QuickBooks is ready to use when you install it. But you can change its settings to make it work the way your company needs it to. There are some features that all small businesses need in their accounting software. Everyone needs a Chart of Accounts and a good set of report templates. There must be tools to bill customers and to document income and expenses. Some companies … [Read more...] about Make Your Preferences Known in QuickBooks
Working Abroad Can Yield Tax-Free Income
Article Highlights: Tax-Free Income from Working Abroad Foreign Earned Income & Housing Exclusions Foreign Self-Employment Income Claiming or Revoking the Exclusion U.S. citizens and resident aliens are taxed on their worldwide income, whether the person lives inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work … [Read more...] about Working Abroad Can Yield Tax-Free Income
Take Advantage of Education Tax Benefits
Article Highlights: Student loans Gifting low basis assets Education credits Education savings programs Educational savings bond interest The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or children are being educated. Which of these options will provide the greatest tax benefit depends on each … [Read more...] about Take Advantage of Education Tax Benefits
Beware Of the One-per-12-Month IRA Rollover Limitation Beginning In 2015
Article Highlights: 60-Day limit New interpretation New one-per-12-month-period rollover rule Types of plans included The tax code allows an individual to take a distribution from his or her IRA account and avoid the tax and early distribution penalties if the distribution is redeposited to an IRA account owned by the taxpayer within 60 days of receiving the … [Read more...] about Beware Of the One-per-12-Month IRA Rollover Limitation Beginning In 2015
Don’t Forget Those Nominee 1099s
Article Highlights: Who is a nominee? What a nominee must do Allocating reported income Series 1099 forms For tax purposes, if you receive, in your name, income that actually belongs to someone else, you are also a nominee. Being a nominee means you must file with the IRS a 1099 form appropriate to the type of income you received that reports the other individual’s … [Read more...] about Don’t Forget Those Nominee 1099s