Trusts can be a useful tool for affluent individuals and families when it comes to wealth management, protection and growth. But there are a wide variety to choose from, so it’s important to clearly understand the benefits and limits of a trust before choosing any one type. WHAT’S A TRUST? A trust is a legal [...]
You can pay bills through QuickBooks using multiple payment methods, like check, credit card, and online bank payment.
Keep Up With Payables: Paying Bills in QuickBooks It’s not your favorite accounting task, but QuickBooks makes bill-paying easier. Last month, we described the process of entering bills in QuickBooks. We discussed how you can’t pay bills without first entering them (Vendors | Enter Bills). We went over the steps required to memorize them to [...]
When the COVID-19 pandemic first hit, many people’s emergency funds were suddenly put the test – if the funds existed at all. Now, about a year later, and presumably with the benefit of some hindsight, you might want to reconsider your savings for a rainy day. You’ve probably heard that, to guard against an emergency [...]
Any U.S. person who has a financial interest in, or signature or other authority over, any foreign financial accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. Let’s explore more of the pertinent details. [...]
If you own a home, the interest you pay on your home mortgage may provide a tax break in the form of the mortgage interest deduction. However, you must itemize deductions on your tax return and follow a few other rules. ACQUISITION DEBT A personal interest deduction generally isn’t allowed, but on type of interest [...]
About a year ago, the Paycheck Protection Program (PPP) was launched in response to the COVID-19 crisis. If your company took out such a loan, you’re likely curious about the tax consequences – particularly for loans that have been forgiven. FORGIVENESS CRITERIA An eligible recipient may have a PPP loan forgiveness in an amount equal [...]