The Tax Cuts and Jobs Act (TCJA) made a significant impact – both directly and indirectly – on the deductibility of various types of interest expense for individuals. One area affected is qualified residence interest. TWO WAYS ABOUT IT The TCJA affects interest on residential loans in two ways. First, by nearly doubling the standard [...]
Did you know that QuickBooks comes with an Undeposited Funds account? This is where the money from your invoice payments and sales receipts is recorded. Find out more here.
Where do the payments you receive in QuickBooks go? The software provides tools for managing deposits. Recording payments, whether they come in to comply with an invoice you sent or are issued as sales receipts, is one of the more satisfying tasks you do in QuickBooks. The sales cycle is almost complete, and you’re about [...]
Although the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates through 2025, there’s no guarantee you’ll receive a refund or lower tax bill. Some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks. For this reason, it’s important to know your bracket. Some single [...]
As a business owner, you have to keep your eye on your company’s income and expenses and applicable tax breaks. But you also must look out for your own financial future. And that includes creating an exit strategy. BUY-SELL AGREEMENT When a business has more than one owner, a buy-sell agreement can be a powerful [...]
It’s an awful feeling to learn that someone has used your credit or debit card to make fraudulent charges. Whether you’re liable typically depends on the type of card, whether you still possess the card and when you alert the issuer. CREDIT CARDS If your card is lost or stolen and you report it to [...]
Despite the prevalence of Web-based meetings, many of today’s businesses still have plenty of employees who travel. IF you still have sales staff or other workers out on the road, and you’re reimbursing them on a tax-free basis for their travel expenses, it’s important for you as the employer to stay up to date on [...]