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Summer is a great time to tackle home improvements – and, happily, it’s not too late to receive a tax credit when making your home more energy efficient. Although significantly reduced from 2010 levels, energy-efficiency tax credits are still available in 2011. The home energy credit applies to energy-related...

With the unsettled weather to date in 2011 and hurricane season now under way, individuals and businesses should safeguard their tax records by taking a few simple steps. Create a Backup Set of Records Electronically. Taxpayers should keep a set of backup records in a safe place. The backup...

College tuition and fees are on the rise. Shockingly, the cost for 4-year private schools now tops $36,000 per year on average. But the investment is well worth it. According to the U.S. Census Bureau, individuals with a bachelor’s degree earn more than double those with just a high...

September 2011 September 12 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 15 Partnerships – File a 2010 calendar year return (Form 1065). This due date applies only if you were...

August 1 Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2011. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for...

Data entry and modifications in QuickBooks can be tedious. Beginning with QuickBooks 2010 Pro Edition and above, that job got a lot easier. The Add/Edit Multiple List Entries tool does just what its name implies: It lets you add entries to your lists of customers, vendors, services, inventory parts,...

Folks starting a small business are often challenged by their new tax filing requirements. It can be overwhelming to learn about federal tax responsibilities. The following is a list of basic tips to avoid potential problems: Classify workers properly as employees or independent contractors as determined by law, not...

The failure to file a federal tax return can be costly – whether you end up owing more or missing out on a refund. There are several reasons taxpayers don’t file their taxes. Perhaps they didn’t know they were required to file. Maybe they just kept putting it off...

Some folks – especially these days – are polishing their resumes and attending career fairs in search of employment. If you are searching for a job this summer, you may be able to deduct some of those expenses on your tax return. Here are six things you need to...

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...

Sometimes you come across information that awakens your thought process similar to how smelling salt awakens a KO’d fighter. That’s how I felt after reading the below article on ‘Getting Your Business Organized Using Google Docs’. I am a daily user of google products, so the information in the...

June 1: Hurricane season starts today. After the devastating tornadoes so far this year, residents in potential hurricane paths know they need to be prepared, both for the potential storms and the subsequent financial chaos they can cause. And if you do suffer storm losses, the IRS might be...