Avoiding IRS Underpayment Penalties
Our tax system is set up to “pay-as-you-earn,” but there are situations where taxpayers can get into trouble and face underpayment penalties. We explain how to avoid these situations in this week’s Tax Tip.
Record Expenses in QuickBooks Online and On Your Phone
It’s easy to go out to lunch with a client and forget to save the receipt, which means your books won’t be accurate. QuickBooks Online provides two ways to enter expenses: record on the site itself, or you can snap a photo with your phone using the QuickBooks Online mobile app.
Understanding Tax Lingo
It can be difficult to understand the basic lingo and acronyms used by tax professionals; however, to grasp what they are saying you need to be familiar with the basic terminologies used in taxation.
Is Your Business Eligible for the Research and Development Tax Credit?
Has your business solved technological challenges, invested in software development, or re-engineered manufacturing processes? Your business may be eligible for the federal research and development tax credit.
Required Minimum Distributions Have Resumed for 2021
In 2020, seniors got a reprieve, but Required Minimum distributions have resumed for 2021. Don’t forget to take the withdrawal before the end of the year or face draconian penalties!
Establishing a Legacy of Giving Through Donor-Advised Funds and Family Foundations
Chief Investment Officer Troy Harmon, CFA, CVA, Managing Associate D.J. Barker, CWS®, and Senior Financial Planner Giuliana Barbagelata, CFP®, take a closer look at donor-advised funds and family foundations for significant charitable giving. They compare the two in terms of ongoing fees, donor control, and tax benefits.
Understanding the Taxation of Cryptocurrency Transactions
If you have purchased, owned, sold, gifted, made purchases with, or used cryptocurrency in business transactions, there are certain tax issues you need to know about.
The Ins and Outs of Bookkeeping: All the Best Practices to Get the Best Financial Outcome from Your Organization
On the surface, bookkeeping is the process of keeping accurate, thorough records of your business financials. But once you begin to dive deeper, you see that it’s about so much more than that.
Year-End 2021 Tax Tips
With 2022 fast approaching, we have seven tax tips for you as you weigh potential tax moves before the end of the year.
The IRS Backlog Is Causing Taxpayer Heartburn
COVID-19 brought about a perfect storm of delays for the IRS. If you are caught up in the gridlock, not much can be done except to be patient.