IRA stands for Individual Retirement Account (IRA) which is a form of savings account that is designed to help you save for retirement and offers many tax benefits and advantages. There are two different types of IRAs: Traditional and Roth IRAs. The primary difference between a Traditional IRA and Roth IRA is the type of tax benefit each offers. Roth IRA, you get no deduction for contributions; but Traditional IRAs can provide a deduction for contributions and you defer taxes on investment earnings until funds are withdrawn, typically during retirement.
Bookkeeping is the day-to-day recording basis of a businesses financial transactions and information pertaining to that business. Its purpose is to records individual financial transactions and make sure they're up-to-date, accurate, and comprehensive. Accuracy is therefore vital to the process. It is a strict process, that occurs within the unmbrella of accounting. Each transaction, whether it is a purchase or sale, must be recorded.
Earned Income Tax Credit
If you fall within the guidelines for the Earned Income Tax Credit, be sure to claim it on your tax return when you do your taxes this year! The EITC is intended to reduce or eliminate the tax paid to low, and moderate income waged families. According to the IRS, 26 million taxpayers claimed more than $65 billion averaging around $2,400.00! If you didn’t claim the credit in your prior years the IRS actualy encourages you check and see if you can get that money back!
The Schedule C is a schedule included on an individual's personal tax return; it includes income and deductions to arrive at a net income, and certain details about yourself and your business. Individuals who receive a
1099-MISC usually must file a schedule C. Filing a schedule C can create an unexpected tax situation for many individuals who do not realize employment taxes are determined on the net income of the schedule C. With the employement tax rate being approximately 15%, because the individual is
considered both the employer and the employee, Taxpayers facing a schedule C situation need to have tax planning in place and in many cases need to make estimated tax payments throughout the year.
QuickBooks, powered by Intuit, provides an Enterprise Resource Management tool for small businesses. QBO, or QuickBooks Online, is the new direction for small business solutions. QBO offers a professional appearance for your customer interface by allowing you to personalize estimates and invoices, offer e-payment solutions, provide anywhere-anytime platform access, and uses two-factor authentication for security. QBO offers payroll solutions that many clients find highly advantageous. Known as QuickBooks, not Easy-Books, QBO can provide many challenges most small businesses are ill-equipped or would just rather not have to manage. Before you begin a QBO relationship, make sure to talk to our ProAdvisors before taking any action opening a QBO account. Our firm provides a maintenance assist program for QBO to allow business owners to focus on generating revenues and controlling expenses while we take on the role of bookkeeping, payroll tax payments, resolving issues within the QBO environment, and ensuring the system works as best as it can for your business.
Publix Taxes & Retirement
Retiring From Publix? For most retirees, the tax efficient liquidation of a retirement portfolio requires coordinating between both taxable brokerage accounts and pre-tax retirement accounts like an 401k or an IRA. We feel it is important for retirees to balance their desires for using their retirement earnings and minimizing their tax impact. Working with your trusted tax professional as well as your own financial advisor can provide the situation where you can get the most from your retirement. Call Today For Your Free Consultation!