Tax Issues That Arise When Converting a Home into a Rental
Article Highlights: Reason for Conversion Basis Depreciation Cash Flow versus Tax Profit or Loss Passive Losses Home Gain Exclusion There are many reasons to convert a home into a rental,…
Who Owes You? 5 QuickBooks Online Reports That Can Tell You Fast
Quick: How many of your invoices are unpaid? Have any of your customers gone over 30 days past due? Did you bill all of the time and expenses for that…
Child Daycare and Taxes
Article Highlights: Daycare Providers Simplified Food Deduction Special Rules for Business Use of the Provider’s Home Home Sale Consequences Other Expenses Other Daycare Provider Issues Daycare User Credit Employer Dependent…
Video: How to Minimize Your Tax On Social Security Benefits
Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following will help you understand the taxability of…
How Business Owners Can Improve Cash Flow By Thinking Profit First
Entrepreneurs don’t necessarily need to be numbers people in order to succeed: You need drive, passion, the ability and will to follow things through, and the hustler’s spirit that enables…
DAY CARE PROVIDERS ENJOY SPECIAL TAX BENEFITS
Article Highlights: Business Use of Home Prorated Use Owned Home Rented Home Exclusive Use Meal Allowance Other Deductions A taxpayer who is in the business of providing family day care…
HARDSHIP EXEMPTION RULES FOR NOT HAVING HEALTH INSURANCE EASED
Article Highlights: Shared Responsibility Payment Executive Order Hardship Exemption Exemption Certification Number The Affordable Care Act (Obamacare) included a “shared responsibility payment,” which in reality is a penalty for not…
MAKING TWO IRA ROLLOVERS IN ONE YEAR CAN BE COSTLY
Article Highlights: One Rollover per Year Rule Exceptions Tax Consequences Disqualified Rollover Early Withdrawal Penalty Tax law permits you to take a distribution from your IRA account, and as long…
HOW TO ENTER BILLS IN QUICKBOOKS
It’s not as much fun as creating invoices, but the bills must be paid. Here’s how QuickBooks helps. We’re in a bit of a transitional period with business bill-paying. Some…
WILL YOU GET A REFUND OR OWE FOR 2018?
Article Highlights: Tax Reform Form W-4 Withholding Refund or Tax Due As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in…