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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

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

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

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