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During the holiday season, we tend to be thinking about those who may not be as fortunate or who have a hard time making ends meet this time of year.  We open our checkbooks and donate money to charities.  We purchase toys for those families that may not have the means to buy gifts to put under the tree.  We pack up our gently used items and give them to organizations that distribute or sell them to those in need. There are many benefits associated with charitable giving, lower blood pressure, depression, stress level, to name a few.  Many of these benefits will coincidentally help us get through the stress of the holiday season.  However, with the right planning some might help you get through tax season.  

With the holiday season behind us and tax season upon us, the following is an overview of six different charitable contributions and how to reap their tax benefits.  

Many of us use our personal vehicle for business purposes to one extent or the other. This doesn't seem fair since the added miles can reduce the value of your vehicle and reduce your equity, not to mention other associated costs you might pay for out of pocket. Because of this, the Internal Revenue Service (IRS) allows taxpayers to recover the costs associated with the business use of a vehicle. We'll discuss the two methods of recovering the costs associated with the business use of a vehicle.

The holidays are quickly approaching and the year-end is right around the corner. Before running the last payroll of the year, business owners not only need to make sure they have completed any W-9s for vendors that will be receiving 1099s, as well as make sure that any taxable fringe benefits are included in the owners and employees W-2s. Given the vast number of fringe benefits offered and how they are taxed, it can be confusing determining what is to be included in wages.  

In 2017 President Trump signed the Tax Cuts and Jobs Act.  As a result, there are many changes to the tax code which will affect us this tax season. Now that the 2018 tax year is almost over, you’ll want to start planning how this new tax provision will affect you. Below is a brief run-through of the most critical changes that are effective beginning with your 2018 tax return.  

With the increased usage of smartphones and tablets, many clients ask if they can use QuickBooks on their mobile devices such as a smartphone and tablet. The answer is yes; however, it does depend on which version of QuickBooks the client is using.

In 1935, Social Security was signed into law as part of President FDR's "New Deal" response to the Great Depression. This was the first time the Federal Government took responsibility for economic security of the old-aged, temporarily unemployed, children, and handicapped. Over 80 years later and social security has become an integral part of the retirement process.

What is the best way to send my accounting data to my accountant so that they can prepare my tax return?

The answer is not the same for every client. Clients often send a copy of their financial statements without realizing that it's insufficient. From the accountant’s perspective, it is much more efficient to have a copy of clients' QuickBooks file so that the information needed is right at their fingertips.

Nonprofits, construction companies, or companies with external investors are all examples of companies that may be required to get audits. However, these requirements may be dependent on certain circumstances. For instance, a nonprofit that recently reached a higher level of government funding may have crossed the audit requirement threshold. That said, there are many nuances involved in determining whether a switch to or from a review to an audit would be necessary. Regardless, companies do experience this transition and the following information is aimed at determining the difference between the two.

Congratulations you’ve decided to take the plunge and start studying for the CPA exam. Successfully completing the CPA exam can seem like a daunting task, especially with the publically posted (low) pass rates. However, the end result is well worth all the time, struggles and sleepless nights. Earning a CPA designation should result in higher earnings potential and additional career opportunities.

Edited on 1/26/19

Despite tax-exemption, nonprofit organizations are still subject to reporting requirements with taxing authorities, namely the Internal Revenue Service and various state revenue departments. For the Boards and Executive Directors of nonprofits, this means it's important to have a clear understanding of their organization and where it falls within filing requirements.