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What is bookkeeping?

Bookkeeping involves the recording, storing and retrieving of financial transactions for a company, nonprofit organization, individual, etc. Common financial transactions and tasks that are involved in bookkeeping include: Billing for goods sold or services provided to clients. Recording receipts from customers. Verifying and recording invoices from suppliers. Paying suppliers. Processing employees' pay and the related governmental…
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Missed the filing deadline?

Missed the Tax Return Deadline? The tax deadline for most taxpayers was Tuesday, April 18, 2017. Here's some advice if you missed the deadline... File and pay as soon as possible. Taxpayers who owe federal income tax should file and pay as soon as they can to minimize any penalty and interest charges. For taxpayers…
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Estimated Tax Payments

Five Tax Tips on Making Estimated Tax Payments Taxpayers usually will have taxes withheld from their pay if they are an employee. However, if a person doesn’t have taxes withheld, or they don’t have enough tax withheld, they may need to make estimated tax payments. Taxpayers that are self-employed normally have to pay their taxes…
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Are Tips Taxable?

Generally, income received in the form of tips is taxable. Show all tips on a tax return. Use Form 4137, Social Security and Medicare Tax on Unreported Tip Income, to report the amount of any unreported tip income to include as additional wages. This includes the value of non-cash tips such as tickets, passes or…
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Scam Alert

Don’t Fall for Scam Calls and Emails Posing as IRS (posted by the IRS) Scams continue to use the IRS as a lure. These tax scams take many different forms. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. Scammers use the IRS name, logo or…
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IRS Tips

IRS Offers IRA Tax Tips for the 2016 Tax Year Taxpayers often have questions about Individual Retirement Arrangements, or IRAs. Common questions include: when can a person contribute, how does an IRA impact taxes, and what are other common rules. The IRS offers the following tax tips on IRAs: Age Rules. Taxpayers must be under…
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Change your name last year?

Name Change? How It Impacts Taxes   A name change can have an impact on taxes. All the names on a taxpayer’s tax return must match Social Security Administration records. A name mismatch can delay a tax refund. Here’s what taxpayers should know if they changed their name: Reporting Name Changes. Got married and now using…
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Deduction comparison

Itemize or Standard Deduction Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways.   1. Figure Your Itemized Deductions.  Taxpayers need to add up deductible…
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Six Tax Tips for the Self-Employed

Self-employed taxpayers normally earn income by carrying on a trade or business. Here are six important tips from the IRS for the self-employed: Self-Employed Taxpayers. Sole proprietors and independent contractors are two types of self-employment. Taxes can be complex for the self-employed. Check out the IRS Self Employed Individuals Tax Center. Estimated Tax. Self-employed taxpayers…
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Tax season equals scams…

** tax scam alert ** http://www.forbes.com/sites/kellyphillipserb/2017/02/03/irs-issues-urgent-alert-as-w-2-phishing-scam-spreads-during-tax-season/#453bff4d5082
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