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• How to get more from your company’s income statement

  How to Get More From Your Company’s Income Statement What do you do with your financial statements after your CPA delivers them? If you’re like most business owners and managers, you breathe a sigh of relief that they’re finished, file them away and go back to running the business. But financial statements can be a…

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• Some taxpayers qualify for more favorable “head of household” tax filing status

  Some Taxpayers Qualify for More Favorable “Head of Household” Tax Filing Status When preparing your tax return, we’ll check one of the following statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Filing a return as a head of household is more favorable than filing as a single taxpayer. For…

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• Demystifying deferred taxes

  Demystifying Deferred Taxes Deferred taxes are a confusing topic — and the accounting rules for reporting these items often seem to defy the logic of real-world economics. Here’s a brief overview to help clarify matters. What are deferred taxes? Companies pay income tax on IRS-defined taxable income. On their Generally Accepted Accounting Principles (GAAP) financial…

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• Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

  Two Important Tax Deadlines are Coming Up — and They Don’t Involve Filing Your 2022 Tax Return April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers: Saturday, April 1 is the last day to begin…

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• The 2022 Gift Tax Return Deadline is Coming Up Soon

  The 2022 Gift Tax Return Deadline is Coming Up Soon Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want…

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• Close-up on sources of substantive audit evidence

  Close-up on Sources of Substantive Audit Evidence Organizations that understand how auditors verify account balances and transactions can minimize disruptions during audit fieldwork and maximize the effectiveness of financial statement audits. Here’s a summary of the types of “substantive evidence” auditors gather to help them form opinions regarding your financial statements. Original Source Documents Auditors…

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• Claiming Losses on Depreciated or Worthless Stock

  Claiming Losses on Depreciated or Worthless Stock Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you can claim a capital loss deduction on your tax return. Here are the rules that apply when a stock you own is sold…

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• Tap into specialized functions in QuickBooks

  Tap Into Specialized Functions in QuickBooks QuickBooks® provides an all-in-one solution that helps some small and medium-sized businesses manage their finances. While QuickBooks provides the accounting backbone for many companies, it has advanced features that go beyond basic bookkeeping tasks. For example, the time-tracking functionality in QuickBooks captures the hours spent on a specific project…

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• Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances.

  Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances. You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the…

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