One of the things I love about helping clients with bookkeeping is finding small improvements that make a big difference later. This week, while cleaning up a client's QuickBooks Online file in preparation for their partnership tax return, I realized they had been posting every meal-related expense into one account: Meals & Entertainment. Years ago, that wasn't much of an issue. Today, however, tax rules treat different types of meals very differently. By the time tax season rolls around,...

By Marcin Rapacz, CPA One of the conversations I have most often with new business owners goes something like this: "I thought I'd just pay my taxes when I filed my return." Unfortunately, that's not how it works. If you're self-employed or own a business, the IRS generally expects you to pay your taxes throughout the year, not just when you file your tax return. These payments are called quarterly estimated tax payments, and missing them can result in penalties and interest—even if you...

New tax rules could help more Americans save money—but only if they understand how the deduction works. Focus Keyword: tax deductions By Marcin Rapacz, CPA If you've ever asked yourself, "Can I deduct my charitable donations?" you're not alone. It's one of the most common questions I hear every tax season. Many people generously support their churches, local food banks, schools, veterans' organizations, and other nonprofits—but they're often unsure whether those donations will actually reduce...