Monthly Archives: April 2014

Take a penalty-free IRA withdrawal for medical expenses

Are you considering withdrawing funds from your traditional IRA to pay unexpected medical costs? You may be hesitating because of the 10% penalty imposed on withdrawals made when you’re under age 59½. Since the 10% is calculated on the total … Continue reading

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Indispensable Information: QuickBooks Online Reports

The smartest business decisions result from customizing and creating frequent reports in QuickBooks Online. Day after day, you build your company file in QuickBooks Online. You create invoices and purchase orders. Record payments and complete contact and item records. Process … Continue reading

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Every small business should establish controls

Every week reporters publish stories about companies that have lost thousands, even millions of dollars because of fraud. They recount the dreadful details of business owners who learned – too late – that a lack of basic controls left their … Continue reading

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Emergency savings: How much is enough?

We all need an emergency fund, but what’s considered “an emergency?” Any unexpected hit to your finances, including layoffs, unanticipated illnesses, and natural disasters. Car insurance premiums and regular home maintenance are (or should be) anticipated, so they’re not emergencies. … Continue reading

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Paying Bills in QuickBooks Online: 2 Steps

If you’re used to opening an envelope, writing a check and mailing your payment, you’ll find bill-paying easier and faster in QuickBooks Online. If you’re paying bills manually, this is probably one of your least favorite accounting chores. First, you … Continue reading

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Capitalization vs. expensing

The new IRS regulations on capitalization vs expensing are complex. But the part of the regulations that concerns most small businesses makes it easier for them to comply. Here’s an overview of the safe harbor rules for small businesses. If … Continue reading

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Giving Away Money? Know the Tax Laws

Feeling generous? Want to give a gift of cash or something equivalent to a family member or friend? You should understand the tax implications. There are numerous reasons why you might want to give a gift to someone you know. … Continue reading

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