Seven Tax Deductions You Can Take Even If You Don't Itemize

This year, filing your returns may prove a little more complex than in years past due to the many changes brought about by the Tax Cuts and Jobs Act of 2017 (TCJA). Consider starting a little earlier this year to make sure you understand which tax deductions and credits have been limited or eliminated and which adjustments to income you can still take, even if you don’t itemize. The sheer number of changes make a really strong case for working with a professional tax preparer or investing in tax preparation software from one of the leading providers, some of which offer one-on-one reviews and/or advice from credentialed tax professionals. If your adjusted gross income was $66,000 or less in 2018, you can access free tax software to prepare and e-fi­le your tax return thanks to a public–private partnership between the IRS and well-known tax software providers. Visit IRS.gov/FreeFile to learn more.

In addition to permanently reducing the corporate tax rate from 35% to 21%, changes under the TCJA mean that most individual taxpayers will also receive tax benefits, including lower marginal tax rates, and a reduction in the top tax rate for the wealthiest Americans from 39.6% down to 37%. However, all of the individual tax breaks are scheduled to expire at the end of 2025 unless Congress passes legislation to extend them. In addition, Forms 1040EZ and 1040A have been eliminated altogether. All taxpayers are now required to file using Form 1040.



Should you itemize or take the standard deduction? 

This is among the most common questions taxpayers are asking as they prepare to file their 2018 returns. The new tax law increased the standard deduction to $12,000 for individuals and $24,000 a year for married couples filing jointly. This dramatically changes things for the majority of the population. Let’s say you can deduct $8,000 for mortgage interest, $8,000 for state and local taxes, and $6,000 for charitable giving. That’s a total of $22,000, or $2,000 lower than the new standard deduction. In that case it makes sense to take the standard deduction instead of itemizing.
The significant increase in the standard deduction has also substantially raised the income required for filing a tax return. As a result, a larger number of taxpayers may find they don’t need to file a return at all. For individual filing thresholds (and the many exceptions to the rule), visit IRS.gov.

 Most high net worth households, especially those choosing to “bunch” charitable deductions into a given tax year, will want to continue to itemize. Until 2017, itemized deductions were phased out for high income taxpayers. Under the new tax law, the phaseout has been eliminated. And since most of the deductions available to self-employed business owners, such as business expenses, retirement plan contributions, a portion of self-employment taxes and healthcare premiums remain intact under the new tax law, it makes sense for those individuals to itemize as well. In addition, certain business owners may be able to deduct up to 20% of qualified business income from their qualified trade or business, plus 20% of their qualified real estate investment trust dividends, and qualified publicly traded partnership income.

While the new tax law is lengthy and complex, with many deductions limited or eliminated altogether, certain “above the line” deductions or adjustments to income are still available to taxpayers whether you itemize or take the standard deduction when filing your 2018 tax return, including the following:

1. Traditional IRAs. If you or your spouse is eligible to contribute to a traditional individual retirement account (IRA)you can trim your tax bill up to the amount of your contribution. IRA contribution limits for tax-year 2018 are $5,500 ($6,500 if you’re 50 or older) but must be made no later than April 15, 2019. If you or your spouse are covered by a retirement plan at work, the amount you may deduct may be limited. Consult your tax preparer or IRS.gov for more on IRA deduction limits.
2. If you’re funding a health savings account (HSA) in conjunction with a high-deductible health insurance plan, you can deduct contributions to your HSA, assuming you made them with after-tax money. If you contributed to the HSA through payroll deduction on the job, the deduction is not allowed as it would result in double-dipping.
3. If you paid an early withdrawal penalty on a bank certificate of deposit, you can deduct the full fee as an adjustment to income.
4. Student-loan interest. You may deduct up to $2,500 in student loan interest for you, your spouse or a dependent on your 2018 return if your modified adjusted gross income is less than $65,000 (single taxpayers) or $135,000 (married filing jointly). The deduction is phased out above those levels until it disappears completely for single taxpayers earning more than $80,000 and married couples earning more than $165,000. 
5. The Educator Expense Deduction allows K-12 educators to write off up to $250 each year for education-related supplies and expenses (receipts are required) if they log at least 900 hours a year on the job. The deduction does not apply to home schoolers.
6. Alimony paid to a former spouse is deductible for divorce agreements signed before December 31, 2018. Monetary payments must be clearly spelled out in your divorce agreement and you’re required to report your ex-spouse’s Social Security number, so the IRS can verify that your former spouse reports the same amount as taxable income. (Child support is not deductible under the new tax law.)
7. Moving expenses. The deduction for job-related moving expenses was eliminated with the exception of applicable expenses for eligible military personnel changing duty stations.

