) customers. The standard rebate is $2500 towards a purchase or lease of a new EV with a battery capacity of 10 KWh or more, and $1500 with a battery capacity of less than 10 KWh. Charge-ahead rebates are worth $2500-$5000.
- Selecting a Type of IRA
- Missing out on the Saver’s Credit
- Taking Distributions before Retirement Age
- Failure to Keep Designated Beneficiaries Current
- Overlooking the Spousal IRA
- Failing to Recognize Low Tax Distribution Opportunities
- Social Security Income and Traditional IRA Distributions
- Rollover Errors
- Failing to Take a Required Minimum Distribution
- Knowing the Beneficiary Options
- Understanding the Special Spousal Beneficiary Options
- Disclaiming an Inherited IRA
- Failing to Realize Your Child Can Have an IRA
- Not Taking Advantage of IRA-to-Charity Distributions
- Parents Attempting to Shift Income to Children
- Kiddie Tax
- Tax Reform Changes
- Tax on Child’s Unearned Income
- Tax on Child’s Earned Income
With tax filing season out of the way, paying off those tax bills that weren’t paid by April 18th is the next major concern for people. While there are a few options for payment agreements if you can’t afford to write a check for the full amount immediately, there’s also the option of paying your tax bill with a credit card. It can be less confusing than navigating IRS payment plans, and if your credit card has a nice rewards program, then it’s something to think about.
Depending on how much you owe in taxes and what terms your credit card offers, it may or may not be worth putting your tax bill on your credit card. Here are some of the pros and cons of using a credit card to pay your taxes and why you would or wouldn’t want to pursue this option. Read more
- What is unclaimed property?
- How can you find unclaimed property?
- What are your chances of finding unclaimed property in your name?
Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer (depending upon state law). Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds, life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, contents of safe deposit boxes, and even IRA or other types of retirement accounts. Read more
Article by Anna Bahney | Found on CNN
Want to find some real savings in your budget? Cutting out lattes and avocado toast probably isn’t the way to go.
Housing, transportation and food: that’s what Americans spend almost 70% of their money on, according to the Bureau of Labor Statistics.
Sure, you can always cut back on extras, but it’s the biggest expenses where we bake a lot of fluff into our budget and call it “essential spending.” Take big swings at these big categories, financial experts say, and you’ll shake lose big chunks of money. Read more
Article by Katherine Vasel | Found on CNN
It’s time to talk to your teenager about money.
The teen years may be the first time kids start to earn their own money. And establishing good habits now can pay dividends well into their future.
Plus, teaching kids to be smart about money will have benefits for parents too.
“Clients that have been more transparent with their kids tend to have children that are smarter with money,’ said Bill Van Sant, a certified financial planner and senior vice president at Univest Wealth Management. “Parents that may not be as transparent tend to have children that stay in the house a little longer.” Read more