Take Advantage of Tax-Free Gifting
If you are fortunate to have a large estate, you can make gifts without reducing your lifetime exclusion, including an annual gift exclusion and paying for medical or educational expense directly to the provider.
December 2021 Business Due Dates
While you may have holiday music on and customers are swept up in a holiday rush, as a business owner, you have some important deadlines to meet before the end of the year.
401(k) and IRA: A Combined Savings Strategy
Contributing to an employer-sponsored retirement plan or an IRA is a big step on the road to retirement, but contributing to both can significantly boost your retirement assets.
All About Credit Scores
Your credit score is like your permanent record. While it can change over time, having a good credit score is important because most lenders use credit scores to evaluate the creditworthiness of a potential borrower.
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.
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!