2019 Tax Forms: When Should I Expect to Get Them?

Most people probably aren't in a big hurry to get their taxes done long before this year's April 15 deadline. But that's not necessarily true if you're expecting to get a big refund. In that case, the sooner you file, the sooner you can get your money back from the IRS.

Tax filing season typically starts in late January, but even then, most people don't have all the forms they need in order to prepare their tax returns correctly. To make sure you've gotten all of your income and deductions correct, it's important to have the various tax information forms that your employer, financial institutions, and others provide. Here's a calendar of when you can expect to get the forms you need to get your refund headed your way.

W-2 forms: Jan. 31

The key form that nearly every taxpayer needs is the W-2 form. This is the form employers are required to give you that contain your gross income and taxable income after taking out work-related deductions. It also tells you how much money you had withheld from paychecks to cover federal and state income tax, which you'll need in order to calculate the amount of your refund.
You can also use the information on Form W-2 to find out how much money you spent on various tax-favored benefits, including employer-sponsored retirement plan contributions, employer-provided health insurance, flexible spending plans, and other similar tax breaks. If you haven't gotten your W-2 by Jan. 31, then you should go to your employer right away to find out if there's been a mistake.

Most 1098 and 1099 forms: Jan. 31

The deadline for most of the forms that you'll get from various financial institutions is also Jan. 31. That includes banks reporting interest income on Form 1099-INT, stocks and brokerage companies reporting dividend income on Form 1099-DIV, taxable withdrawals from retirement plans on Form 1099-R, and mortgage lenders reporting deductible mortgage interest and fees on Form 1098.
In addition, if you work not as an employee but as an independent contractor or are self-employed, then the payments you receive from your clients generally get reported on Form 1099-MISC. Jan. 31 is the deadline for that form as well.

Form 1099-B and some similar forms: Feb. 15

For simple investment calculations like interest and dividends, 31 days is more than enough to expect financial institutions to get information gathered. But for other information, it takes more time. For instance, in reporting sales of stocks and other investments on Form 1099-B, brokers have to analyze holding periods, calculate basis and sales proceeds, and determine an estimate of capital gain or loss for use on your tax return.
To acknowledge that need, the IRS gives brokers until Feb. 15 to provide Form 1099-B to their customers. In addition, an extended mid-February deadline applies to Form 1099-S for reporting real estate sales information and various 1099-MISC returns for items other than compensation for services.

Schedule K-1s: March 15 or April 15

If you've invested in a business entity that's in the form of a partnership, limited liability company, or other association electing to be taxed as a partnership, then you'll get key tax info on Schedule K-1. That's also the case if you're a partner in a professional business like a medical practice or law firm that's organized using these entities.
The deadlines vary depending on the size of the entity. A partnership that qualifies as what's known as an electing large partnership needs to provide a K-1 by March 15. For others, April 15 is the deadline. For the most part, that requires those expecting K-1s to file for extensions -- and makes it impossible to file early in order to get a refund.

What to do if you don't get your tax forms on time

The first thing to do if these deadlines pass without getting a form you expected is to contact your employer or financial institution. Because there are potential IRS penalties involved for those reporting entities, you shouldn't have to wait long to get the answers you want.

Conversely, don't assume that just because you didn't get a tax form that you don't have to report income you know about. The IRS has multiple ways to get tax info, and if your numbers don't match with what they have on file, then you could get audited and owe extra interest and penalties.
Anyone getting a refund wants to file as soon as they can, but it doesn't make sense to file without all the information you need. By knowing these deadlines, you'll be in a better position to get your refund quickly without any extra hassles.

Tough income tax filing season ahead? Tips to make it easier

The new tax law, and in particular a new deduction aimed at small business owners, is making this income tax filing season more complicated than usual.

