THE DEDUCTIBILITY OF MEDICAL EXPENSES

By |2023-09-25T10:24:19-04:00October 9th, 2023|Accounting and Auditing, Retirement, Taxation|

Individual taxpayers may be able to claim medical expense deductions on their tax returns.  However, the rules can be challenging, and it can be difficult to qualify.  Here are five points to keep in mind: You must itemize to claim the deduction and have quite a few expenses. The medical expense deduction can only be [...]

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WHICH BUSINESS WEBSITE COSTS ARE DEDUCTIBLE?

By |2023-09-25T10:12:12-04:00September 25th, 2023|Accounting and Auditing, Business, Taxation|

Nearly every business needs a website, but it’s not always easy to determine which costs of running one are deductible.  Fortunately, established rules that generally apply to the deductibility of more long-standing business costs provide business owners with a basic idea of how to anticipate and handle the tax impact of a website.  And the [...]

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SAFEGUARDING YOUR CRITICAL DOCUMENTS

By |2023-08-29T11:29:38-04:00September 25th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

So many of the documents we all use in our personal lives these days are digital.  However, there are still many that you should retain as hard copies.  These include:   Birth, marriage and death certificates Social Security cards Tax returns Passports Estate planning documents, such as deeds and wills   Be sure to safeguard [...]

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PLAN AHEAD FOR HEALTH SAVINGS ACCOUNTS IN 2024

By |2023-08-29T11:21:49-04:00September 18th, 2023|Accounting and Auditing, Business, Taxation|

  The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs).  The benefits of HSAs include: contributions are made on a pretax basis; funds can be withdrawn tax-free to pay for a variety of medical expenses, such as doctor visits, prescriptions, chiropractic care and long-term care insurance premiums; and [...]

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Do you receive payments for products or services on the spot? QuickBooks makes sales receipts easy to create.

By |2023-09-05T09:37:35-04:00September 5th, 2023|Accounting and Auditing, Business, QuickBooks Tips|

When Do You Use Sales Receipts? Invoices? Statements? QuickBooks offers multiple types of sales forms that are appropriate for different situations. Here’s a look at when they’re used and how to create them. QuickBooks is very good at providing tools for creating the business forms you need. If you’ve already created records for your customers [...]

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AN “INNOCENT SPOUSE” MAY BE ABLE TO ESCAPE TAX LIABILITY

By |2023-09-05T09:28:24-04:00September 5th, 2023|Accounting and Auditing, Taxation, Uncategorized|

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income.  That means the IRS can pursue either spouse to collect the entire tax – not just the part that’s attributed to one spouse or the other.  This includes [...]

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