In this month’s video, I shared some strategies for getting organized with your tax records. One of the most common groups of clients that seem to have trouble getting and staying organized are those that have 1099 income. The main reason for this is that some additional deductions are now available to you. If you find yourself in that situation, I may have a solution for you. QuickBooks offers a couple of services that help you track your income and expenses. Continue reading
With back to school, fall sports schedules, and life in general, you might feel like you’re sitting in the middle of a merry-go-round and can’t get off. While we can’t help pack Susie’s lunch or take Billy to football practice, we can help you get your tax records organized.
She gives you some tips to help get your tax records organized now, and keep them organized, so that when year end rolls around, you can enjoy Christmas break with the kids instead of shuffling through paperwork for tax season.
Whenever our clients are expecting their first child, they often come to me wondering what impact this will have on their taxes. As with most things in the tax world, the answer is, “It depends.” There are a few tax items that this little bundle of joy will impact, but much of that has to do with your income level and other aspects of your specific situation. Continue reading
In this month’s video, I described two of the most common IRS notices, the CP2000 and CP501. While these two are the most often received, they are far from the only notices sent. The IRS has a whole host of letters that they send depending on the exact situation. To help you be better prepared for the dreaded letter that may show up in your mailbox, let’s look at some other IRS notices. Continue reading
I would bet my paycheck that we receive at least 2-3 IRS notices a week for clients (and that’s on a slow week), but getting a notice shouldn’t cause panic. While it is important to look at each notice, it is even more important to know what you are reviewing. In this month’s video, Continue reading
In this golden age of technology, there isn’t much you can’t do online: from buying clothes, ordering food, heck, even getting an eye exam – all without ever speaking to a person. So if you can do all of these incredible things from your couch, why in the world should running your business be any different? Continue reading
In this month’s video, I explained some of the basic rules regarding Federal estimated tax payments. If you need a refresher on what payments are required, please watch the video before reading ahead. To dive in a little deeper, let’s look at a few examples of calculating the amount of estimated tax you should prepay throughout the year. Continue reading
In this year’s KY General Assembly, HB 366 and HB 487 were passed making changes to the state’s tax system. These changes include sales tax expansions that will be in place July 1. In the past, services have been exempt from sales tax, but soon many will not be. Continue reading
In our QuickBooks Tip – Portable File v Accountant’s Copy, I explained how to create both types of these files. Backup copies are an additional file type that can be used to duplicate your data. With all of these options, how do you know which is best for your situation? Here are the features of each type of file. Continue reading
In my recent talk to residents, we discussed how to know if you are paying in the correct amount of tax both during residency and in graduation year. In order to figure this out, it’s important to have the IRS information handy. Continue reading