For most small businesses, QuickBooks, from Intuit Inc., is the accounting software of choice. In addition to basic bookkeeping it is used to manage customers, vendors, inventory, expenses, and more. Intuit offers 3 on-line version as well as multiple desktop versions (3 for windows based computers and one for Apple computers). Which one is best[…]
Which QuickBooks Version is Best for Small Businesses?
By diamondcpas Business Accounting May 14, 2018
If you itemize your expenses on your tax return, you may be able to deduct dental and medical expenses. However, you’re only able to claim the portion that exceeds 7.5% of your adjusted gross income (AGI). Here’s an example to make it clear. Your AGI is the income listed on line 37 of IRS Form[…]
Your credit score can have a significant impact on both your personal and professional lives. Personally, your score can impact the availability of and interest rates for mortgages, car loans, and credit cards. Professionally, a bad credit score will hurt your chances of securing certain jobs and obtaining financing for small business endeavors. Your[…]
Traditionally, new brides adopt their husband’s name upon marriage, although sometimes they may choose to hyphenate both names together. Either way, you have to make it official. Your wedding certificate isn’t enough, but it’s a start. Here is some information on going through the steps to legally change your name. First Stop, Social Security You’ll[…]
If you were unable to make your tax payment by April 17th, you may be nervous about what to do. We recommend that you work with our office and stay in contact with the IRS about your options and payment plans. It is critical that you do not ignore the situation and go into delinquency.[…]
The Tax Cuts and Jobs Act was the biggest overhaul of the tax code in three decades and provides significant opportunities for the self-employed. But, as always, there are a few areas that require an explanation from the IRS. How does this impact small business owners and entrepreneurs? For 2018, it is believed that[…]
The customary advice about cashing out your retirement plan early is: don’t. There are very few situations that would make it financially worthwhile. A standard IRA or 401(k) provides before-tax contributions and tax-free compounding, deferring taxes to retirement. A Roth IRA, although contributed to with after-tax dollars, provides for tax-free compounding and tax-free distributions in[…]
You picture life in retirement. You’ve saved and invested. Your financial life is simple and uncomplicated. While this is a dream for many, it can also turn out to be a mirage. The truth is that your tax and financial picture may become more, rather than less, complicated in retirement. With minimum distributions from tax-deferred[…]
So, your son earned some money at a cool summer job last year. Now that tax season has rolled around, you may be wondering if you need to file a tax return for his income. The answer is…maybe. Here are a few questions to consider about filing tax returns for children. Is Your Child Considered[…]
Sometimes you cannot complete the paperwork for your tax return by the due date (April 17, 2018 for your 2017 returns). But, unlike your old algebra homework, you can’t just turn it in late. The IRS is very, very picky about deadlines. However, the IRS also makes it fairly simple for you to get some[…]