Whether or not your pension is taxed depends on the type of pension—years of service or disability—and the type of tax—federal, state, or social security. The Federal Government and Military Retirement Pay If you’ve spent twenty or more years in military service, you’re entitled to a military pension upon retirement. The federal government considers this[…]
How can you gift money to your children or grandchildren without paying taxes? You’ve helped your children all your life. You’ve raised them, taught them right from wrong, and put them on the path to being good, responsible people. You’ve encouraged them to make their way in the world and helped them find their wings. […]
“Audit” is a scary word for most people, because they think it automatically means they’ve done something wrong on their taxes and are going to get penalized. True, sometimes the IRS notices a problem, whether it was intentional misreporting or an inadvertent error. But this is not always the case. The IRS sometimes uses random[…]
Let’s say you operate as a sole proprietor or a partnership with husband/wife owners. Your children are old enough to be useful and you’re thinking of hiring them. Is hiring your kids a good idea? There are pros and cons to consider. Pros One advantage is that you avoid the time and expense of the[…]
Which QuickBooks Version is Best for Small Businesses?
By diamondcpas Business Accounting May 14, 2018
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[…]
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[…]