Entries by Joanna Castle

How QuickBooks Protects Your Data, and How You Can Help

The data in your QuickBooks company file contains some of the most sensitive information on your computer. Make sure it’s secure. Your customer list is gold. And those Social Security and bank card numbers in your payroll, client, and vendor records need to be protected from intruders and only viewed by authorized employees. It’s not […]

So, You’ve Made a Mistake on Your Tax Return. What Happens Now?

Tax return mistakes are a lot more common than you probably realize. Taxes are naturally complicated, and the paperwork required to file them properly is often convoluted. This is especially true if you’re filing your taxes yourself — and all of this is in reference to a normal year as far as the IRS is […]

Tax Benefits for Members of the Military

Article Highlights: Service Member Residence or Domicile Service Member Spouse’s Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home Sale Gain Exclusion Moving Deduction Death Gratuity Payments Child Credit Earned Income Tax Credit IRA Contributions Reservist’s Travel Expenses Qualified Reservist’s Pension Withdrawals Retired Military Disability Compensation Military […]

Tax Treatment of a Room Rental

Article Highlights: Vacation Home Rental Rules Order of Deductions Loss Limitations Expense Prorating With the shortage of affordable housing these days, many homeowners are renting out rooms in their homes, providing themselves with some additional cash. Questions that are often raised regarding room rentals include: Is the income taxable? If so, how is it reported? […]

Tax Reform Muted the AMT: Holders of Incentive Stock Options, Take Note

Article Highlights: Alternative Minimum Tax Deterrent to Tax Shelters Tax Reform Changes Tax Deductions and Preferences Incentive Stock Options Tax Planning Opportunity Although Congress, as part of the recent tax reform, promised to do away with the alternative minimum tax (AMT), it only did so for C corporations; as a result, the AMT still applies […]

Court of Appeals Rules for Clergy

Article Highlights: Internal Revenue Code Section 107 Court Ruling Employee Status Self-employed Status Parsonage Allowance Self-employment Tax Exemption from Self-employment Tax If you read our previous article related to a Wisconsin District Court ruling, you will recall that the judge in that case had ruled that Sec. 107(2) of the Internal Revenue Code was unconstitutional. Section 107 […]

Employees’ Fringe Benefits after Tax Reform

Article Highlights: Qualified Parking Transit Passes Bicycle Commuting Commuting Moving Deduction Achievement Awards Group Term Life Insurance Dependent Care Benefits Qualified Educational Assistance Programs Tax reform made a lot of changes, some of which impacted employees’ fringe benefits. This article reviews the most frequently encountered fringe benefits, including those that were and were not impacted […]

Gift and Estate Tax Primer

Article Highlights: Exemptions from Gift and Estate Taxes Annual Gift-Tax Exemption Gifts for Medical Expenses and Tuition Lifetime Exemption from Gift and Estate Taxes Spousal Exclusion Portability Qualified Tuition Programs Basis of Gifts The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This […]

Is Your Small Business as Profitable as It Can Be?

There is an excellent chance that even if you’re an expert in your particular industry, you’re probably not an expert in small business finances. This may not seem like that big of an issue on the surface; however, in order to make the best decisions possible for your company, you need work from complete and […]

Read This before Tossing Old Tax Records!

Article Highlights: Reasons to Keep Records Statute of Limitations Maintaining Record of Asset Basis If you are a neat-nick and your tax return for last year has been completed and filed, you are probably thinking about getting rid of the tax records related to that return. On the other hand, if you are afraid to […]