The deduction aimed at giving tax breaks to sole proprietors, partners and owners of S corporations allows many of them to deduct 20 percent of what’s called qualified business income. But which business owners can claim the deduction, and how much they can claim, involves a lot of interpretation and complex calculations, tax professional say.

Some tips for making this filing season a little easier:

- Get on your CPA’s calendar soon. Tax pros always advise clients to see them early in tax season, but it’s even more important to do so this year. I advise business owners to have those meetings by the end of February. Even if owners don’t have all the necessary documents, they should meet with tax advisers to get a sense of where they stand.  If documents like 1099s are still outstanding when returns are due, it’s time to get an extension of the filing deadline.

Owners should be sure their records are in order before they give them to their advisers. The more time a preparer spends trying to sort out all the numbers, the more expensive it will be for an owner.

- Expect to do more of the work this year as your tax pro determines whether you can claim the deduction. They’re used to giving us the information and letting us figure it out. Clients are going to have to be very involved as well.

- If you’re a do-it-yourselfer and don’t use a paid preparer to compile your return, don’t be in a rush to file. The creators of tax preparation software are also still figuring things out and may amend their products before the filing deadlines. That will change the calculations for some owners. Owners who do the work themselves should consider asking a tax pro to look over the return - the investment in their fee may save you from costly mistakes.

Small business tax deduction has CPAs scratching their heads

FROM THEREPUBLIC.COM

Millions of small business owners will be in uncharted waters this tax season as they try to determine if they qualify for a deduction that could exempt one-fifth of their income from taxes.

Five months after the IRS issued guidelines to help business owners and tax advisers understand how the complex deduction works, accountants and tax attorneys still have questions. Even those who have attended seminars and workshops about the new law have come away scratching their heads, especially about a section that bars service providers like doctors, lawyers and consultants from claiming the deduction. Some of these company owners have businesses that don’t easily fit into the IRS guidelines or proposed regulations the agency has also issued.

There’s a lot of conflicting advice out there. It’s going to be like the Wild West.

THE BASICS

The deduction is aimed at giving tax breaks to sole proprietors, partners and owners of S corporations; these businesses are known as pass-throughs because company income “passes through” to owners’ 1040 forms, where it is reported to the IRS. Before the law was enacted, many of these owners couldn’t get the more favorable tax treatment enjoyed by traditional corporations, those known as C corporations.

The new law allows many owners to deduct 20 percent of what’s called qualified business income. They can get the full deduction as long as their taxable income doesn’t exceed $157,500 for an individual and $315,000 for a married couple filing jointly. But taxable income includes owners’ and spouses’ earnings from outside the business — for example, being employed in a different field or industry — and earnings from investments.

If taxable income is above the $157,500 or $315,000 threshold, owners may get a partial deduction. There are two critical factors that can limit the size of the break. The first involves the company’s W-2 wages, or how much it pays employees, and the value of some of its property; complex calculations go into assessing the impact of wages and property on the deduction.

The second factor affects owners who are in what’s called a specified service trade or business — for example, health providers, attorneys, accountants or consultants. They have no deduction if their taxable income is more than $207,500 for an individual or $415,000 for a married couple.

The IRS spells out the conditions for taking the deduction on its website. Visit https://bit.ly/2RbxOtc .

MORE THAN ONE ACTIVITY OR BUSINESS?

Owners whose businesses involve a variety of activities may find that income from some qualify for the deduction while others don’t. An optometrist who treats patients may not be able to claim the deduction for that work. But the same optometrist who also sells eyeglasses and contact lenses may be able to use the deduction for that income.

Another example: A graphic designer who consults with clients but also creates websites. You’re consulting, but also selling a product.

There might be some unpleasant surprises when owners in such situations get to their CPA’s offices. The new law requires separate records for the different types of work.

They might find their books may not be in good shape for tax reform — they may not show the data CPAs will need to know. In that case, either the owner has to go back and change the books, or pay extra to have their tax advisers do the work.

Owners who have more than one business with employees may be able to aggregate, or combine the qualified business income of the companies, and lower the impact of W-2 wages on the deduction. But the businesses must be in a related industry.

If you are a real estate developer and somebody that owns real estate as investment property, you probably can aggregate. But someone who owns a cleaning service and an auto servicing shop wouldn’t be able to aggregate their income.

