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How to Protect Your Data in QuickBooks

How to Protect Your Data in QuickBooks

After the unprecedented year we’ve just experienced, the last thing you need is to have your accounting data compromised or stolen. It would be impossible to reconstruct your QuickBooks file from scratch, and you can’t afford to have a hacker steal any of your funds.

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Qualified Small Business (QSB) Stock Gain Exclusion: Who Can Take Advantage and How to Do It

Qualified Small Business (QSB) Stock Gain Exclusion: Who Can Take Advantage and How to Do It

Originally, selling stocks identified as having Qualified Small Business status was viewed as offering marginal benefit. But the last several years have seen incremental changes to how gains from the sales of these stocks have been treated. As of the most recent shift, which created a 100% exclusion with certain limitations, these stocks now offer significant opportunities for those who invest in startups and other small businesses.

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Consequences of Filing Married Separately

Consequences of Filing Married Separately

Couples who are married on the last day of the tax year basically have two filing status options when filing their tax returns: either married filing jointly (MFJ) or married filing separately (MFS) returns. Generally, filing MFJ will produce the better tax result. However, other factors – usually personal or financial rather than tax-related – can come into play that cause taxpayers to choose to file MFS returns.

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Running a Trading Business – and What it Means for Your Taxes

Running a Trading Business – and What it Means for Your Taxes

The average American taxpayer is not aware that people who officially qualify as running a trading business receive special tax treatment. Their income comes from the profit they make by trading options, equities and other asset classes, and is viewed as “investment” income. Investment income is taxed differently than salary and wages, which are considered “earned” income.

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The Tax-Filing Deadline Is Around the Corner

The Tax-Filing Deadline Is Around the Corner

As a reminder to those who have not yet filed their 2020 tax returns, May 17, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes owed). Normally April 15 is the due date, but this year the IRS extended it until May 17. 

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Defer Taxes with Installment Sales

Defer Taxes with Installment Sales

Selling a property one has owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain to the 3.8% surtax on net investment income.

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Refund Statute Expiring: Don’t Miss Out!

Refund Statute Expiring: Don’t Miss Out!

If you have not yet filed your 2017 tax return and have a refund coming, time to claim that refund is running out! The IRS estimates that more than 1.35 million taxpayers have not filed their 2017 tax returns with approximately $1.3 billion of unclaimed refunds available for those taxpayers. If you fall in this category, you need to act quickly because the return must be filed by May 17, 2021 to claim a refund for 2017. Otherwise, the money becomes the property of the U.S. Treasury.

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Entrepreneur Success Stories: Zapier

Entrepreneur Success Stories: Zapier

Zapier is a software company founded in 2011 by Wade Foster, Bryan Helmig, and Mike Knoop.  Zapier provides a service which helps end users automate the integration of online applications that they use. Let’s take a look at a behind the scenes software integration company that has taken the industry by storm.

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Don’t Overlook Foreign Account Reporting Requirements

Don’t Overlook Foreign Account Reporting Requirements

Don’t Overlook Foreign Account Reporting Requirements Article Summary: Foreign Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Type of Accounts Affected Form 8938 Filing Requirements Some of the largest penalties for...

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May 2021 Due Dates

May 2021 Due Dates

May 2021 Individual Due Dates May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 1110. Your employer is...

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Writing Off Your Business Start-Up Expenses

Writing Off Your Business Start-Up Expenses

Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. Fortunately, with the help of vaccines, new businesses will be opening as the economy returns to near normal.  New business owners, especially those operating small businesses, may be helped by a tax provision allowing them to deduct up to $5,000 of the start-up expenses and $5,000 of organizational costs in the first year of the business’s operation.

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SBA Raises Loan Limit For COVID-19 EIDL Loans to $500,000

SBA Raises Loan Limit For COVID-19 EIDL Loans to $500,000

As U.S. businesses continue to recover from COVID-19’s economic devastation, the U.S. Small Business Administration (SBA) is expanding loan opportunities. The agency announced that beginning the week of April 6th, nonprofits and small businesses will be able to borrow up to $500,000 for up to 24 months.

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Easily Check the Status of Your Refund

Easily Check the Status of Your Refund

“Where’s My Refund?” is an interactive tool on the IRS website at IRS.gov. Whether you have opted for direct deposit into one account, split your refund among several accounts, or asked the IRS to mail you a check, “Where’s My Refund?” will give you online access to your refund information nearly 24 hours a day, 7 days a week.

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Tax Filing Deadlines Are Rapidly Approaching

Tax Filing Deadlines Are Rapidly Approaching

Just a reminder to those who have not yet filed their 2020 federal tax return that thanks to the IRS extending the filing due date, May 17, 2021 is the due date to either file your return and pay any taxes owed, or file for the automatic extension and pay the tax you estimate to be due for 2020.

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Don’t Miss Out on Tax Credits

Don’t Miss Out on Tax Credits

Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. Congress provides tax credits to individual taxpayers for a number of reasons, including as a form of assistance for lower-income taxpayers, to stimulate employment, and to stimulate certain investments, among other things.

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How to Evaluate Your Business Idea Before Diving In

How to Evaluate Your Business Idea Before Diving In

They say that everybody has at least one good novel in them, and many people feel the same way about ideas for a successful business. If you are considering diving into the world of entrepreneurship, it’s a good idea to pause for a moment, take a deep breath, and let your head take over before your heart leads you astray. There’s certainly a chance that your business idea is a good one and you’ll be highly successful, but it’s a good idea to evaluate, research, and analyze before you quit your day job. Here are steps to follow to ensure that you’re proceeding with care and caution.

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You Can Expense Business IT Purchases

You Can Expense Business IT Purchases

Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such assets purchased and placed in service before the end of the tax year. For businesses using the accrual method of accounting, the purchase must have been completed and the equipment placed in service before the company’s year-end.

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