Sunday, December 28, 2014
Saturday, December 20, 2014
If you are caring for your elderly mother or father, you may be able to claim your parent as a dependent on your income taxes. This would allow you to get an exemption of $3,950 for that tax year. READ MORE
Tuesday, December 16, 2014
It’s that time again, as we close out 2014, to review some end-of-the-year tax deduction strategies that could still be used to save you money. Many of the tax strategies can only be done in the same tax year as they will be claimed. That is why, with some of these strategies, you must act quickly to get your benefit. READ MORE
Wednesday, December 10, 2014
With year-end 2014 now upon us, strategies to reduce 2014 tax liability are even more important than ever. Some of the strategies we will talk about are new, others are the result of transitional rules. These are the 2014 tax deductions to watch out for. READ MORE
Friday, November 28, 2014
Here are some important gift tax updates for 2014 – 2015.
Who pays the gift tax?The donor is normally responsible for paying the gift tax. Under special arrangements the done may agree to pay the tax instead. READ MORE
Sunday, November 2, 2014
If you are a senior or retiring, be sure to take advantage of the deductions available to reduce your income taxes each year. Here are some of the most important tax deductions everyone should know. In this article we will look at tax deductions for seniors and retirees. READ MORE
Monday, October 20, 2014
As an active supporter of business, I like the simplified home office deduction. The economy has been no walk in the park for most, and has motivated many Americans to start their own home-based business.
Home Office DeductionUnder the new IRS rule for 2014, you can bypass detailed expense records. This means that you simply deduct $5 for every square foot of home office space used, up to a maximum of 300 square feet, or $1,500. The simplified expense is recorded on Schedule C rather than Form 8829. You can then deduct mortgage interest and real estate taxes on Schedule A. READ MORE
Friday, October 3, 2014
When living overseas, you must know your tax liabilities and vigorously plan ahead of time. Unfortunately, America pursues taxes worldwide so don’t expect to avoid a U.S. taxes by moving out of the country. Today we will look at expat taxes. READ MORE
Monday, September 15, 2014
Today we face a monster that most of Americans don’t know is hiding right around the corner. This monster is the over-taxation of our internet access. Whether you are rich or poor or somewhere in between, the tax man is now coming after your internet, just like he did with your illustrious phone bill. READ MORE
Tuesday, September 2, 2014
As the result of a recent court ruling, college football and basketball players may soon share in the big money brought to their schools through college athletics. However, there has not been much talk about the tax implications this case could have on college athletes’ tax-free education and the many perks they receive. Today let’s look at student taxes. READ MORE
Wednesday, August 13, 2014
Education tax credits can help offset the costs of college or secondary education. The American Opportunity (Hope Credit extended) and the Lifetime Learning Credit are education credits that you can subtract in full from the federal income tax, not just deduct from taxable income. To qualify for an education credit, you must pay post-secondary tuition and certain related expenses for yourself, your spouse or your dependent. READ MORE
Saturday, August 2, 2014
When a business purchases an asset/equipment that will last for greater than one year, the cost of that asset is not counted as an immediate expense. Rather, the cost is spread out over several years in a process known as depreciation. Let’s look at different ways to calculate equipment depreciation. READ MORE
Tuesday, July 22, 2014
Customize your company’s QuickBooks invoices for a more professional look. Today we will look at QuickBooks invoice customization.
Sending customized invoices to your customers will give your business a more professional appearance. QuickBooks software offers a gallery of invoice templates designed for different types of businesses, from retail and franchises, service industries and nonprofit organizations. Customize any of these templates with QuickBooks’ Create Invoices tool. READ MORE
Tuesday, June 3, 2014
Nearly everyone can claim tax exemptions on their tax return to lower their taxable income.
Tax ExemptionsHere are the top 7 tax facts about exemptions to help you plan for your next tax return.
1. Exemptions cut income. There are two types of exemptions. The first type is a personal exemption. The second type is an exemption for a dependent. You can usually deduct $3,950 for each exemption you claim on. READ MORE
Monday, June 2, 2014
Which key 2014 tax deduction and credits will not be available to taxpayers on this year’s tax returns?
2014 Tax Deduction: 6 Key Deductions That We Lost1. Medical Expense Deduction Thresholds
Under the old rules, those who itemize could deduct medical expenses exceeding 7.5% of their adjusted gross income. Obamacare has now increased this threshold to 10%. For example, an individual with an adjusted gross income of $50,000 can only deduct expenses over $5,000, rather than the $3,750 limit that would have applied under the old rule.
Saturday, May 3, 2014
When thinking about putting your Coeur d’Alene home on the vacation rental market, you must consider many aspect before choosing a management company. Price and management fees should reflect the type of management services you require. To reassure you are not overpaying, get multiple quotes. Today we will look at the topic of vacation rental companies Coeur d’Alene Idaho. READ MORE
Monday, March 3, 2014
Home-based businesses must conform to special regulations in addition to the regulations associated with the product or service being offered. Below is 10 facts that you must be aware of before opening your doors on your new Idaho home based business. READ MORE
Sunday, February 16, 2014
QuickBooks Invoice: The Steps
Entering QuickBooks Invoices (Non-P.O. related):
1. To enter a “non-P.O.” related invoice, click to the next available entry area at the bottom of the file. It will be marked by the asterisk. If you can’t find it right away begin dragging the scroll box within the up and down scroll bar at the bottom. READ MORE
Saturday, January 25, 2014
The most important Affordable Care Act (ACA) tax provision for individuals and families is the premium tax credit. Individuals without coverage and those who don’t maintain coverage throughout the 2014 year, must have an exemption or make an individual shared responsibility payment. These provisions will affect federal individual income tax returns filed in 2015. READ MORE
Wednesday, January 15, 2014
High cell phone taxes date back to the “Ma Bell” days of AT&T, when just a few Americans had cell phones. Well leave it to our government to take notice that wireless surcharges would be a great way to support expensive services, such as rural telephone infrastructure build-outs. Every American today pays over 5.82% of their cell phone bill to the federal Universal Service Fund alone, not included state or city taxes. READ MORE