Monthly Archives: October 2017

Using QuickBooks’ Income Tracker

You can get an enormous amount of useful information from QuickBooks' reports, especially if you customize them to isolate the precise data you want. Reports included with the software range from the very simple, like Open Invoices, to output that's exceptionally complex, like Trial Balance and Profit & Loss. Warning: Standard financial reports like Trial Balance are easy to run in…
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Understanding CP2000 Notices

The CP2000 is a notice commonly mailed to taxpayers through the United States Postal Service. It is generated by the IRS Automated Underreporter Program when income reported from third-party sources such as an employer does not match the income reported on the tax return. What to do if you Receive a CP2000 Notice: The CP2000…
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Small Business Tax Tips: Health Care Tax Credit

As a small employer, you may be eligible for a tax credit that lets you keep more of your hard-earned money. It's called the small business health care tax credit, and it benefits employers that: offer coverage through the small business health options program, also known as the SHOP Marketplace have fewer than 25 full-time…
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Tax Tips for Hobbies that Earn Income

Millions of people enjoy hobbies such as stamp or coin collecting, craft making, and horse breeding, but the IRS may also consider them a source of income. As such, if you engage in a hobby that provides a source of income, you must report that income on your tax return; however, taxpayers (especially business owners)…
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