Entries by Joanna Castle

Receive Payments the Right Way in QuickBooks: Your Options

One of the reasons we like QuickBooks is because it uses language and processes that are familiar to small businesspeople. Instead of using the term “accounts receivable,” it has a menu label that says Customers and menu items that use phrases like Create Invoices and Receive Payments. You would have to go into the Chart […]

Tax Tips for IRA Owners

Article Highlights: Early Withdrawals Excess Contributions Multiple Rollovers No Traditional IRA Contributions in the Year Reaching age 70½ Failing to Take a Required Minimum Distribution (RMD) Late Contributions Switch the Type of IRA Backdoor Roth IRA Alimony as Compensation Spousal IRA Saver’s Credit IRA-to-Charity Direct Transfers There are both opportunities and pitfalls for IRA owners, […]

Defer Gains with Qualified Opportunity Funds

If you have a large capital gain from the sale of a stock, asset, or business and would like to defer that gain with the possibility of excluding some of it from taxation, you may want to check out the new investment vehicle created by tax reform, called a qualified opportunity fund (QOF). Congress, as […]

How to Pay Your Federal Taxes

If you aren’t one of those lucky Americans who gets a tax refund from the IRS, you might be wondering how you go about paying your balance due. Here are some electronic and manual payment options that you can use to pay your federal income tax: Electronic Funds Withdrawal – You can pay using funds […]

Checking the Status of Your Federal Tax Refund Is Easy

If your 2018 federal return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an interactive tool on the IRS website at IRS.gov. Whether you have opted for direct deposit into one account, split your refund among several accounts, or asked […]

Start Off on the Right Foot for the 2019 Tax Year

Individuals and small businesses should consider various ways of starting off on the right foot for the 2019 tax year. W-4 Updates – If you are employed, then your employer takes the information from your Internal Revenue Service (IRS) Form W-4 and applies it to the IRS’s withholding tables to determine the amount of income […]

The Tax Filing Deadline Is Around the Corner

As a reminder to those who have not yet filed their 2018 tax returns, April 15 is the due date to either file a return (and pay the taxes owed) or file for an automatic six-month extension (and pay the an estimate of the taxes owed). Caution should be exercised when preparing the extension application, […]

Could Your Sales Invoices Be Better? How QuickBooks Online Can Help

Every interaction with your customers can enhance your image. Here’s how QuickBooks Online contributes to that. Getting paid by your customers—on time, and in full—can take some effort on your part. You set smart due dates and enforce them. Price your products and services so they’re both reasonable and profitable. Accept online payments. But are […]