When it comes to retirement account contribution limits for 2021, taxpayers face a good news/bad news situation. Bad News First: This IRS will not increase retirement account contribution limits this year The IRS set the following retirement account contribution limits…
Blog Archives
10 Great Tips to Reduce Your Taxes by Year-end
10 Ways You Can Reduce Taxes Before the End of the Year For many, 2020 has been a hard year. The pandemic has probably upended your life and maybe even your finances. We’ve summarized below some end-of-year tax strategies you…
Posted in General Tax Tips & News, QuickBooks 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
Gift Tax Basics 2019 | Who Owes Tax
Gift Tax Overview for Filing 2018 taxes Congrats, you got a large gift check last year. If you’re like many folks, you may wonder if you need to report that money or owe a gift tax. Givers May Owe a…
Posted in QuickBooks tips
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
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…
Common Payroll Mistakes Small Businesses Make
Payroll Mistakes Can Cost Your Business Studies indicate that each year about 40 percent of small businesses incur more than $800 in fines due to payroll mistakes. If your firm manages payroll in-house, take care in setting and maintaining your…
Posted in QuickBooks tips, Small Business Accounting Tips