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- Higher Income Taxpayers Hit with Exemption & Itemized Deductions Phase-out
- Generally, in 2016 and 2017 taxpayers are allowed to deduct personal exemptions of $4,050 for themselves, their spouses and their dependents. In addition, taxpayers are allowed a standard deduction or, if their deductions are large, they can itemize their deductions.
- Accounting 101: How to Read an Income Statement
- Your income statement is one of the most important documents your company produces. However, if you are the owner of a new business, or if you aren't familiar with this type of statement, preparing and interpreting it can be challenging. To read your income statement accurately, consult the information below.
- Tips for Holiday Charity Giving
- The holiday season is the favorite time of the year for charities to solicit donations. It is also the time of year when scammers show up in force, pretending to be legitimate charities in hopes of swindling you. It is also a festive and very busy time of the year, and you may inadvertently overlook the documentation needed to verify your generosity for tax purposes. Here are some tips for charitable giving.
- Little-Known Tactic Increases Child Care Credit
- When both spouses in a married couple are jointly involved in the operation of an unincorporated business (generally a Schedule C), it is fairly common – but incorrect – for all of that business’s income to be reported as just one spouse’s income, even when they both work in the business.
- Can't Keep Up with Bills? QuickBooks Online Can Help
- There are more pleasant accounting tasks than paying bills, but QuickBooks Online organizes and simplifies this critical chore.
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