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So far QuickBooks Expert has created 523 blog entries.

AFTER FILING YOUR TAXES, WHAT RECORDS CAN YOU TOSS?

By | May 16th, 2022|Accounting and Auditing, Business, Retirement, Taxation|

If you’ve filed your 2021 tax return, you may want to do some spring cleaning, starting with tax-related paper clutter.  Paring down is good.  Just be careful to hold onto essential records that may be needed in the event of an IRS audit.  Some documents may be needed to help you collect a future refund [...]

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HIRING YOUR MINOR CHILDREN FOR SUMMER JOBS

By | May 9th, 2022|Accounting and Auditing, Business, Taxation|

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to:  Shift your high-taxed income into tax-free or low-taxed income, and Realize payroll [...]

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QuickBooks 2022 offers numerous new ways to move your billing data into the software. Ask us about this.

By | May 2nd, 2022|Accounting and Auditing, Business, QuickBooks Tips, Uncategorized|

QuickBooks 2022: New Pricing Structure, System Requirements Whether or not you’re ready for the latest version of QuickBooks, you should know about some important changes. Sometimes, deciding that you need to upgrade a piece of software is easy. Either a newer version has features you need that your current product lacks, or you’ve outgrown the [...]

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WHAT DO IRS AUDITORS KNOW ABOUT YOUR BUSINESS INDUSTRY?

By | April 30th, 2022|Accounting and Auditing, Business, Taxation|

Has your business been audited by the IRS? It may be stressful, especially if you don’t know what to expect.  It might help to know what information IRS auditors have about your industry.  To prepare for an audit, IRS examiners generally research a specific industry, plus issues on a tax return.  One tool they often [...]

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SHIELD YOUR LIFE INSURANCE FROM FEDERAL ESTATE TAX

By | April 25th, 2022|Accounting and Auditing, Estate planning, Retirement, Taxation|

If you have a life insurance policy, be aware that the proceeds your beneficiary receives could be subject to federal estate tax.  That is, unless you take steps to ensure that the policy isn’t part of your estate. WHAT TO DO Life insurance proceeds will be included in your taxable estate if: Your estate is [...]

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TAKING CASUALTY LOSS TAX DEDUCTIONS IS NOW HARDER

By | April 18th, 2022|Accounting and Auditing, Business, Taxation|

Unexpected disasters such as severe storms, flooding and wildfires can happen anywhere, causing damage to your home and personal property.  Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns.  But restrictions make it tougher to qualify for these deductions. What’s considered a casualty for [...]

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