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

Author Archive: BookkeepingHelp

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Tax Tidbits

Tax Tidbits

Although tax season does not really end until 10/15/19 when that last extended individual tax return is done, the initial first rush will be over by the time you read this. Each season I see various misunderstandings and misconceptions from clients that I believe are quite common and therefore good topics for my articles. Here are […]

April 13, 2019 | By More
Understanding Your Taxes

Understanding Your Taxes

Although mentioned in the last article, it needs to be mentioned again. Be sure you do not email sensitive financial information unsecured. You can password protect the file or send it via a secure portal. Today’s technology is great but allows easy theft of personal information. Many tax returns have already been completed and the […]

March 23, 2019 | By More
Frequently misunderstood deductible business expenses

Frequently misunderstood deductible business expenses

Frequently misunderstood deductible business expenses You have made the big decision to become a business owner, sales have started to come in but just as important are the expenses that have been incurred. All business income is taxable (with few exceptions) but what expenses are tax deductible? Many business-related expenses are straightforward and tax deductible. […]

January 4, 2019 | By More
The Thrills of Business Ownership

The Thrills of Business Ownership

Congratulations! You decided to start your own business, but now what do you do? First and foremost, seek the advice of professionals. You will want an attorney and CPA to guide you in the process, not only to start, but ongoing as your business grows. I have seen well intentioned friends lead the new business […]

November 29, 2018 | By More
The Changing World of Tax

The Changing World of Tax

The Changing World of Tax By now you may have heard that there were some tax law changes effective 1/1/2018. In fact, it is the most significant tax law change since 1986! That being said, there is only ONE month left to complete some tax planning. If you have not already done so, now is a good time to calculate […]

November 18, 2018 | By More
Ten Tips for QuickBooks Desktop and Online Users

Ten Tips for QuickBooks Desktop and Online Users

1. In QuickBooks, fill in the company information (company>my company) including your address, city, state, zip, e-mail, phone, and website. You can then put all that information on your customer and vendor (sales) forms including estimates, invoices, sales receipts, statements, packing slips, and purchase orders. You can also add your logo to those forms and customize […]

April 3, 2018 | By More
Alternative to the College Tuition Deduction

Alternative to the College Tuition Deduction

Now that college students are settling into their first weeks of school, it’s important for parents and students to recall that the $4,000 tuition and fees deduction they may have relied on in past years is no longer available in 2017. The good news is that there are alternatives. Here are two of the more […]

September 30, 2017 | By More
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