While many taxpayers plan for retirement by investing in retirement savings accounts, it is important for taxpayers to also plan on how to handle income during retirement as well. The timing of different retirement distributions could drastically affect the amount of taxes paid throughout retirement. To start, the various retirement accounts available have different tax… Continue reading Taxes & Retirement Income
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Foreign Bank & Financial Accounts
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Department of Treasury by electronically filing a… Continue reading Foreign Bank & Financial Accounts
U.S. Taxation of Foreign Business Income
The TCJA shifts the U.S. corporate taxation of foreign earnings to a “quasi-territorial” system, which, for corporate shareholders of a foreign corporation, may result in no U.S. tax with respect to income of a CFC. However, ownership of a foreign corporation by a U.S. shareholder that is not a C corporation may produce less favorable… Continue reading U.S. Taxation of Foreign Business Income
The 10 Biggest Money Leaks in Your Accounting System
The last thing entrepreneurs want is for their hard-earned dollars to go down the drain because of a money leak in their business. Since so many entrepreneurs are working harder than ever before earning their living, it just makes sense to shore up every profit leak possible. But you might not know where they are or what… Continue reading The 10 Biggest Money Leaks in Your Accounting System
Alternative Minimum Tax (AMT): What You Need to Know
The alternative minimum tax was originally enacted to ensure that high-income taxpayers pay at least a minimum amount of tax if they benefit from certain deductions and other tax preference items. The AMT tax computation is a parallel system to the regular tax system with its own definitions of income and expenses, rules for income… Continue reading Alternative Minimum Tax (AMT): What You Need to Know
How Do You Track Jobs in QuickBooks? Part 2
In this second of a two-part series, we’ll explore how you use the job-related records you’ve created. Last month, we showed you how to start building a foundation for tracking jobs in QuickBooks. We explained that you can use the software’s jobs tools to track income and expenses for any related group of items and/or… Continue reading How Do You Track Jobs in QuickBooks? Part 2
How Does QuickBooks Online Handle Mobile Expenses?
If you purchase several items and services away from the office, QuickBooks Online can help you record them while you’re out and about. QuickBooks Online’s mobile app, available at the Apple App Store and Google Play, can do many of the same tasks that it performs on your office desktop. You can, for example:
Using Product and Service Records in QuickBooks Online
Last month, we created product and service records in QuickBooks Online. This month, we’ll explore how they’re used on the site. If you ever did your accounting manually, you probably remember how tired you got of writing or typing the same things over and over. You may have had your customers’ addresses practically memorized, and… Continue reading Using Product and Service Records in QuickBooks Online