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QBI Deduction for Small Business: What it is and How to Claim It

Overview of the Qualified Business Income (QBI) Deduction in 2020 In December 2017, Congress created a special tax treatment for pass-through companies (subchapter S corporations, LLCs, partnerships, and sole proprietors). We wrote an initial post on how QBI reduces taxes

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

How to Determine and Take Your RMD

Take Your Required Minimum Distribution Correctly or Face Penalties You Must Withdraw the Correct RMD Each Year or Face Stiff Penalties After you reach age 72 (70½ if you were born before July 1, 1949), the IRS requires you to

Posted in General Tax Tips & News

New Programs Help Employers Retain Employees During Pandemic

This month The U.S. Treasury and Small Business Administration (SBA) launched two new programs to help small businesses hurt by the COVID-19 pandemic. You can view two web pages describing these programs at the following links Paycheck Protection Program (PPP)

Posted in General Tax Tips & News

Overlooked Tax Deductions and Tax Credits Can Reduce Your Tax Bill

Don’t Overlook These Six Deductions When You File Your 2019 Taxes Tax day is coming soon. Make sure you take all the tax credits and tax deductions you can to keep more of your hard-earned money. We list below some

Posted in General Tax Tips & News

Inherited Money is Tax-Free for Many

Do You Owe Tax on That Inheritance? You just learned that Aunt Millie left you $40,000 in cash in her will. You’re delighted with the news and then comes the question “Do I owe tax on that”? In most cases,

Posted in General Tax Tips & News

How to Recession-Proof Your Business for 2020

Recession-proof Your Business Before the Next Downturn Most financial experts and business economists agree that the U.S. is due for a recession. In June 2019, a survey conducted by the National Association for Business Economics estimates the risk of a

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

How to Take Income from Your Small Business

Do you know the best way to take income from your small business? When many folks talk about a business owner’s income, they mention the word “salary”. Not every business owner takes a salary.  Many factors influence how business owners

Posted in General Tax Tips & News, QuickBooks tips

Is Summer Camp Tax Deductible in 2019?

Do you know if your child’s summer camp is tax deductible? The short answer is it could provide you with a tax credit, which is more useful than a summer camp tax deduction. A tax deduction allows you to reduce

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Posted in General Tax Tips & News

IRS Reduces Penalties for Taxpayers Under-withholding taxes

The IRS lowers under-withholdi penalty to 80% In March, taxpayers who under-withheld their federal tax in their paychecks got a reprieve from the IRS. The agency recognized that many taxpayers were confused about the amount they needed to withhold. Last

Posted in General Tax Tips & News

Deduction Changes for 2018 Personal Taxes

Recent Tax Reform Alters Personal Deductions for 2018 The IRS made major changes to personal deductions for 2018 taxes. The new regulations eliminate or reduce several popular deductions. As an offset to these changes, the rules also increase standard deductions.

Posted in General Tax Tips & News

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