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Is your company ready for the new rule on leases?

Accounting Rules Changing for Business Leases The Financial Accounting Standards Board (FASB) has announced new rules for how companies must account for their corporate leases. Under Old Rules, FASB Treated Some Leases Differently Under FASB’s old standard, the rules only

Posted in General Tax Tips & News, Small Business Accounting Tips

New IRS Calculator Helps You Set Correct 2018 Tax Withholding

Use the IRS Calculator To See If You Need to Update Your W-4 The IRS has recently updated its online calculator, which helps taxpayers gage the right amount for their payroll tax withholding. Use this tool to make sure you

Posted in General Tax Tips & News

The New Tax Act Eliminates Marriage Penalty for Many

A Marriage Penalty Still Applies for High Earners and Very Low Earners While the recently passed Tax Cut and Jobs Act (TCJA) eliminates the marriage penalty for many couples, some couples will see still this penalty. What is a marriage

Posted in General Tax Tips & News, QuickBooks tips

New 2018 Business Tax Changes with the TCJA

The new Tax Cut and Job Act (TCJA) changes several business tax regulations. Below are some of the most significant business tax changes under the TCJA. These changes will affect business activities after Dec 31, 2017, unless noted otherwise. #1.

Posted in General Tax Tips & News, Small Business Accounting Tips

Tax Strategies for Pass-Through Entities in 2018

Reducing Taxes for Small Business Owners The new tax reform legislation passed by Congress in Dec 2017 provides a special tax treatment for pass-through companies (subchapter S corporations, LLCs, partnerships, and sole proprietors). The IRS refers to these entities as

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Posted in General Tax Tips & News, Small Business Accounting Tips

You Can Deduct Job-Related Moving Expenses

Late summer and early fall can be a big season for moving. If you move this year to start a new job or if your job moved to a new location, you may be able to deduct moving expenses. You

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Posted in General Tax Tips & News

Gambling Winnings and Taxes

It’s Preakness Week in Maryland. Just Remember: Big Winners Owe Taxes! Baltimore’s Pimlico Race Course hosts the second leg of the Triple Crown this week. If you are lucky at the track, pick the winner, and win big, you must

Posted in General Tax Tips & News, QuickBooks tips

Tax Planning and Recordkeeping Tips for After Tax Season

With your just-completed tax filing, you may not want to think about taxes and your finances. However, now can be a great time to review your tax planning and recordkeeping process and to take stock of your personal finances. Review

Posted in General Tax Tips & News, Personal Budget, QuickBooks tips

Tips for Last Minute Tax Prep and Beyond

The IRS is giving tax-prep-procrastinators a little more time this year. Since April 15 falls on a Saturday, the IRS changed the tax filing deadline this year to April 18. If you are working up to the last minute to

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Posted in General Tax Tips & News

Maximize Charitable Contributions to Lower Taxes

In December, many of us increase our charity giving. Some reports reveal that 75% of taxpayers in the U.S. donate to charities during this last month of the year. If you want to support a favorite charity and lower your

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Posted in General Tax Tips & News

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