Without Congressional action before the end of the year, just about everyone, rich and poor alike, will be hit by tax increases. These increases are the result of temporary tax benefits That will expire at the end of 2012. Just about everyone will be affected in one way or another. The following is a list of the expiring benefits and how taxpayers will be affected. Check the … [Read more...] about Tax Increases Looming in 2013
Job-Tracking Adds Precision to Your QuickBooks Company
Does your business have clients whose work sometimes requires multiple steps drawn out over weeks or months, like remodeling projects or court cases? If so, and you're not using QuickBooks' Jobs features, you're missing out on the opportunity to track and evaluate the financial impact of these complex tasks. You can, of course, just send an invoice out to these customers. But … [Read more...] about Job-Tracking Adds Precision to Your QuickBooks Company
June 2012 Business Due Date Reminders
June 15 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, June 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for May 2012. This is also the due date for the non-payroll withholding deposit for May 2012 if the monthly deposit rule applies. June 15 - Corporations Deposit the … [Read more...] about June 2012 Business Due Date Reminders
June 2012 Individual Due Date Reminders
June 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 11. 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 to cover the … [Read more...] about June 2012 Individual Due Date Reminders
What to Do If You Receive an IRS Notice
It’s a moment many taxpayers dread. A letter arrives from the IRS and it’s not a refund check. But don’t panic; many of these letters can be dealt with simply and painlessly. Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of changes to their accounts, or request additional information. The notice you receive … [Read more...] about What to Do If You Receive an IRS Notice