Setting Up Users in QuickBooks

Controlling access to your QuickBooks company file is easy when you’re a one-person accounting department. You simply use one password to protect your data. But when you add new employees to the mix, do you want them to have access to absolutely everything in QuickBooks? Probably not. You have confidence in your employees or you
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Childcare Providers Enjoy Special Tax Deductions

Article Highlight: Auto Travel  Capital Purchases  Supplies  Children’s Meals  Business Use of the Home  If you are a childcare provider, tax law provides you with special tax breaks, including deductions for travel, capital purchases, supplies, children’s meals and the business use of your home. Travel – Your auto expenses are based on the number of
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Why Do Small Businesses Fail, and How Can I Prevent This?

Many people dream of starting a small business. This is a dream that can become a reality, or—as happens to about 33% of prospective business owners, according to the Small Business Administration – it can result in dismal failure within two years. There’s no magic-bullet solution to ensure a successful business, but if you don’t
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Tax Benefits for Parents

Article Highlights: Exemptions  Child Tax Credit  Earned Income Tax Credit  Head of Household Filing Status  Child Care  Education Savings Plans  Education Tax Credit  Education Loan Interest  Child’s Medical Expenses  If you are a parent, whether single, married or divorced, there are a significant number of tax benefits available to you, including deductions, credits, filing status
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Want To Make An IRA Contribution For Last Year? You Still Have Time.

Article Highlights: Contribution Due Date  Age Rules  Compensation Rules  When To Contribute  Contribution Limits  Deductibility & Benefits  Saver’s Credit  Choosing Between Traditional & Roth IRAs  If you wish to make an IRA contribution for 2016, you still have time. Contributions can be made up to the unextended due date of your tax return, which for
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Don't Overlook Standard Mileage Rate Add-Ons

Article Highlights: Standard Mileage Rate Expenses  Additional Deductible Expenses  Auto Loan Interest  Business owners often use the standard mileage rate instead of actual expenses when taking a deduction for the business use of their vehicle. The standard mileage rate is determined annually by the IRS by using data from a study conducted by an independent
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Maximizing Your Affordable Care Act Insurance Supplement

Article Highlight: Financial Assistance for Health Insurance  Federal Poverty Level  Modified Adjusted Gross Income  Household Income  Gambling Income  Children’s Income  Hobby Income  IRA Contributions  If you are getting your health insurance through a government Marketplace, you should be aware of several issues that can adversely affect the amount of financial assistance you receive to help
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Use Direct Deposit for Faster Refunds

Article Summary: Speed  Security  Convenience  Options  Funding an IRA  Want your tax refund quicker? Don’t wait around for a paper check. Have your federal (and state, if applicable) tax refund deposited directly into your bank account. Selecting Direct Deposit is a secure and convenient way to get your money into your pocket more rapidly. Even
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Small Business - The future of pass-through entities and taxes

According to the Tax Foundation, 90% of United States (US)-based businesses are pass-through entities, such as S corporations, partnerships, and sole proprietorships. These businesses employ the majority of the private-sector workforce and provide nearly half of all business income. Income from these entities is passed through to the owner’s individual tax returns. With the change
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Important Tax Changes for Small Businesses

Article Highlights: Section 179 Expensing  Bonus Depreciation  Vehicle Depreciation  New Filing Due Dates  Work Opportunity Credit  Research Credit  Tax legislation passed late in December 2015 (the Protecting Americans from Tax Hikes Act) extended a number of favorable business provisions and made some others permanent. The provisions can have a significant impact on a business’s taxes
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