The Internal Revenue Service has released the updated Form W-4 (here) for 2018. Along with the W-4, they have released an updated Withholding Calculator to help taxpayers check their 2018 tax withholding following the Tax Cuts and Jobs Act that was passed in December 2017. Changes to the tax law were made with the Tax Cuts… Read More
Often times I’ll start in working on a personal tax return for a client, and notice that they have a child that is college age. A quick phone call verifies that, indeed, the child is attending college. The parent had no clue that there’s a tax credit available to them. And, actually that credit is… Read More
The Internal Revenue Service has released updates to the income tax withholding tables for 2018 which reflect the changes made by the recent tax reform. Their goal was to design the new withholding tables to work with the Form W-4’s that employees have already filed with their employers. The new payroll withholding tables can be… Read More
For the 2017 tax year the Federal Section 179 depreciation deduction limit is now at $500,000, it is easy to think that any fixed asset classified as personal property can now be expensed. However, in the year of purchase, it is important to remember the depreciation limits on passenger automobiles and trucks. A passenger automobile… Read More
With tax reform taking place, a big question that is getting asked is “Do I need to be filling out a new W-4 to reflect the changes?” A statement was put out by the IRS stating that they are working on developing withholding guidance and will be issuing this in January. Employers will be encouraged… Read More
Beginning January 1, 2018 the standard mileage rates will be: 54.5 cents per mile for business miles driven (up from 53.5 cents per mile in 2017) 18 cents per mile for medical or moving purposes (up from 17 cents per mile in 2017) 14 cents per mile for charitable contributions (same in 2017)
T. L. Baker & Co., LLP has 5 certified QuickBooks Pro Advisors. DeAnn answers some common Quickbook questions that you might have. Comment below with any questions you would like her to answer in the next video.
Do you ever have those bank deposits importing from your bank where they don’t match what you enter from customers? Do you ever enter multiple payments from customers and make only one deposit to the bank? There is one thing that might help this frustration go away. It is called an undeposited funds account. When… Read More