Those dreaded words often lead to lost sleep and simple mistakes that could cost you money. Here are some tips to help you through the IRS audit process. Less than 2% of over 145 million individual tax returns filed during 2012 will be selected for audit. The
Read more →Prepare for preparation? Yes, it’s more than a good idea. It can have significant impact on your tax obligation. You know how onerous tax preparation itself can be. So you probably don’t like to even think about it until those deadlines loom. But some planning and preparation
Read more →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
Read more →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
Read more →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
Read more →The savings limits for the ever-popular Health Savings Accounts (HSA) are now set for 2014. The new limits are outlined here with current year amounts noted for comparison purposes. What is an HSA? An HSA is a tax advantaged savings account where part of your wages can
Read more →Most everyone enjoys dreaming of winning it big in the lottery. News media outlets publicize the large unclaimed pots of money on the evening news and they put a spotlight on the lucky multi-million dollar winners. Ever wonder what the tax math looks like? The bottom
Read more →After filing your tax return, do not close the book on your taxes until you have set up next year’s files, purged unneeded old records, and prepared your records in case of an audit. Here are some tips. With a sigh you are relieved that yet another
Read more →If you used small business accounting products in the early days, you know how frustrating it was to print checks correctly from your software. Pre-printed checks weren’t cheap, and you probably printed at least a few that didn’t line up right or were otherwise unusable. Figure 1:
Read more →2013 contribution limits increase for most major retirement plans If you have not already done so, consider adjusting your retirment account contributions to match the expanded annual limits that have increased for 2013. Here are the new limits. 2013 marks a watershed year for contribution limit increases
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