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HOW DO YOU CREATE PRICE LEVELS IN QUICKBOOKS?

You already know that when you create a product or service record in QuickBooks, you must assign a sale price to it. But did you know that QuickBooks gives you a great deal of flexibility when to comes to pricing items you sell? The software allows you to create one or more additional Price Levels that you […]
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DON’T MISS OUT ON YEAR-END TAX-PLANNING OPPORTUNITIES

Article Highlights: Unemployment Benefits Taxability To Skip or Not Skip the 2020 Required Minimum Distribution Special Charitable Giving Opportunities Divorced or Separated Planning Issues Potential State Health Insurance Penalties Dealing with Disaster Losses in 2020 Retroactive Kiddie Tax Rules – Amended Opportunity Retroactive Tax Benefits May Provide Refunds Preparing for Home Sale Reporting Avoiding Underpayment […]
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ARE YOU KEEPING TRACK OF YOUR INVESTMENT BASIS?

Article Highlights: What is Basis? Cost Basis Gift Basis Inherited Basis Events that Adjust Basis First In, First Out In taxes, there is a saying: “Those who keep records win.” If you are an investor, you may own real property or have a variety of securities, including stocks, bonds, mutual funds, etc. When you sell […]
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THE SBA ISSUES A SIMPLIFIED PPP LOAN-FORGIVENESS APPLICATION

Article Highlights: Paycheck Protection Program Loans Forgiveness Application The Small Business Administration (SBA) The Paycheck Protection Program Flexibility Act SBA Forgiveness Form 3508 SBA Forgiveness Form 3508EZ SBA Forgiveness Form 3508S If you are the owner of a small business that obtained a Paycheck Protection Program (PPP) loan, you are most likely aware that the […]
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GAMBLING AND TAX GOTCHAS

Article Highlights: Winnings Losses Social Security Income Health Care Insurance Premium Subsidies Medicare B & D Premiums Online Gambling Accounts Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in excess of your winnings. In […]
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SOLAR TAX CREDIT IS SUNSETTING SOON

Article Highlights: Solar Credit Phasing Out Qualifying Property When is the Credit Available? Who Gets the Credit Multiple Installations Battery Installation Costs Basis Adjustment Association or Cooperative Costs Mixed-Use Property Newly Constructed Homes Utility Subsidy Solar Installations are Not for Everyone A federal tax credit for the purchase and installation costs of a residential solar […]
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10 TIPS FOR BETTER BUDGETING

If you already have a budget, it’s probably been difficult for you to stick with it for the last several months. Unless you provide products and/or services that have been in great demand since the COVID-19 pandemic took hold, you’ve had to adjust your budget significantly. Better days are ahead, though, and now is a […]
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IS THE TEMPORARY DEFERRAL OF EMPLOYEE PAYROLL TAX WORTH IT?

Article Highlights Withholding of Social Security Tax Deferred IRS Guidance Employer Responsibility Unresolved Issues President Trump issued a Presidential Memorandum on August 8, 2020, that directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ portions of Social Security taxes from September 1 through December 31, 2020. The […]
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SEPTEMBER 2020 INDIVIDUAL DUE DATES

September 1 – 2020 Fall and 2021 Tax Planning Contact this office to schedule a consultation appointment. September 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 […]
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