When it comes to managing your small business finances, establishing a consistent routine is important. This is especially true when using QuickBooks, a powerful accounting software system that can help you stay organized and make informed decisions about your finances daily. Here are five key steps you should take every time you open QuickBooks: 1. Look at the Income Tracker Start each QuickBooks session [...]
Article Highlights Coverdell Education Savings Accounts Qualified State Tuition Programs (Sec 529 plans) Savings Contribution Limits Gift Tax Issues The tax code provides two primary advantageous ways of saving for your children's education. We frequently get questions about the differences between the programs and about which program is best suited for a family's particular needs. The Coverdell Education Savings Account and the Qualified Tuition [...]
Article Highlights: Potential medical deductions Medical dependents Divorced parents Medical AGI limitations A taxpayer is allowed an itemized deduction for medical expenses paid during the taxable year and not compensated by insurance or otherwise for medical care of the taxpayer or the taxpayer’s spouse, dependent, or medical dependent. Alcoholism and drug addiction are treated as medical ailments for tax purposes. People with addictions often [...]
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