Here’s what you should know about the income your child earns over the summer. A summer work schedule is sometimes a patchwork of odd jobs, which makes for confusion come tax time. Contact us if you have any questions at all about income your child earned this summer season.
1. Adjust your withholding. Why wait another year for a big refund? Now is as good a time as any to review your withholding and make adjustments for next year, especially if you’d prefer more money in each paycheck this year. If you owed money at tax time, perhaps you’d like next year’s tax payment to be smaller. Give us a call if you need assistance in adjusting your withholding. 2. Take action when life events occur. Life events include the birth … Read More
Tax law allows you to deduct two types of travel expenses related to your business: local, and what the IRS calls “away from home.” First, local travel expenses. You can deduct local transportation expenses incurred for business purposes such as the cost of getting from one location to another via public transportation, rental car, or your own automobile. Meals and incidentals are not deductible as travel expenses, but you can deduct meals as an entertainment expense as long as certain … Read More
You send invoices because you sold products and/or services. Purchase orders go out when you’re running low on inventory, and there are always bills to pay, it seems like. All of this activity is, of course, important in itself, but all of your conscientious bookkeeping culminates in what’s probably the most critical element of QuickBooks: your reports. Reports can tell you how many navy blue sweatshirts you sold in March, what you paid for health insurance premiums in the first … Read More
The IRS has revised Publication 17 and posted it online. It has been updated for 2013. Find it here.
If there were a tool that helped you create crystal-clear plans . . . that provided you with continual feedback on how well your plan was working . . . that told you exactly what’s working and what isn’t, allowing you to consistently make smart business decisions to keep your business on track for success – wouldn’t you want to take advantage of it? Well, there is such a tool. It’s called the Budget vs. Actual report. Clarifying Your Plan … Read More
Every month, we provide information on how to better use QuickBooks. By implementing the best methods for managing your accounting data, you can actually improve your financial bottom line. But all of your careful work is for naught if a malicious hacker gets in to your computers, or if you experience identity theft by an employee. Social Security and credit card numbers, home phone numbers and addresses, an excruciatingly detailed profile of your company – all can be lost in … Read More
If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of stiff tax penalties. As you will see, these rules are quite complex, even for a relatively minor employee, and a mistake can bring on tax headaches. Who Is a Household Employee? The “nanny tax” rules apply to you only … Read More
The New Year has arrived, which means . . . it’s tax time! This year, do you want your refund faster? Have it deposited directly into your bank account. More taxpayers are choosing direct deposit as the way to receive their federal tax refunds. More than 61 million people had their tax refunds deposited directly into their bank accounts last year. It’s the secure and convenient way to get money in your wallet faster. Security. The payment is secure – … Read More
Changing the prices of your company’s services and inventory items can solve one of two problems, depending on why you’re looking for a solution. Say your materials suppliers have upped their prices. You may choose to increase your affected products to maintain your profit margin. Or maybe an item or service has not been moving well. A drop in price might trigger improved sales. Those examples, of course, are simplifications of what needs to be a thoughtful, studied process. They’re … Read More