This article was published by the IRS. The Internal Revenue Service is reminding taxpayers that they must again answer a digital asset question and report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term "digital assets" has replaced "virtual currencies," a term used [...]
Massachusetts follows most federal laws for small businesses. The majority of small businesses are sole proprietorships. A sole proprietor is an unincorporated business with one owner who pays personal income tax on business profits. A sole proprietor will complete Schedule C. Schedule C acts as a profit or loss statement for your business and is a [...]
This article was published by the IRS. Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don't know how IRAs help them save for retirement. People can set up an IRA with a bank or other financial institution, a life insurance company, mutual fund, or stockbroker. Here's a list of basic terms [...]
Learn where everything is in QuickBooks Online so you can start using it to manage your business efficiently. Figure out how to view and interpret charts in Business Overview. Track expenses and profitability, adjust settings, and link bank accounts and credit cards to QuickBooks. Figure out how to do monthly account reconciliations. Learn how to pay [...]
This article was published by the IRS. The Internal Revenue Service has announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments. New for 2023 The Inflation Reduction Act extended certain energy related tax [...]
