A Few Key Updates About Required Minimum Distributions
The SECURE Act of 2019 raised the minimum RMD age to 72 from 70½ beginning in 2020. And new life expectancy tables will take effect in 2022. Learn more about these updates to RMDs.
Avoiding IRS Underpayment Penalties
Our tax system is set up to “pay-as-you-earn,” but there are situations where taxpayers can get into trouble and face underpayment penalties. We explain how to avoid these situations in this week’s Tax Tip.
Record Expenses in QuickBooks Online and On Your Phone
It’s easy to go out to lunch with a client and forget to save the receipt, which means your books won’t be accurate. QuickBooks Online provides two ways to enter expenses: record on the site itself, or you can snap a photo with your phone using the QuickBooks Online mobile app.
Understanding Tax Lingo
It can be difficult to understand the basic lingo and acronyms used by tax professionals; however, to grasp what they are saying you need to be familiar with the basic terminologies used in taxation.
Is Your Business Eligible for the Research and Development Tax Credit?
Has your business solved technological challenges, invested in software development, or re-engineered manufacturing processes? Your business may be eligible for the federal research and development tax credit.
Employer Open Enrollment: Make Benefit Choices That Work for You
If you’re employed, Open Enrollment is your once-a-year chance to make important decisions that will affect your health-care choices and your finances.
Required Minimum Distributions Have Resumed for 2021
In 2020, seniors got a reprieve, but Required Minimum distributions have resumed for 2021. Don’t forget to take the withdrawal before the end of the year or face draconian penalties!
What a Relief! Congress Acts Against Surprise Medical Bills
The difference between an out-of-network provider’s normal charges for a service and a lower rate reimbursed by insurance can be significant. Congress is helping in emergency situations.
Should You Speed Up Your Retirement Plans?
How do you know if you can realistically afford to retire early? We look at what you need to consider before you speed up your retirement timeline.
Understanding the Taxation of Cryptocurrency Transactions
If you have purchased, owned, sold, gifted, made purchases with, or used cryptocurrency in business transactions, there are certain tax issues you need to know about.