Managing your company’s fixed assets is a complicated process, one that will require some extra assistance. Much of the work you do in QuickBooks is short-term. You send an invoice and it gets paid. Your purchase order is fulfilled, and the products move into your inventory. You run payrolls and submit their related taxes and other payments. Managing the life cycle of your … [Read more...] about Do You Need to Use QuickBooks’ Fixed Asset Tools? The Basics
Receiving Tips Can Be Taxing
Article Highlights: Tips are taxable and must be included on your tax return Tip splitting and cover charges Tip reporting to employer Employer tip allocation Daily log for tip record keeping If you work in an occupation where tips are part of your total compensation, you need to be aware of several facts relating to your federal income taxes: Tips are taxable - Tips … [Read more...] about Receiving Tips Can Be Taxing
Bartering Is Taxable Income
Article Highlights: Exchange of goods or services Bartering is taxable income Bartering exchanges Bartering credit units Bartering is the trading of one product or service for another. Often there is no exchange of cash. In addition to individuals, small businesses sometimes barter to get the products or services they need. For example, a plumber might trade plumbing work … [Read more...] about Bartering Is Taxable Income
IRS Reinterprets the Once-Per-Year IRA Rollover Limitation
There is a tax rule that allows taxpayers to take money out of their IRA and avoid paying income tax and the 10% early distribution penalty so long as they return that money to their IRA account within 60 days. However, tax law limits the number of rollovers to one per year. In the past, the IRS has taken a liberal view toward the one-per-year limitation by allowing one … [Read more...] about IRS Reinterprets the Once-Per-Year IRA Rollover Limitation
President Proposes Reinstating Gift Limits
Article Highlights: President’s proposed gift and estate tax changes for 2018. The annual gift tax exclusion is $14,000 per recipient during the year. Estate and gift tax limit would revert to 2009 levels. If you are fortunate enough financially to be able to make significant gifts to family members and others, you may want to pay attention to the changes in gift tax law … [Read more...] about President Proposes Reinstating Gift Limits