THE TCJA EFFECT: QUALIFIED RESIDENCE INTEREST

By | February 10th, 2020|Uncategorized|

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 [...]

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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.

By | February 3rd, 2020|Uncategorized|

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 [...]

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DO YOU KNOW YOUR TAX BRACKET?

By | January 27th, 2020|Accounting and Auditing, Business, Estate planning, Taxation|

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 [...]

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WHAT TO DO ABOUT FRAUDULENT CREDIT OR DEBIT CARD CHARGES

By | January 13th, 2020|Accounting and Auditing, Business, Uncategorized|

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 [...]

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DETERMINING AN EMPLOYEE’S “HOME” FOR REIMBURSEMENT PURPOSES

By | January 6th, 2020|Accounting and Auditing, Business, Uncategorized|

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 [...]

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TAX CALENDAR

By | December 30th, 2019|Accounting and Auditing, Business, Taxation, Uncategorized|

January 15      Individual taxpayers’ final 2019 estimated tax payment is due. January 31      File 2019 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to your employees. File 2019 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments with the IRS and provide copies to recipients.Most employers must file Form [...]

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