Small Business Owners Should Double-Check Their Tax Returns
Now more than ever, small business owners need to double-check their tax returns before filing. Why? Because many of the changes ushered in by the Tax Cuts and Jobs Act take effect with the 2018 tax year. So, if you’re about to file, perhaps slow down and go over your...
Business vs. Hobby: The Tax Rules Have Changed
If you generate income from a passion such as cooking, woodworking, raising animals — or anything else — beware of the tax implications. They’ll vary depending on whether the activity is treated as a hobby or a business. The bottom line: The income generated by your...
Tax News Briefing – Unrelated Business Income Tax (UBTI) Updates
The Tax Cuts and Jobs Act of 2017 enacted into law last year included a hidden “gem” for not-for-profit organizations with unrelated business tax income (UBTI); tax-exempt organizations are now required to calculate UBTI separately for each trade or business. Prior to...
Protect Prior Year Data – Set a Closing Date Password
Neither QuickBooks Desktop nor QuickBooks Online requires you to close your books as part of year-end procedures. However, to prevent costly mistakes, you can limit access to a closed accounting period by setting up a closing date and closing date password. Follow...