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Manage the Tax on Your Social Security Benefits!

August 30th, 2011

Social Security (SS) income is not taxable until a taxpayer’s AGI (without Social Security income) plus 50% of their Social Security income plus tax-exempt interest income, and plus certain other infrequently encountered additions exceeds a specific threshold. The threshold is $32,000 for married taxpayers filing jointly, zero for married taxpayers filing separately and $25,000 for […]

Tracking Bills in QuickBooks, Worth the Effort

August 23rd, 2011

Next to payroll, paying bills is probably your least favorite task in QuickBooks. You don’t have to use this feature – you can keep stacking bills on your desk, scrawling the due dates on a paper calendar, and writing checks. If you’re still operating this way, though, you’re missing out on the numerous tools that […]

Tax Breaks for Charity Volunteers

August 16th, 2011

If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply. The following are some […]

Getting Older With No Retirement Savings in Sight?

August 9th, 2011

One of the earliest lessons in life is that actions have consequences, and approaching retirement age without a substantial nest egg is one of those consequences. But if you are in this situation, you are not alone, as millions of other Americans are faced with the same need to save enough to retire comfortably. Our […]

Your Broker’s 1099 Statement Will Be Different for 2011

August 3rd, 2011

For years, the IRS has had the ability to identify the gross sales of taxpayers from broker transactions, including security (reported on a 1099-B) and property sales (reported on 1099-S forms). However, these identified only the sales price, quantity sold (for securities), and dates of the transactions. To determine the profit or loss, you must […]

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January 25, 2010
by: James • Tools

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October 17, 2008
by: James • Tools