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May 2 Employers – Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2016. 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...

What do you do when you need to get information in QuickBooks about customers or about payments they’ve made in QuickBooks? Fortunately, you have several options. You could, for example: Create a report Go to their Customer pages Click on Receive Payments on the Home Page and use the...

If you are a self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. If you’re self-employed,...

Did you know that it’s possible to trim your tax bill and save on your energy bills with certain home improvements? Here are some key facts you should know about home energy tax credits: Non-Business Energy Property Credit Part of this credit is worth 10 percent of the cost...

If you have children, you may be able to reduce the amount of taxes owed for the year using tax credits and deductions. Here are several tax benefits you might be able to take advantage of when you file your federal tax return: Dependents. In most cases, you can...

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings, and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount you paid for...

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable...

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax...

Are you one of the millions of Americans who hasn’t filed (or even started) your taxes yet? With the April 18 tax filing deadline quickly approaching, here is some last minute tax advice for you. 1. Stop Procrastinating. Resist the temptation to put off your taxes until the very...

April 11 Employees who work for tips – If you received $20 or more in tips during March, report them to your employer. You can use Form 4070. April 18 Individuals – File an income tax return for 2015 (Form 1040, 1040A, or 1040EZ) and pay any tax due....

These days, some of us find ourselves updating multiple calendars. There’s the Outlook calendar or other web-based solution for scheduling and task management. Or, maybe a smartphone app to track a “to-do” on the road with a paper calendar as backup. But where do you keep track of your...

Most people can claim an exemption on their tax return. It can lower your taxable income, which in most cases, that reduces the amount of tax you owe for the year. Here are eight tax facts about exemptions to help you file your tax return. 1. Exemptions Cut Income....