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RMDS AND IRA-TO-CHARITY DISTRIBUTION PROVISIONS

Article Highlights Required Minimum Distributions Qualified Charitable Distribution QCD Benefits Fly In the Ointment Tax law requires individuals who have reached age 72 to begin taking minimum distributions from their traditional IRA accounts. These are referred to...

TAX BENEFITS FOR PEOPLE WITH DISABILITIES

Article Highlights: ABLE Accounts Disabled Spouse or Dependent Care Credit Medical Deductions Home Modifications Special Schooling Nursing Services Impairment-related Work Expenses Individuals with disabilities, as well as parents of disabled children, are eligible...

HOW QUICKBOOKS ONLINE TRACKS PRODUCTS AND SERVICES

Most small businesses maintain a changing inventory of multiple products. Even if you sell one-of-a-kind goods, you need to know what you’ve sold and what’s available. And if your company sells services, you also have to keep track of what you’re able to offer...

AUGUST 2022 INDIVIDUAL DUE DATES

August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA taxes...

AUGUST 2022 BUSINESS DUE DATES

August 1 - Social Security, Medicare, and Withheld Income Tax File Form 941 for the second quarter of 2022. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed...

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