How to Organize Your Chart of Accounts in QuickBooks

A chart of accounts is a list of the account numbers and names relevant to your company. The 4 primary groups in a standard chart of accounts are Asset, Liability, Income, and Expense. This video contains some helpful tips in how to organize them in QuickBooks or QuickBooks Online to make your small business’ financial information [...]

Owe Taxes but Can’t Pay?

Are you putting off filing your tax return because you owe money but can't pay? You shouldn't. The IRS can help you if you're having trouble paying all the taxes you owe at once. But YOU must take action. Here's what you need to do: First, before the tax deadline, either file your tax return or [...]

How Can I get a Copy of a Return I Filed?

Wondering how to get a copy of a state individual tax return you have filed in Massachusetts? First, log in to MassTaxConnect. Locate the Personal Income Tax panel and select the "Returns" hyperlink. Select the year-end date for the return period you are requesting. Select the "Request a Return Transcript" hyperlink in the upper right-hand corner. [...]

Taxable and Nontaxable Income

This video was published by the IRS. Most income is taxable and must be reported on your federal income tax return. But what you may not know is that some income is only partially taxable, or not taxed at all. For example, child support payments and welfare benefits are tax-free. Gifts and inheritances are generally tax-free [...]

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