Monthly Archives: August 2017

Working with Checks in QuickBooks

"I don't write checks anymore." You hear a lot of people say that these days, and for many consumers, debit cards, smartphone payment apps, and online banking have all replaced the old paper checkbook. That's fine if you're at Starbucks or the grocery store, but many small businesses still prefer to issue paper checks to…
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Keep Track of Miscellaneous Deductions

Miscellaneous deductions such as certain work-related expenses you paid for as an employee can reduce your tax bill, but you must itemize deductions when you file to claim these costs. If you usually claim the standard deduction, think about itemizing instead because you might be able to pay less tax. Here are some tax tips…
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Understanding the Gift Tax

If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax. 1. Nontaxable Gifts. The general rule is that any gift is a taxable gift. However, there are…
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Virtual Currency Treated as Property for Tax Purposes

Many retailers and online businesses now accept virtual currency for sales transactions but the federal tax implications remain relatively unknown to many retailers. If you're a retailer who accepts virtual currency such as Bitcoins for transactions, here's what you need to know. Sometimes, virtual currency such as Bitcoins operate like "real" currency, i.e. the coin…
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