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So far QuickBooks Expert has created 352 blog entries.

SEND YOUR KIDS TO DAY CAMP AND YOU MAY GET A TAX BREAK

By | May 20th, 2019|Accounting and Auditing|

Among the many great challenges of parenthood is what to do with your kids when school lets out.  Do you keep them at home and try to captivate their attention yourself or with the help of sitters?  Or do you send them off to the wide variety of day camps now in operation?  There’s no [...]

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DEDUCTING BUSINESS LOSSES FOR PASS-THROUGH ENTITIES

By | May 13th, 2019|Accounting and Auditing, Business|

It’s not uncommon for businesses to sometimes generate tax losses.  But the tax law limits deductible losses in some situations.  And the Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can now deduct.  If your company operates [...]

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INNOCENT SPOUSE RULES OFFER PROTECTION UNDER SOME CIRCUMSTANCES

By | May 6th, 2019|Accounting and Auditing, Taxation|

Must one spouse pay the tax resulting from a fabrication or omission by another spouse on a jointly filed tax return?  It depends.  If the spouse qualifies, he or she may be able to avoid personal tax liability under the “innocent spouse” rules. JOINT FILING STATUS Generally, married taxpayers benefit overall by filing a joint [...]

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ARE INCOME TAXES TAKING A BITE OUT OF YOUR TRUSTS?

By | April 29th, 2019|Accounting and Auditing, Estate planning|

If your estate plan includes one or more trusts, review them before you file your tax return.  Or, if you’ve already file it, look carefully at how your trusts were affected. Income taxes often take an unexpected bite out of these asset-protection vehicles. 3 WAYS TO SOFTEN THE BLOW For trusts, there are income thresholds [...]

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BUSINESS VS. HOBBY: THE TAX RULES HAVE CHANGED

By | April 24th, 2019|Accounting and Auditing, Business|

If you generate income from a passion such as cooing, woodworking, raising animals – or anything else – beware of the tax implications.  They’ll vary depending on whether the activity is treated as a hobby or a business. The bottom line: The income generated by your activity is taxable.  But different rules apply to how [...]

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SMALL BUSINESS OWNERS SHOULD DOUBLE-CHECK THEIR TAX RETURNS

By | April 23rd, 2019|Accounting and Auditing, Business|

Now more than ever, small business owners need to double-check their tax returns before filing.  Why? Because many of the changes ushered in by the Tax Cuts and Jobs Act take effect with the 2018 tax year. So, if you’re about to file, perhaps slow down and go over your return one more time with [...]

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