Monthly Archives: March 2017

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Consequences of Filing Married Separate

Article Highlights: Joint & Several Liability Exemptions Itemizing Deductions Social Security Income Section 179 Deduction Special Passive Loss Allowance Traditional IRA Deduction Phase-Out Roth IRA Contribution Phase-Out Coverdell Education Accounts Education Tax Credits Higher Education Interest Education Exclusion for U.S. Savings Bond Interest Premium Tax Credit Earned Income Tax Credit Child Care Credit Halved Deductions [...]

By | 2017-03-29T17:02:28+00:00 March 29th, 2017|Categories: Uncategorized|0 Comments

IRS Clamps Down on Tax Credits

Article Highlights:  Affected Credits Retroactive Claims Disallowance Periods for Improper Credit Claims Preparer Due-Diligence Requirements 1098-T Requirement to Claim Education Credits Refunds from AOTC and CTC Returns Will Be Purposely Delayed In an effort to rein in tax fraud, which is costing the government billions of tax dollars, some new laws that take effect in [...]

By | 2017-03-20T17:12:56+00:00 March 27th, 2017|Categories: Uncategorized|0 Comments

Using Custom Fields and Classes in QuickBooks Online

QBO’s tools are generic enough that myriad businesses can use it. But custom fields and classes help you shape it to meet your specific needs. Small business accounting is not a one-size-fits-all proposition. Your company is unique in that sense; you have your own customers and products, vendors and services. Your requirements for your accounting [...]

By | 2017-02-27T21:24:46+00:00 March 22nd, 2017|Categories: Uncategorized|0 Comments

Do I have to File a Tax Return?

This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is to individuals’ BENEFIT to file [...]

By | 2017-02-27T21:23:30+00:00 March 20th, 2017|Categories: Uncategorized|0 Comments

Liberal Expensing Limits Can Create Major Year-End Tax Savings

Article Highlights: Sec 179 Expensing Expensing Safe Harbor Per Item or Invoice First Year Bonus Depreciation Leasehold Improvements Businesses seeking to increase deductions by acquiring machinery and equipment before year-end have an impressive array of tools to work with: Generous, up to $500,000, expensing under IRC Sec. 179, A liberal, up to $2,500, expensing safe [...]

By | 2017-02-27T19:56:51+00:00 March 15th, 2017|Categories: Uncategorized|0 Comments

Checking the Status of Your Federal Tax Refund is Easy

 Article Highlights:  Federal tax refund status can be checked online. E-file refunds are generally issued within 21 days of filing. Direct deposit provides the quickest refunds. If your 2016 federal return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an [...]

By | 2017-02-27T19:37:57+00:00 March 13th, 2017|Categories: Uncategorized|0 Comments

Use Direct Deposit for Faster Refunds

Want your tax refund quicker? Don’t wait around for a paper check. Have your federal (and state, if applicable) tax refund deposited directly into your bank account. Selecting Direct Deposit is a secure and convenient way to get your money into your pocket more rapidly. Even for taxpayers whose refunds will be delayed until after [...]

By | 2017-02-27T19:28:18+00:00 March 8th, 2017|Categories: Uncategorized|0 Comments

Why Do Small Businesses Fail, and How Can I Prevent This?

Many people dream of starting a small business. This is a dream that can become a reality, or—as happens to about 33% of prospective business owners, according to the Small Business Administration – it can result in dismal failure within two years. There’s no magic-bullet solution to ensure a successful business, but if you don’t [...]

By | 2017-02-27T19:00:11+00:00 March 6th, 2017|Categories: Uncategorized|0 Comments