- QuickBooks Tip: Tracking Time in QuickBooks
- If your company sells services, you can track the time spent providing them in QuickBooks.
- New Tax Law Cracks Down on Home Mortgage Interest
- For years, taxpayers have been able to deduct home mortgage interest on their primary and second homes as an itemized deduction, subject to certain limitations. The interest deduction was limited to the interest on up to $1 million of acquisition debt and $100,000 of equity debt.
- Will Your 2018 Withholding Be Right?
- One of the first trouble spots of the new tax reform is the W-2 withholding for 2018. Passage of the new law in late December hasn’t given the IRS much time to develop new withholding tables. This can be a big issue, as the recent Tax Cuts & Jobs Act (TCJA) substantially altered the tax rates and standard deductions, did away with exemption deductions, and increased the child tax credits—all elements of how the withholding allowances and tables have been structured in the past.
- 2018 Standard Mileage Rates Announced
- As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable or medical purposes.
- 1099 Filing Date Just Around The Corner
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If you operate a business and engage the services of an individual (independent contractor) other than one who meets the definition of an employee, andyou pay him or her $600 or more for the calendar year, you are required to issue the individual a Form 1099-MISC soon after the end of the year to avoid penalties and the prospect of losing the deduction for his or her labor and expenses in an audit.
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