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Five Big Tax Mistakes- Don’t Let Them Happen to You

Mistake #1. Withholding too little. This results in a tax surprise when filing your income tax. Don’t be too hard on yourself if this happens to you. Social Security withholdings have changed each year and new tax laws in 2013 make it very difficult to withhold the proper

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IRS Notices With Interest Calculation Error- IRS to Send Out Special Mailings

Noted here is a copy of a recent interest error calculation announcement made by the IRS. If you recently received a form CP2000 from the IRS please be aware an adjusted, higher interest amount may be owed. The IRS alerted taxpayers and tax professionals about an interest

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What Does Popeye Have to do with Accounting?

You might have heard the terms “cash basis accounting” or “accrual accounting.”  Your net income number can change depending on which method your books are set up for.  Here’s a simple explanation of the difference, with a little help from one of the most famous cartoon characters

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QuickBooks’ Custom Fields: An Overview

Part of QuickBooks’ popularity comes from its flexibility. Here’s a look at how custom fields contribute to that element.    The beauty of QuickBooks is that it can be used for so many different kinds of businesses. Its smart design lets realtors and retail shops, plumbers and

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Avoid the Gambling Winnings Tax Surprise

With the increased popularity of lotteries and casinos, more unsuspecting winners are experiencing a lucky payday only to end up with a huge tax head-ache when filing their income taxes. Here is what you need to know: Look for the warning signs You are required to report

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Five Big Tax Mistakes

As a reminder, businesses may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code. Section 179 The American Taxpayer Relief Act of 2012 extends the annual $500,000 amount of qualified assets that may be expensed (instead of

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Mobile Accounting

Accounting Apps   For users of QuickBooks desktop and QuickBooks Online, an app is available to help you stay on top of your accounts receivables.  You can send invoices, view and update customer information, mark an invoice paid, and check up on customers’ balances.   If you

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Avoid the 50% Penalty! – Understanding Required Minimum Distribution (RMD) Rules

Every year thousands of taxpayers are hit with a heavy 50% penalty for not withdrawing enough money from their retirement plan(s). Here is what you need to know to ensure this does not happen to you or someone you know. Who is subject to Required Minimum Distribution

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Does Your Mileage Log Travel the Distance?

The tax code allows deductions for qualified miles driven for business, medical, moving and charitable purposes. But to claim this deduction you must keep adequate records of actual miles driven. During an audit this is an often disallowed deduction, despite the fact that you actually drove the

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Budgeting Breakthrough

When you hear the word “budget,” what do you think about?  Most people would say something similar to “Ugghh!” If you would rather do just about anything besides create a budget, you’re not alone.  The word “budget” brings up connotations of endless numbers, constraints, the opposite of

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