Article Highlights: Away-from-home travel Lodging and meals Entertaining for charity Automobile travel Uniforms Substantiation requirements If you volunteered your time for a charity in the aftermath of a natural disaster, you probably qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a qualified charity or federal, [...]
Let’s say you have a regular customer who used to pay on time, but he’s been hit-and-miss lately. How do you get him caught up? Or, one of your customers thinks she’s paid you more than she owes. How do you straighten out this account? Both of these situations have a similar solution. QuickBooks’ statements [...]
Article Highlights: Potential Damage to Key Records Duplicating and Storing Remotely Digitizing Records and Storing Them on a Remote Server Protecting Key Photographs You may think a natural or man-made disaster will never happen to you, but it can be a nightmare when it does. The 2017 hurricane season is a good example, not [...]
Article Highlights: Reverse Mortgages Reverse Mortgage Terms Who Deducts the Interest? When Is the Interest Deductible? Many retirees have insufficient financial resources to keep up with inflation and the ever-increasing costs of medical care. What options do these seniors have, especially if they have a mortgage on their home and their retirement income is too [...]
We've discussed at length in the past about how cash flow is ultimately one of the most important factors of a business that far too many people just aren't paying enough attention to. Cash flow maintenance is about more than just knowing how much money is coming in versus how much money is going out. Even if [...]
Article Highlights: Scams and Phishing on the Rise Email Phishing and Scams IRS Communications The Bait Unfamiliar Communications Forwarding Internet Links Elderly Individuals You are probably as tired of hearing about ID theft, phishing, phone scams and other schemes as you are of the political infighting in Washington. However, for most people, protecting themselves against [...]
Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues If you are an employer who is willing to help disadvantaged individuals, you could benefit from a substantial federal tax credit. Hiring certain new employees can qualify you for the work opportunity tax credit (WOTC). You will need to make sure that you [...]
Article Highlights: Sec. 529 plans Coverdell Education Savings Accounts American Opportunity Tax Credit The Lifetime Learning Credit Qualified Education Loan Interest Figuring out how to pay for your child’s trade school or college education can be challenging, and the earlier you create your plan and begin executing it, the greater your chances are of having [...]
Article Highlights: Disaster Losses Elections Net Operating Loss AGI Limitations Possible Gain Filing Extensions With the historic flooding and damage caused by Hurricane Harvey, President Trump has declared the affected area a disaster area. If you were an unlucky victim and suffered a loss as a result of this disaster, you may be able to [...]
Article Highlights: Residence or Domicile Moving Expenses Combat Pay Exclusion Living Allowances Home Mortgage Interest and Taxes Home Sale Gain Exclusion Reservist Travel Expenses Reservist Early Withdrawal Exception Extension of Deadlines Uniform Costs and Upkeep Joint Returns Tax Forgiveness ROTC Students Transitioning Back to Civilian Life Military service members have special obligations and take risks [...]
