Monthly Archives: May 2016

Use QuickBooks Custom Fields to Improve Insight

If you're using QuickBooks, you probably know that you're complying with the rules of double-entry accounting. The software is designed such that you can be compliant with these requirements without even being aware of it. You're dealing with invoices and purchase orders, bank account reconciliation and bill-paying and payroll, not debits and credits and journal…
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Tips for Deducting Medical and Dental Expenses

If you, your spouse or dependents have significant medical or dental costs in 2016, you may be able to deduct those expenses when you file your tax return next year. Here are eight things you should know about medical and dental expenses and other benefits. 1. You must itemize. You can only claim medical expenses…
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Nine Facts about the Adoption Tax Credit

If you adopting a child this year, you may qualify for a tax credit. Here are nine things you should know about the adoption credit. 1. Credit or Exclusion. The credit is nonrefundable. This means that the credit may reduce your tax to zero. If the credit is more than your tax, you can't get…
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Five Things you Should Know about the AMT

You may not know about the Alternative Minimum Tax (AMT) because you've never had to pay it before. However, your income may have changed and you may be required to pay it when you file your 2016 tax return next year. The AMT is an income tax imposed at nearly a flat rate on an…
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