Because of the economic impact of the COVID-19 crisis, many companies may want to conserve cash and not buy much equipment this year. As a result, you may not be able to claim as many depreciation tax deductions as in the past. However, if your company owns real property, there’s another approach to depreciation to [...]
If you’re planning to sell capital assets at a loss to offset gains that have been realized during the year, it’s important to beware of the “wash sale” rule. Under this tax rule, if you sell stock or securities for a loss and buy substantially identical stock shares or securities back within the 30-day period [...]
Nonqualified deferred compensation (NQDC) plan allow participants to set aside large amounts of tax-deferred compensation while enjoying the flexibility to schedule distributions to align with their financial goals. However, the plans also pose substantial risks. If your (or a prospective) employer offers an NQDC plan, or you’re considering one for your business, weigh the pros [...]
October 15 Personal federal income tax returns for 2019 that received an automatic extension must be filed today and any tax, interest, and penalties due must be paid. The Financial Crimes Enforcement Network (Fin CEN) Report 114, “Report of Foreign Bank and Financial Accounts” (FBAR), must be filed by today, if not filed already, for [...]
Did you know that QuickBooks can remind you that you have outstanding billable service hours when you invoice customers? Find out how here and ask us how this works.
How to Track Employee Time, Part 2 If you have to track a lot of employee work hours, you might want to use QuickBooks’ Timesheets. Last month, we introduced the concept of time tracking in QuickBooks. Using the software’s tools, you’re able to record individual blocks of time that employees have worked, so that you [...]
Many people assume that a 529 plan is the ideal college savings tool, but other vehicles can help parents save for college expenses, too. Take the Roth IRA, for example. Whether you should use one or the other (or both) depends on several factors, including how much you intend to contribute and how you’ll use [...]