Tax credits are harder to come by with the passage of new tax reform laws bringing new eligibility requirements. Especially with how quickly these came about, it’s understandably overwhelming for individual taxpayers; and more likely overwhelming for business owners, like yourself. Read further to see how you can take advantage of health care related tax credits.
A few months ago, accelerating the reception of customer payments in QuickBooks was discussed. You saw five ways you can do this. Here, you will get a deeper look into one of the five ways: assessment of a finance charge; its time and place; and the reasoning behind it.
The estimated tax penalty can be waived for you, if your 2018 federal income tax withholding and estimated tax payments fall short of your total tax liability for the year; however, there is a catch: its is only waived, if you paid at least 85 percent of total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two.
Typically, you must pay 90 percent to avoid a penalty.The waiver computation will be reflected in a revised Form 2210, Underpayment of Estimated Tax by Individuals, Estates and Trusts, and instructions.
Many people use IRAs, SEP Plans, SIMPLE IRA plans, and employee-sponsored retirement savings plans such as the 401(k) to save money for their retirement years, but what if you need to tap that money before age 59 1/2?
Providing tax benefits to investors who invest eligible capital into distressed communities throughout the U.S. and its possessions, Qualified Opportunity Zones (QOZs) were created under the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation. If you’re considering investing in a QOZ, read on to learn the facts you need to know about this tax incentive.
1 – Make sure they are certified by Intuit. They should have an Intuit Certified ProAdvisor logo displayed somewhere on their website, blog, business card or email signature. You can also ask what year or versions they are certified in to see if it’s what you’re using.
Is Using the Same QuickBooks Data File for Long Time Causing My Performance Issues?
There’s more than one approach to how long you use the same QuickBooks company file. You can create a new file each fiscal year, or whenever you upgrade QuickBooks Desktop. Other users prefer using the same file as long as possible. Which approach works best depends on your preferences, and the way your business uses QuickBooks. While entering a lower volume of transactions into QuickBooks helps you use the same file longer, there are possible situations where you need a new QuickBooks data file.
The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS more money than you need to. With this in mind, let’s take a look at seven common small business tax myths.
These days, some of us find ourselves updating multiple calendars. There’s the Outlook calendar or other web-based solution for scheduling and task management. Or, maybe a smartphone app to track a “to-do” on the road with a paper calendar as backup. But where do you keep track of your everyday financial tasks? Including these in your scheduling calendars and/or task lists will make for very crowded screens, not to mention how inconvenient it can be to keep switching between applications. Consider adding one more tracking tool: the QuickBooks Calendar.
Sometimes you’ll find that your balance in QuickBooks does not match your bank statement after a monthly reconciliation (you are doing your reconciliations monthly, right?) and that you need to undo your previous reconciliation to get to the bottom of things. Prior to undoing a reconcile, we recommend a backup AND printing out your previous reconciliation reports, just in case you need them for historical data. To print these reports, we want to open Banking>Reconcile>locate discrepancies>previous reports. We suggest printing out the detailed and the summary, as you might need both.