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 […]

What Are the Differences Between an IRS Tax Lien and a Tax Levy?

If you’re reading this, the chances are high that you’re one of the many, many people who have received a notice from the Internal Revenue Service. Some level of correspondence with the IRS is natural ‒ particularly leading up to and in the immediate aftermath of tax season. But if you’ve received notification that the […]

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 […]