What is the rule of thumb in determining the value of a business?
The most commonly used rule of thumb is simply a percentage of the annual sales, or better yet, the last 12 months of sales/revenues. Another rule of thum...
Category: Updates
Do you get a tax break for paying for school?
Yes, you can reduce your taxable income by up to $4,000. Some college tuition and fees are deductible on your 2020 tax return. The deduction is worth eith...
Do I need an accountant to file back taxes?
If you have unfiled income tax returns from previous years, you should not delay any longer to file them. If you or a family member have to file back taxe...
How does an amended tax return work for the IRS?
How does an amended tax return work? IRS Form 1040X is the form you fill out to amend or correct a tax return. On that form, you show the IRS your changes...
How do I track workers comp in QuickBooks?
You can track your workers’ comp by turning on the feature in QuickBooks. Go to Edit > Preferences. Select “Payroll and Employees” and click on “Compan...
Are there any tax tips for the legally disabled?
Tax Tips for the Legally Disabled 1 Payments and benefits. Some disability payments are subject to income tax, while others are not. 2 Disability tax cred...
What is the average individual health insurance deductible?
A deductible is the amount you pay for health care services each year before your health insurance pays its portion of the cost of covered services. Our s...
How do I apply for Social Security for my mother?
Form SSA-5 | Information You Need To Apply for Mother’s or Father’s Benefits. You can apply for benefits by calling our national toll-free service at 1-80...
Why was my federal tax return rejected for 2019?
My federal tax return was rejected due to the AGI being incorrect for 2019 taxes however when I pull up my taxes for 2019 the AGI is correct. Regrettably,...
How do you calculate monthly payroll for an SBA loan?
Locate your annual gross profit net profit on your 2019 Form 1040 Schedule C, line 7 or 31. Divide your annual gross profit or net profit by 12 to calcula...
