Taxable Income for Military Personnel

This post will discuss which income items received by current and former members of the U.S. Armed Forces are reported on a tax return, particularly income from serving in a combat zone. U.S. Armed Forces members receive many different types of pay and allowances....

The Ins and Outs of Amended Tax Returns

You filed your tax return and then discovered a mistake. Now what? Don’t hit the panic button. In most cases, all you have to do is file an amended tax return. There are a few things to keep in mind when filing an amended tax return. Taxpayers should use Form...

Section 1031 Like-Kind Exchanges General Information

Generally, if you exchange business or investment property solely for business or investment property of a like kind, section 1031 provides that no gain or loss is recognized. If, as part of the exchange, you also receive other (not like-kind) property or money, gain...

6 Tips for Starting a New Business

So you are all pumped about your new business idea and are already looking for customers. Before you get much further, make sure that you have ticked off these accounting items from your business to-do list. A little work upfront will save you a ton of work down the...

Financial Statements: The Best Part of Quickbooks

If you started a business and dabbled in Quickbooks, you probably realize that it is has very useful features. The ability to keep tracks of income and expenses, pay vendors and employees, and accept payments from customers are just the starting point...
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