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Using Bill Tracker in QuickBooks Bill-paying may be your least favorite accounting activity. You definitely know how those checks and online payments affect your account balances, but it’s more than that. Staying up to date with your bills and paying them on time (but not too early) takes a...

The Home Office Tax Deduction for Small Business If you’re a small business owner who uses your home for business you may be eligible to claim the home office deduction, which allows you to deduct certain home expenses on your tax return. The benefit to this, of course, is...

7 Tips to Help You Figure out if Your Gift Is Taxable If you’ve given money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Because gift tax laws can be confusing,...

5 Tips for Applying for Tax-Exempt Status If you’re thinking about starting a nonprofit and want to apply for tax-exempt status under Section 501(c)(3) of the tax code, you’ll need to use Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. Here are five...

Estimated Tax Penalty Waived for Eligible Filers More than 400,000 eligible taxpayers whose withholding and estimated tax payments fell short of their total 2018 tax liability will have the estimated tax penalty automatically waived or refunded (if they already paid the penalty) on 2018 returns filed with the IRS....

Scam Alert: Watch out for IRS Impersonation Emails Taxpayers should be aware that a new IRS impersonation scam email campaign is making the rounds. This latest scheme is yet another reminder that tax scams are a year-round business for thieves and taxpayers should be on guard at all times....

October 1 Deadline to Set up SIMPLE IRA Plans Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you’ll need to set it up by October...

It’s Not Too Late Check Paycheck Withholding Did you know that the average tax refund was $2,729 for tax year 2018? While some taxpayers may find it advantageous to get a large tax refund, others may wish to have more of their money show up in their paychecks throughout...

Homeowner Records: What to Keep and How Long Keeping full and accurate homeowner records is vital for determining not only your home deductions but also the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other...

Settling Tax Debt With an IRS Offer in Compromise An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities for less than the full amount owed. That’s the good news. The bad news is that not everyone...

Tax Due Dates for September 2019 September 10 Employees Who Work for Tips – If you received $20 or more in tips during August, report them to your employer. You can use Form 4070. September 16 Individuals – Make a payment of your 2019 estimated tax if you are not paying...

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