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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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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Tax Calendar

By | April 22nd, 2019|Accounting and Auditing, Business|

April 15 Besides being the last day to file (or extend) you 2018 personal return and pay any tax that’s due, 2019 first quarter estimated tax payments for individuals, trusts and calendar-year corporations are due today.  Also due are 2018 returns for trusts and calendar-year estates and C corporations, FinCEN Form 114 (“Report of Foreign [...]

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RUNNING YOUR PERSONAL FINANCES LIKE A BUSINESS

By | April 22nd, 2019|Accounting and Auditing, Business|

Most individual don’t regard themselves as businesses, trying to turn a profit and beat the competition.  But, occasionally, it may help to look at your financial situation this way to determine where you might cut expenses and boost cash flow.  Here are some tips. LAY OUT YOUR FINANCIALS Where an executive might teach for financial [...]

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Did you know there are multiple ways to get to the Customer Payment window in QuickBooks? We can show you how when you’ve received payment on an invoice.

By | April 4th, 2019|Accounting and Auditing, Business|

Receive Payments the Right Way in QuickBooks: Your Options How you record a customer payment in QuickBooks depends on why and how you received it. One of the reasons we like QuickBooks is because it uses language and processes that are familiar to small businesspeople. Instead of using the term “accounts receivable,” it has a [...]

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