As we approach the end of 2020, now is a good time to review any mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. AVOID SURPRISES Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares. Near [...]
Among the primary goals of estate planning is to put in writing how you want your wealth distributed to loved ones after your death. But what if you want to use that wealth to help a family member in need while you’re still alive? This has become an increasingly common and pressing issue this year [...]
For many, December 31 means a New Year’s Eve celebration. From a tax perspective, however, it should mean thinking about the filing status you’ll use when filing your tax return for the year. The one you use depends partly on whether you’re married on that date. THE FIVE STATUSES When you file your federal tax [...]
2020 has been a rough year for everyone. We hope you’re staying healthy, and we wish you the best in 2021. If you’re new to QuickBooks, here are a few quick-start activities to get the New Year started out right.
QuickBooks can be overwhelming when you first start using it. Here are five ways to familiarize yourself with some of its features to get you up and running in no time. Tackling any new piece of software can be daunting. Add a complex process like accounting to the mix, like QuickBooks does, and you may [...]
Are you struggling to find the right sale prices for your products? Price Levels give you flexibility. We can help you set them up.
QuickBooks allows you to create Price Levels that you can assign to customers and jobs and to individual items. You already know that when you create a product or service record in QuickBooks, you must assign a sale price to it. But did you know that QuickBooks gives you a great deal of flexibility when [...]
A Health Savings Account (HSA) coupled with a high-deductible health plan can be a powerful tool for funding medical expenses on a tax-advantaged basis. For 2020, individuals with self-only coverage can make up to $3,550 in tax-deductible contributions to an HSA, while those with family coverage can contribute up to $7,100. These limits are increased [...]