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Between mortgages, car loans, credit cards, and student loans, most people are in debt. While being debt-free is a worthwhile goal, most people need to focus on managing their debt first since it’s likely to be there for most of their life. Handled wisely, that debt won’t be an...

Part of the reason for QuickBooks’ success is its exceptional flexibility. By allowing users to turn features and preferences on and off, the same software can be used by a wide variety of business types and sizes. In some cases, the default settings that QuickBooks supplies will work fine...

Children who receive investment income are subject to special tax rules that affect how parents must report a child’s investment income. Some parents can include their child’s investment income on their tax return, while other children may have to file their own tax return. If a child cannot file...

If you have income that is not subject to withholding you may need to pay estimated taxes to the IRS during the year. Whether you need to pay estimated taxes is dependent upon your financial circumstances, what you do for a living (if you’re self-employed for example), and the...

April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. If, for whatever reason, you missed the deadline you may be assessed penalties for both failing to file a tax return and for failing to pay taxes...

What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases all you have to do is file an amended tax return. But before you do that, here are 10 facts you should be aware...

Tim, who owns his own business, decided he wanted to take a two-week trip around the US. So he did–and was able to legally deduct every dime that he spent on his “vacation”. Here’s how he did it. 1. Make all your business appointments before you leave for your...

Although the 2012 tax season is officially over, tax scams unfortunately are not, which is why the IRS issues an annual “Dirty Dozen” list that includes common tax scams affecting taxpayers. Taxpayers should be aware of these tax scams so they can protect themselves against claims that sound too...

Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It...

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 paying stiff tax penalties down the road. As...

May 10 Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2013. This due date applies only if you deposited the tax for the quarter in full and on time.Employees – who work for tips. If you received $20 or more in tips...

Although Intuit did a great job of giving QuickBooks’ home page a fresher, more “open” look in its 2013 versions, maybe some of your screens have become unnecessarily cluttered. Perhaps your QuickBooks company file needs some attention as well. By taking a few minutes to do some “spring cleaning”...