- Naming Your IRA Beneficiary — More Complicated Than You Might Expect
- The decision concerning whom you wish to designate as the beneficiary of your traditional IRA is critically important. This decision affects:
- QUICKBOOKS TIP: Receiving Customer Payments
- It’s one of your more pleasant tasks as a QuickBooks user: receiving payments from customers. Here’s how it works.
- Deducting Convention Expenses
- Generally, an individual can deduct travel expenses from attending conventions, seminars or similar types of meetings within the North American area, provided that attendance benefits the taxpayer’s trade or business. However, family members’ travel expenses are not deductible, and neither are expenses from attending investment, political, social or other types of meetings not related to the taxpayer’s trade or business.
- Tax Implications of Crowdfunding
- Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. Whether the money raised is taxable depends upon the purpose of the fundraising campaign.
- Can't Pay Your Tax Liability?
- If you are unable to pay your tax liability for 2016, here is some information that you need to know. Most importantly, you should not let your inability to pay your tax liability in full keep you from filing your tax return properly and on time. This is because you must still pay the "failure to file" penalty, which accrues at a rate of 5% per month or partial month (up to a maximum of 25%) on the amount of tax that you owe based on your return. You can delay the "failure to file" penalty for six months by filing an extension, but that won't keep you penalty-free.
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