Article Highlights Direct IRA-to-charity transfers are allowed in 2013 for taxpayers age 70½ and over. Maximum transfer allowed is $100,000. Transfer counts towards the required minimum distribution. Beneficial for taxpayers with Social Security income and those who do not itemize their deductions. For 2013, if you are age 70½ and over, you are allowed to make direct … [Read more...] about Take Advantage of the IRA-to-Charity Transfer
Avoid Home Cancellation of Debt Income
Article Highlights Forgiven debt is taxable. Forgiven home mortgage acquisition debt is excludable. Without a last-minute congressional extension, the home mortgage acquisition debt exclusion expires at the end of 2013. When a taxpayer settles a debt for less than its full amount, the forgiven amount of the debt is taxable, unless the taxpayer qualifies for one of two … [Read more...] about Avoid Home Cancellation of Debt Income
November 2013 Business Due Dates
November 12 - Social Security, Medicare and Withheld Income Tax File Form 941 for the third quarter of 2013. This due date applies only if you deposited the tax for the quarter in full and on time. November 15 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in October. November 15 - Nonpayroll … [Read more...] about November 2013 Business Due Dates
November 2013 Individual Due Dates
November 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 12. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient … [Read more...] about November 2013 Individual Due Dates
QuickBooks 2014 Simplifies, Accelerates Common Tasks
New version of desktop QuickBooks accomplishes goal of speeding up, refining your workflow. If Intuit named its desktop versions of QuickBooks by the version number rather than the year, we’d be in version 20-something by now. QuickBooks, still the preferred software for small businesses, keeps getting smarter in its annual upgrades. Rather than pile on tons of new features in … [Read more...] about QuickBooks 2014 Simplifies, Accelerates Common Tasks