Depending on the situation, there’s more than one way to record a payment in QuickBooks. Here are your options. There are undoubtedly some QuickBooks tasks that are more enjoyable than others. It’s no fun paying bills, for example, and making collection calls on unpaid invoices can be downright unpleasant. But you probably don’t mind recording payments after all of your hard … [Read more...] about Receiving Payments from Customers in QuickBooks
You and the New Medicare Tax
Article Highlights: New additional 0.9% Medicare tax for higher-income taxpayers. Threshold for paying the tax is combined wages and net self-employment income of over $250,000 for married individuals and $200,000 for others. Certain combinations of income and marital status could result in unexpected tax liabilities and penalties. There is a new additional … [Read more...] about You and the New Medicare Tax
Your 2013 Tax Bill May Give You A Shocker
Article Highlights Regular and capital gains tax rates increase for higher income taxpayers New 3.8% net investment income tax Additional 0.9% health insurance payroll and self-employment tax Phase-out of exemption deduction Phase-out of itemized deductions Many higher-income taxpayers are in for a shock when their 2013 income tax returns are prepared. In 2013, a … [Read more...] about Your 2013 Tax Bill May Give You A Shocker
Underpayment Penalties Going to Get You?
Article Highlights Taxpayers can be hit with underpayment penalties if their withholding and estimated payments are too low. Underpayment penalties can be avoided by prepaying a safe-harbor amount of 90% of the current tax liability or 100% of the prior year’s tax liability. The safe harbor for taxpayers with an AGI greater than $150,000 in the prior year is 90% of the … [Read more...] about Underpayment Penalties Going to Get You?
Basis Is An Important Tax Term!
Article Highlights: Basis is the point from which taxable gain or loss is measured Good basis records are required to minimize taxable gains Improvements, casualty losses, business depreciation, legal expenses, title costs, etc., can all affect basis. An important tax term that everyone should know is “basis.” The odds are very high that you will encounter the term … [Read more...] about Basis Is An Important Tax Term!