This article was published by the IRS. When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business. Generally, the business can recover costs for assets through depreciation deductions. For costs paid or incurred after September 8, 2008, [...]
Deferred tax assets and liabilities may be terms you’ve seen added by your accountant to your small business balance sheet. They are financial items on a company’s balance sheet that exist because the income on the tax return is different than the income in the accounting records. Learn how to evaluate, make sense of, and take [...]
This article was published by the IRS. The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that helps taxpayers and protects taxpayers' rights. They can offer help when tax problems cause a financial difficulty. When the taxpayer has tried and been unable to resolve their issue with the IRS, or a taxpayer believes [...]
QuickBooks Checking is a bank account reimagined for small business. It allows your money to work for you right in QuickBooks Online. Time is money. QuickBooks Checking is not just fast; it's instant. As soon as invoices are paid online or you take a payment with the card reader, funds are available. Then as money comes [...]
This article was published by the IRS. The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS has also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and [...]
