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July 10 Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. July 16 Employers– Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June.Employers – Social Security,...

This year’s tax deadline may have come and gone already but it’s never to early to start planning for next year. With that in mind, here are eight things you can do now to make next April 15 easier. 1. Adjust your withholding. Why wait another year for a...

The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. Here are eight things you should know about IRS notices and letters. 1. There...

Owners of closely held businesses, including family owned and other small businesses can now pass assets to heirs with minimal taxation thanks to a recent tax court ruling (Wandry v. Commissioner, US Tax Court March 26, 2012). Under current regulations ownership of the business can be transferred to heirs...

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home in order to reduce your taxable gain on the sale of a home. The IRS home sale exclusion rule now...

June 11 Employees – who work for tips. If you received $20 or more in tips during May, report them to your employer. You can use Form 4070. June 15 Individuals– If you are a U.S. citizen or resident alien living and working (or on military duty) outside the...

What if there were a tool that helped you create crystal-clear plans, provided you with continual feedback about how well your plan was working, and that told you exactly what’s working and what isn’t? Well, there is such a tool. It’s called the Budget vs. Actual Report and it’s...

Starting a new business is a very exciting and busy time. There is so much to be done and so little time to do it in. If you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed...

Billing for inventory parts is easy. Pick the items from a list and specify a quantity. Poof. Done. Billing for costs, time or mileage is a little more complex. QuickBooks has built-in tools to help you do this, but it’s a bit of a process. To simplify your workflow,...

What if you’ve already filed your return, but realized that you were eligible for a deduction or credit that you didn’t take, or worse–discovered an error and need to “fix it” on your return? Fortunately, there’s an easy answer: file an amended return. Here’s what you need to know...

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...