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- Living Abroad? Here Is How Tax Reform May Affect You
- If you are an expatriate living abroad, you may be wondering how the provisions of the Tax Cuts and Jobs Act (TCJA) will impact you. This is the most extensive tax change in over 30 years, and although it was touted as tax simplification when it was in the planning stages, nothing was simplified related to U.S. citizens and resident aliens working abroad. The following is an overview of how things will play out for you beginning in 2018.
- Do You Have Accumulated Deferred Foreign Income? Time to Pay Up!
- With the passage of the Act, taxpayers who are shareholders in a controlled foreign corporation (CFC) with deferred income are required to pay U.S. taxes on that income.
- First-Year Start-Up Tax Issues
- If creating a start-up business were an easy thing to do, then a lot more people would be doing it. For those who make the decision to fulfill their dreams and go for it, success relies on being fully prepared. Some of the most common stressors encountered by entrepreneurs involve tax liabilities, whether business is booming or they’re struggling to keep their head above water. The best way to avoid these pitfalls is to learn about them ahead of time. Here’s what every entrepreneur needs to know.
- Quickbooks Tip: Using Time Tracking in QuickBooks
- Previously, we learned about getting QuickBooks ready for time-tracking by activating it in Preferences. We also created a record for a service item. Now we’ll actually use that record in the two ways you’ll be using it in QuickBooks: to pay employees for their hourly work and to bill customers for services.
- Tax Reform Puts a Cap on Deducting Business Losses
- Under the Act, deductible business losses of noncorporate taxpayers will be limited beginning in 2018. Many have misconstrued this new law to mean that no losses are allowed.
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