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TAX CHANGES THAT BENEFIT TAXPAYERS FOR 2012
Federal, State, Local and International Taxes – Thanks to the passage of the American Taxpayer Relief Act of 2012 (ATRA), many tax provisions that expired in 2011 were retroactively extended (or made...
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How is taxable income computed?
How is taxable income computed? U.S. Persons (U.S. citizens and resident aliens): • gross income (except certain income earned working outside the United States or derived from U.S. possessions);...
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Advanced Certified QuickBooks ProAdvisor – Password Protecting QuickBooks
QuickBooks Tips – To password protect your QuickBooks data file click on Company in the menu bar, then Set Up Users. From here, you can assign a password for the main (Administrator) account in...
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QuickBooks Premier 2013: Tailored for Your Business Needs!
QuickBooks Premier 2013: Tailored for Your Business Needs! All the features of Pro, and advanced reporting and tools tailored to your business and industry. View customized sales and profitability...
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Taxable and Nontaxable Income
Federal, State, Local and International Taxes – Most types of income are taxable, but some are not. Income can include money, property or services that you receive. Here are some examples of income...
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Why You Should Use QuickBooks
QuickBooks is the ideal business accounting software for small to mid-sized business owners. Here’s 10 reasons why you should be using QuickBooks. You save time on bookkeeping and paperwork because...
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Child Tax Credit can save you Money
Federal, State, Local and International Taxes – If you have a child under age 17, the Child Tax Credit may save you money at tax-time. Here are some facts the IRS wants you to know about the credit....
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Which entities are automatically classified as corporations?
Small Business Accounting - For federal income tax purposes, the following entities are automatically classified as corporations: Any business entity classified as a corporation under federal or state...
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The mortgage forgiveness debt relief act and debt cancellation
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The mortgage debt relief act of 2007 generally allows taxpayers to exclude income from the...
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Facts about Mortgage Debt Forgiveness
Facts about Mortgage Debt Forgiveness If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who...
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Foreign Assets of U.S. Tax Obligations
International Tax – The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012, that they...
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What are the employment tax consequences of a worker being classified as an...
Payroll Service For Small Businesses – If the worker is an employee, the employer may be required to withhold federal income tax, Social Security and Medicare tax and may have to pay federal...
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What are the common law rules for determining whether a service provider is...
Payroll Service For Small Businesses – The common law tests are subject to various formulations but control by the service recipient over the service provider is the primary factor that establishes an...
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NET INVESTMENT INCOME TAX: WHAT YOU NEED TO KNOW
Income Tax Service For Small Businesses – Now that the 2012 tax season is over, it’s time to focus on tax planning for 2013. One of the most significant tax changes this year is the Net Investment...
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WHAT IS THE NET INVESTMENT INCOME TAX?
Income Tax Service For Small Businesses – The Net Investment Income Tax is a 3.8% tax on certain net investment income of individuals, estates, and trusts with income above statutory threshold amounts,...
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Are contributions made to qualified retirement plans subject to FICA, FUTA...
Payroll Service For Small Businesses – Generally, no. Employer contributions to a qualified pension, annuity, profit-sharing or stock bonus plan, simplified employee pension (SEP), and §403(b) plans...
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Are tips subject to employment taxes?
Yes. However, tips paid in cash and received by an employee are exempt from FICA, FUTA and income tax withholding if the aggregate amount of tips received during any calendar month is less than $20....
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Is withholding required on damages or settlements for claims for personal...
Payroll Service For Small Businesses – Generally, no. The amount of any damages (other than punitive damages) received as the result of a suit or settlement agreement on account of personal physical...
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IRS Highlights Simplified Option for Home Office Deduction
Tax Strategies For Business Owners – Do you work from home? If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning this year,...
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Tips for Taxpayers Who Owe Taxes
Tips for Taxpayers Who Owe Taxes TAX PROBLEMS – While most taxpayers get a refund from the IRS when they file their taxes, some do not. The IRS offers several payment options for those who owe taxes....
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