The IRS takes the distinction very seriously. Many small businesses start out as casual pastimes. You help troubleshoot your friends’ computer problems in your spare time, and they start telling their friends and business contacts about you. Or you use your woodworking skills to build furniture for non-profit organizations
Read more →Five Basic Tax Tips for New Businesses If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about payroll taxes. Here are five basic tax tips that can
Read more →IRS Summertime Tax Tip 2014-08, July 21, 2014 Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know. Here are ten facts to keep in mind if you
Read more →Much is being written about how it is becoming harder to purchase a first home. Is home ownership out of reach? The problemFor years the values of homes kept going up with no visible ceiling in sight. Then came the 2008 recession and housing market collapse. While
Read more →With student debt loads now over $1 trillion and rising, any relief is a welcome one for students. Especially since over 71% of students leave college with some debt. In a recent presidential executive order, qualified student borrowers of Federal Direct Loans can cap their monthly loan
Read more →In June, the IRS announced the adoption of a Taxpayer Bill of Rights. The ten rights are highlighted here for your information. These rights have been in the tax code for years, however per Nina Olson head of the IRS Taxpayer Advocate Service, “…taxpayer surveys conducted by
Read more →Is a tax surprise of over $1,000 in your future? Millions of taxpayers may see a surprising tax bill in 2014 as the Federal government asks them to repay (claw back) some or all of the new health insurance Premium Tax Credit claimed on the Affordable Care
Read more →QuickBooks provides dozens of customizable report templates. You know when you need some of them, but which are musts? You send invoices because you sold products and/or services. Purchase orders go out when you’re running low on inventory, and there are always bills to pay, it seems
Read more →If you do business outside of your office walls, you need remote access to QuickBooks Online. You can have it. One of QuickBooks Online’s most compelling benefits is its portability. While its desktop counterparts remain chained to your desktop PC or notebook (with limited remote capabilities), many
Read more →The majority of tax laws apply regardless of age, but some are different if you’re 65 or older. By the time you turn 65, you’ve probably already started enjoying some benefits reserved for senior citizens. Restaurants, exclusive living communities, entertainment venues – many businesses start offering discounts
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