QUESTIONS AWAITING ANSWERS

The guidelines the IRS issued in August aren’t set in stone although the agency said taxpayers could rely on them in compiling their 2018 returns. The agency has issued proposed regulations, and tax professionals have already asked the IRS to clarify a number of issues, including which service providers can claim the deduction. For example, the New York State Bar Association, which asked the IRS for multiple clarifications, said many taxpayers, including those who rent a small number of real estate properties, may be uncertain about whether the deduction applies to them.

Many don’t like to get extensions of the filing deadlines for the returns. But the uncertainty about the new law is a good reason to get an extra six months to complete and submit returns.

It may be wise to do so with more clarity coming from Congress or Treasury. With the government shutdown, and the political atmosphere surrounding tax policy, it may take well into the summer to gain any clarity at all.

13 Best Tax Moves To Start 2019

FROM FORBES. COM

The 2018 tax season is going to bring some surprises to a lot of taxpayers – some good, some not so good.

We had a major change in the tax code late in 2017, known as the Tax Cut and Jobs Act, that changed the tax code as we knew it.

Though the media is buzzing with the many of the changes, many taxpayers won’t become fully aware of how sweeping they are until they file their 2018 tax returns this spring.

By then, it’ll be too late to do much about your 2018 income taxes. But to help you avoid tax issues when you file your return next year, here are the 13 best tax moves to start 2019. And trust me, you’ll want to get some of these in motion as soon in the year as you can.

1. Adjust Your 2019 Tax Withholding

2018 has seen the arrival of major changes in tax rates, the standard deduction, and personal exemptions.

For example, beginning in 2018, personal exemptions have been eliminated. However, the standard deduction has been increased from $6,350 for singles, and $12,700 for married couples filing jointly in 2017, to $12,200 for singles, and $24,400 for married couples filing jointly in 2019.

Meanwhile, marginal tax rates have all been lowered. For example, the 15% tax bracket has been replaced by 12%, and the 25% bracket by 22%.

You'll need to adjust your payroll withholding to reflect those changes. Chances are your employer has already taken care of that. But if not, you should make changes as soon as you file your 2018 return. By then you'll know if you’re withholding too much or too little. And if you are, you should make changes as early in the year as possible.

2. Increase Your 401(k) Contribution

For 2019, there's been a $500 increase in the maximum employee contribution amount to 401(k) plans and other employer sponsored retirement plans. That raises the maximum contribution from $18,500 to $19,000 for 2019. The $6,000 catch up contribution for taxpayers 50 an older remains unchanged.

If you normally make the maximum contribution, you should adjust the amount as soon as possible, to spread the increased contribution over as many payrolls as possible.

3. Increase Your IRA Contribution

The $500 retirement plan increase also applies to IRA accounts. The IRA contribution maximum is increasing from $5,500 in 2018, to an even $6,000 for 2019. The $1,000 catch up contribution for taxpayers age 50 and over remains the same.

4. Consider Relocating to a Tax-Friendly State

If you're not already aware, the new tax law has put a $10,000 deduction limit on state and local taxes (SALT) for 2018 and beyond. The limitation will have a serious impact on the tax situations of people who live in high tax states.

If you're considering making a move in 2019, or if that option is available, you may want to consider relocating to a low tax state. For example, nine states – Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming have no income tax. It may be a radical strategy, but if you're planning on making a move, and you have control over where it is, lower tax states are the better choice under the new tax law.

5. Set Up an HSA

The higher standard deduction means it will be more difficult to write off medical expenses. But you may be able to work around that by establishing a Health Savings Account (HSA).

Under an HSA, you can make a tax deductible contribution up to $3,500 for a single person, or up to $7,000 for a family for 2019. There’s also a catch-up contribution of $1,000 if you’re 55 or older.

The advantage with an HSA is that you can make the tax-deductible contribution without needing to itemize your deductions.

6. Plan to Fully Use Your Flexible Spending Account (FSA)

FSAs are similar to HSAs, but they have much smaller contribution limits. There's no change here under the new tax law, however, FSAs generally involve forfeiture of any unused benefits by year-end. Though there are some exceptions employers can provide, they’re limited in scope. The best option is to do all you can to fully use all funds contributed to the plan before the end of the year.

