Have you explored what you can do with QuickBooks reports once you’ve created them? QuickBooks reports are your reward for tracking your business income and expenses conscientiously. Rather than scanning through lists of customer invoices to see which ones are past due, you can run an A/R Aging report with a couple of clicks. Same […]
14 Unusual Tax Deductions That the IRS Allows
You’d be surprised to learn what unexpected tax deductions could be legitimate. If you’re itemizing for tax year 2021, you’re probably trying to claim as many acceptable deductions as you can. Why would you not? Some of them are pretty conventional. Mortgage interest. Medical expenses. Home office. Charitable contributions. It may be, though, that you’re […]
How to Protect Yourself from Tax Identity Theft
It can happen online or offline. Are you taking steps to protect your identity? As you work on your 2021 income tax returns, the IRS is still catching up from the 2020 tax year. Because of the COVID-19 pandemic and the problems it caused for all kinds of businesses and government agencies, there are reports […]
Starting a Side Gig in 2022? Your New Tax Obligations
It’s not just self-employed individuals who must pay estimated taxes. Here’s what you need to know. W-2 income tax withholding isn’t perfect. You’ve probably had years when you owed more than you expected to on April 15. Or you were pleasantly surprised to receive a sizable refund. The idea, of course, is to try to […]
17 Things You Should See On Your 2021 Tax Return
Some of them are new and others are extensions of previous changes. Here’s a look at what to expect. The Tax Cuts and Jobs Act of 2017 threw a lot of taxpayers for a loop with its myriad changes to tax law. Then the emergence of COVID-19 triggered a flurry of legislative action designed to […]
Are You Using QuickBooks’ Custom Fields? Should You Be?
QuickBooks was designed to be used by numerous types of small businesses. Custom fields help you tailor it to meet your own needs. One of the reasons that QuickBooks is so popular is that it can be used by a wide variety of business types, from pet stores to landscaping companies to coffee shops. Many […]
How Do You Connect to Your Banks in QuickBooks?
Importing your bank transactions into QuickBooks saves time, improves accuracy, and makes you a better money manager. It’s been a long time since your only options for learning about your bank balances and cleared transactions involved your telephone and your monthly statement. These days, accounting software and websites allow you to set up online connections […]
Don’t Wait Until December: Year-End Tax Actions You Should Take Now
Unless you’ve been planning for 2021 taxes all year, it’s time to take actions that can reduce your IRS obligation. We’ve talked before about the importance of planning for taxes year-round. If you haven’t been able to do that because 2021 has been another complicated year, it’s not too late. There are things you can […]
How To Deal With a Past-Due Tax Return
“Better late than never” applies when it comes to filing income tax returns. Here’s what you should know. Maybe you didn‘t get your 1040 done in time in a previous year and you figured you couldn’t still file your income taxes. Or maybe you thought you’d owe money that you didn’t have. Or perhaps you […]
Ready to Reconcile in QuickBooks? How to Prepare
It may be one of your least favorite accounting tasks. But account reconciliation is easier if you get ready for it. There’s no question that account reconciliation is a dreaded chore. So much so that many small businesspeople simply don’t do it. QuickBooks’ reconciliation tools and its ability to import transactions from your banks make […]