File Your FBAR on Time to Avoid Penalties
Any U.S. person with a financial interest in or authority over foreign financial accounts may be required to file a Report of Foreign Bank and Financial Accounts (FBAR). An FBAR is required if the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. FBARs are due April 15 of the […]
It’s Not Too Late to Make an IRA Contribution
If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected or your tax refund is smaller than you’d hoped, there might still be an opportunity to change it. If you qualify, you can make a deductible contribution to a traditional IRA until the filing date […]
Next-Level Growth: Unlocking Your Business’s Full Potential
After successfully navigating the start-up phase, your business has a strong foundation for growth. At the growth stage, business and financial advisory services become essential. Focus on these two key areas to elevate your company to the next level. 1. Financial and Tax Reporting Businesses in the growth stage usually have more sophisticated financial reporting […]
QuickBooks and Project Management
QuickBooks does an excellent job of tracking the sale of individual products and services. You can create item records in the software and have them available in lists when you create transactions. QuickBooks’ reports can tell you whether you’re making or losing money on individual items and your sales. However, your small business may need […]
Depreciation and Expensing: Sec. 179
Tax-saving benefits are generally available when your business puts newly acquired qualifying assets into service. Under Section 179 of the tax code, companies can take substantial depreciation deductions, subject to various limits adjusted annually for inflation. Another potential write-off is for first-year bonus depreciation. Like the Sec. 179 deduction, bonus depreciation is subject to limits […]
Moving Out of State? Learn All the Tax Implications First
With so many people working remotely, it’s become more common to think about moving to another state, perhaps for better weather, to be closer to family or to reduce living expenses. Retirees also look at out-of-state moves for many of the same reasons. If you’re thinking about such a move, consider taxes before packing up […]
Home Office Tax Deductions: The Ins and Outs
Home Office Tax Deductions: The Ins and Outs Working from home isn’t new, especially for self-employed people. But during the height of the pandemic, millions of jobs were moved from employers’ premises to employees’ private homes. Many continue working from home and wonder if they qualify for the home office tax deduction. The short answer […]
Send Automated Invoice Reminders in QuickBooks
Collecting unpaid invoices is probably one of the most unpleasant tasks you must complete to keep your company’s finances going. No one likes contacting a customer and requesting that an outstanding bill be settled. But you know your cash flow will suffer if you don’t do this when needed. Putting it off leads to an […]
