Translations from Your Trusted Advisor.
QuickBooks has a multitude of keyboard shortcuts for the person who wants to speed up their accounting as much as possible. The following is a list of handy shortcuts for entering transactions and opening various screens in the desktop version of QuickBooks.
Earlier this week the IRS announced more than 50 annual inflation adjustments for tax provisions. These inflation adjustments include the tax rate schedules as well as some of the following key deductions, thresholds, and limits:
The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2017 will increase to $127,200. Please see the link for the OASDI and SSI Program Rates and Limits for 2017.
Sandi Nedeau, CPA •
Deducting travel expenses is not just for the self-employed. Taxpayers classified as employees can also deduct travel expenses if they are required to travel for their job and are not reimbursed or are only partially reimbursed for travel expense by their employer.
Travel expenses are one of the most frequently claimed work-related deductions. In most cases employers reimburse employees for work-related travel expense because it is a business deduction. In those cases where the employee is not reimbursed for work-related travel, eligible travel expenses can be claimed on Form 2106 and included with the taxpayer’s itemized deductions.
Year-end planning: Make best use of quick write-offs for capital goods purchases using Code Sec. 179 and the liberalized safe harbor expensing under the capitalization regulations.
Dana Bull, CPA •
Businesses that want to accelerate year-end deductions by buying machinery and equipment have a formidable array of tax tools to work with this year: generous expensing under Code Sec. 179; and an expensing safe harbor under the capitalization regulations that has been liberalized for smaller businesses.
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