News

Don’t forget to empty out your flexible spending account.

If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or you’ll lose it (unless your…

Thinking about becoming a landlord? There are a few things that you should know.

There are a lot of different strategies that people pursue to build wealth, one of the most common is rental real estate. Rental real estate is attractive for various reasons, such as but not limited to: It is seen as low risk due to the…

11 Exceptions to the 10% penalty tax on early IRA withdrawals.

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts. Here’s what you need…

Tips from a Recent Graduate Part 3: Tips for your upcoming internship.

Are you an accounting student who is feeling overwhelmed by the recruiting process? This column is a series intended to help you succeed as you begin your journey with the accounting profession. Here are things you should do when it comes to your internship:  …

What you need to know about restricted stock awards and taxes.

Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying stock takes a dive. But…

Contributing to your employer’s 401(k) plan: How it works.

If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving deal! These plans help an employee accumulate a retirement nest egg…

Facing a future emergency? Two new tax provisions may soon provide relief.

Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such distributions are not only taxable…

Business automobiles: How the tax depreciation rules work.

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in…

The tax implications of renting out a vacation home.

Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the year. The tax implications of…

Why You Should Switch to QuickBooks Online.

Have you been on the fence about making the change over to QuickBooks Online? There are several advantages for companies who choose to switch from QuickBooks Desktop (QBD) to QuickBooks Online (QBO). Some of the most significant advantages include increased accessibility, automatic bank feed, and…