News

Do you work at a hair salon, barber shop, casino, golf course, hotel, or restaurant, or do you drive a taxicab? The tip income you receive as an employee from those services is taxable income. Here are some tips about tips: Tips are taxable. Tips are subject to federal...

Every month, we provide information on how to better use QuickBooks. By implementing the best methods for managing your accounting data, you can actually improve your financial bottom line. But all of your careful work is for naught if a malicious hacker gets in to your computers, or if...

With the real estate market looking up in many areas, money is out there to be made. Sellers, it’s time to take a close look at the exclusion rules and cost basis of your home to reduce your taxable gain. The IRS home sale exclusion rule now allows an...

If there were a tool that helped you create crystal-clear plans . . . that provided you with continual feedback on how well your plan was working . . . that told you exactly what’s working and what isn’t, allowing you to consistently make smart business decisions to keep...

In 2011, if you give any one person gifts such as cash or property valued at more than $13,000, you must report the total gifts to the Internal Revenue Service. You may have to pay tax on the gifts, but the person who receives your gift does not have...

Next to payroll, paying bills is probably your least favorite task in QuickBooks. You don’t have to use this feature — you can keep stacking bills on your desk, scrawling the due dates on a paper calendar, and writing checks. If you’re still operating this way, though, you’re missing...

If you changed your home or business address, notify the IRS to ensure that you receive any refunds or correspondence. Although the IRS uses the postal service’s change of address files to update taxpayer addresses, notifying the IRS directly is still a good idea. There are several ways to...

Generally, you are taxed on income that is available to you regardless of whether it is actually in your possession, but there are some situations when certain types of income are partially taxed or not taxed at all. Here are some examples of items that are NOT included in...

Are you a student with a summer job? Here are seven things you should know about the income you earn during the summer months. 1. All taxpayers fill out a W-4 when starting a new job. This form is used by employers to determine the amount of tax that...

The vast majority of Americans get a tax refund from the IRS each spring. But what if you’re not one of them? What if you owe money to the IRS? Here are five tips for individuals who still need to pay their taxes. If you get a bill for...

Of all the retirement plans available to small business owners, the SIMPLE plan is the easiest to set up and the least expensive to manage. These plans are intended to encourage small business employers to offer retirement coverage to their employees. SIMPLE plans work well for small business owners...

Many companies have questions about what to do with an employee’s home when he or she is moved to a new job location, especially with the real estate market in a downturn throughout much of the country. Typically, the employer wants to protect the employee against financial loss on...