Q & A and Tips on Accounting, Taxes and Personal Finance.

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Basics of the Self Employment Tax

Basics of the Self Employment Tax

BASICS OF THE SELF EMPLOYMENT TAX Most of us work for small or large businesses and receive a salary or wages. At the end of the year we receive a document called a “W2” which sums everything up enabling us to do our taxes. When we look at our pay stubs we see that 7.65 […]

July 19, 2017 | By More
Why “Bookkeeping by Download” is Bad Practice

Why “Bookkeeping by Download” is Bad Practice

There are so many products, including QuickBooks, that allow a user to do what I call “bookkeeping by download”; the process of linking a bank account to QuickBooks and downloading those transactions automatically, bypassing the manual entry method. While this may seem like a timesaver, it’s not a good practice. Income and expenses that have […]

June 30, 2017 | By More
What is happening to Lien Notices

What is happening to Lien Notices

The IRS loses on liens to your credit score Recently I was informed of Liens and Debts credit reporting changes in the three credit reporting bureaus. The following is my research to help you, the taxpayer, know what is changing and how it will impact on you. Here in the United States, we have may […]

June 27, 2017 | By More
IRS Scam Alert

IRS Scam Alert

Private Agencies Now Collecting for IRS…Your Scam Alert Should be on High In a recent announcement, the IRS notified all taxpayers that outside collection of past-due tax bills is now beginning in mid-April 2017. This is a direct result of Congressional action in late 2015 requiring the IRS to turn over to outside companies billions […]

May 4, 2017 | By More
Five Steps To Take If You Are Audited

Five Steps To Take If You Are Audited

Getting audited is no one’s idea of a good time, yet you can minimize the stress if you take the right approach. Step 1: Understand why and when. While it’s possible you were selected randomly, it’s more likely you were selected for a specific reason. One example might be if your deductions for charitable donations […]

April 24, 2017 | By More
When the IRS Suspects You of Under-Reporting Income

When the IRS Suspects You of Under-Reporting Income

Have you suddenly become the unhappy target of an audit for allegedly under-reporting income to the IRS? Maybe you did under-report. Maybe you didn’t. Whether you did or not, your tax returns have waved some red flags at the IRS and you are now in their line of sight. You may not know it, but […]

April 24, 2017 | By More
First Quarter Estimated Taxes Due

First Quarter Estimated Taxes Due

Reminder: If you have not already done so, now is the time to review your tax situation and make a 2017 estimated quarterly tax payment using Form 1040-ES. The first quarter due date is now here. First-quarter due date: Tuesday, April 18, 2017. Remember, you are required to withhold (pre-pay) at least 90 percent of […]

April 5, 2017 | By More
Understanding the IRS Audit Process

Understanding the IRS Audit Process

If you’ve received a notice of audit from the IRS, here’s a few things you should know to ensure that your experience is as painless as possible. The last thing you want to do is ignore the request for documentation. Even if you don’t have what’s being requested, you can avoid further problems and unnecessary […]

April 4, 2017 | By More
10 Tips For Choosing a Reliable Payment Processor

10 Tips For Choosing a Reliable Payment Processor

Choosing a credit card processor can be confusing. Here’s what you need to know to get it right. Since businesses usually cannot withdraw funds directly from a customer’s bank or credit card account they rely on payment processors as the middleman. These payment processors connect you to merchant accounts such as Visa or American Express. […]

March 31, 2017 | By More
Trade-In or Sell Your Vehicle?

Trade-In or Sell Your Vehicle?

The decision to trade in or sell your vehicle is not so easy if you’ve used that vehicle for business. Selling a vehicle outright or trading it in towards a new vehicle usually involves analyzing the economics of the transaction. However, tax factors can start to complicate things if that vehicle was used in your […]

March 31, 2017 | By More