Donald Trump’s tax reforms have attracted, if nothing else, a lot of attention and the usual political controversy that follows his administration when he announces changes. However, the 2018 Standard Deduction is not reserved only for the wealthy and/or high-income earners. It covers 70% of all taxpayers. So, we’ve created a succinct overview of the […]
What is Qualified Business Income (QBI) and Why Does It Matter?
The new Section 199A provides self-employed taxpayers the ability to deduct up to 20% of their Qualified Business Income (QBI) on their tax returns. In general, QBI is net income that is received from a Qualified Trade or Business. However, there are some exclusions, the most common of which are capital gains, dividend and interest […]
2018 Tax Changes: Frequently Asked Questions
The Tax Cuts and Jobs Act (TCJA) raises many questions for taxpayers looking to plan for the coming year. Below are answers to some of them. Do I need to adjust my withholding allowances, given that tax brackets have changed? You may notice a change in your net paycheck as a result of the tax […]
5 QuickBooks Online Add-On Apps You May Need in Add
Not finding quite everything you need in QuickBooks Online? Here are some handy add-on apps available. QuickBooks Online may work for you just fine as is. After all, it was designed to meet the needs of the millions of small businesses that want to manage and track their income and expenses, create records and transactions, […]
Important Facts About the New Laws on Mortgage Interest Tax Deduction
If you are one of the millions of Americans who own your own home, you should be thinking about how President Trump’s latest tax bill helps or dents your finances; particularly when it comes to the ever-popular mortgage interest deductions. This article should put you ahead of the subject. First off, if you are a […]
Using Purchase Orders in QuickBooks Online
QuickBooks Online Plus offers the ability to create purchase orders. But they require knowledge that may be foreign to you. If your business purchases products from vendors that you then sell, you may have occasion to use purchase orders. These forms simply tell your suppliers what items you want to buy from them. Not all […]