Working from Home? Is there a Tax Deduction?

Many individuals, because of the COVID pandemic, have been forced to work from home in order to curtail the spread of the virus. A frequent question is do they qualify for a special tax deduction for using their home as a workplace? The tax…
Small Business Startup
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How to Organize Spending Priorities for Your Newer Growth Startup

According to a recent study conducted by U.S. Bank, over 80% of all newly formed businesses that ultimately fail do so due to cash flow problems. If you needed a reason to believe that getting your spending in order and dedicating the…

2018 Individual Tax Highlights (Video)

Using QUickbooks

Not Using QuickBooks Online? What You're Missing Out On

How long would it take you to determine: What your total expenses for this quarter are? Whether or not your business is profitable as of today? How much you’ve sold every month this year? Which invoices are overdue? If you’re…
Child Tax Credit
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The New Child Care Tax Credit

Convention Expense
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Choosing Your Accounting Method Under New Tax Laws

Businesses today must take a closer look at their accounting methods. Since the passage of new tax laws, with changes to thresholds for choosing accounting methods, all companies need to take an inward look at their current accounting methods…
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Tax Reform Suspends the Tax Deduction for Employee Business Expenses

Not all provisions of the Tax Cuts and Jobs Act are beneficial to taxpayers. One notable negative provision is the suspension of the deduction for employee business expenses. Under prior law, taxpayers who were employees were able to deduct…

Why It Might be Time for Your Small Business to Migrate to Cloud Accounting

Cloud accounting is a big idea that brings with it a lot of lofty implications, but if you had to distill all of that down to its bare essentials it would probably look at lot like this: Right now, if you want to manage the financial side…
Tax Due Dates
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April 2018 Individual Due Dates

April 1 - Last Day to Withdraw Required Minimum Distribution Last day to withdraw 2017’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2017. Failing to make a timely withdrawal may result in…