7. Buying a New Home? Watch the Price

The new tax law limits the mortgage interest deduction to interest paid on home loans not to exceed $750,000. If you're planning to buy a home in 2019, and looking at the high end of the market, keep this mortgage limit in mind. It's a substantial reduction from the $1 million home indebtedness permitted under the previous tax law. (NOTE: the deduction on higher home loan amounts taken before 2018 are grandfathered in the new law.)

8. Starting a New Business? Discuss the Business Entity Type with a CPA

There have been major changes in the tax code businesses, depending upon the type of business entity you have. For example, the income tax on corporations has fallen from 35% 21%.

But there's also a qualified business income deduction that allow small businesses to deduct up to 20% of their qualified business income. The deduction applies to S corporations, LLCs, partnerships, and those who file Schedule C. It also phases out with incomes between $157,500 and $207,500 for singles, and between $315,000 and $415,000 for married filing jointly.

Both provisions represent significant reductions in tax for small businesses. But if you're forming a new business, or considering a new entity classification for an existing one, you should sit down with a CPA to determine which is the most advantageous under the new tax law.

9. Be Ready to Make Estimated Tax Payments on Extra Income

The changes in tax rates, standard and itemized deductions, the elimination of personal exemptions, and other tax changes, can have a major effect on your tax liability. Just as you need to adjust your withholding tax accordingly, you'll need to do the same with estimated tax payments on any income you earn that isn't subject to withholding.

This can include business income, investment income, or Social Security, just to name a few sources. You may need to set up estimated tax payments directly with the IRS or through your bank to allow for a potentially higher tax liability.

10. If You’re Thinking of Making a Roth IRA Conversion Now is the Time to Set it Up

This is another item that's not specific to recent tax changes. But if you're planning to do a Roth IRA conversion in the new year, it's best to begin planning it out as early in the year as possible.

A Roth IRA conversion is where you convert tax deferred retirement plans, like 401(k) plans and IRAs, to Roth accounts, where they ultimately provide tax-free income in retirement.

The main drawback to a Roth IRA conversion is that you must pay tax (but not the early withdrawal penalty) on any funds converted to a Roth from other retirement plans in the year of the conversion. This can produce a substantial tax liability, particularly if you’re in a high tax bracket, and the amount of the conversion is large.

Since that tax liability generally must be paid out of non-retirement funds (so the full amount of the conversion can be included), you'll want to set up estimates as early as possible to avoid penalties and interest.

11. Take Advantage of Expanded Opportunities with 529 Plans

There’s good news here under the new tax law. Under the previous law, funds from 529 savings plans could only be used to pay college level costs. But beginning in 2018, the plan has been expanded to allow the use of up to $10,000 in 529 plan funds to pay for tuition in grades K through 12.

This will be an obvious benefit if you have one or more children in private schools, or are considering making the move in 2019. What’s more, the $10,000 limit is per account, so if you have two plans for your child, the limit is $20,000.

12. Get Your Employer to Switch to a Reimbursed Employee Business Expense Plan

A lot of taxpayers incur employee business expenses in connection with their jobs. This is particularly true of people who work in sales. Under the old tax law, you were able to deduct unreimbursed employee business expenses, to the extent they exceeded 2% of your adjusted gross income.

That provision is gone in the new tax law.

The work around is to ask your employer to switch to a reimbursed employee business expense system. That's where you incur the expenses in connection with your job, and your employer reimburses you after the fact. In that way, expenses will be deductible to your employer, and the tax impact on you will be neutralized.

13. Prepare for Changes in the Alimony Rules

Under the old tax law, alimony was deductible for the payor, and taxable for the recipient. That's still the case for the 2018 tax year, but it will change for 2019.

The new law will apply to divorce decrees issued after December 31, 2018. If you're getting a divorce this year, and you'll be paying alimony, you will no longer be able to count on a tax deduction. You'll have to adjust your tax withholding or tax estimates accordingly.

There is one loophole in the change. For divorce decrees issue prior to January 1, 2019, alimony will continue to be deductible for the payor, and taxable to the recipient.

Final Thoughts on the Best Tax Moves to Start 2019

There have been major changes in the tax code since 2017. But since many taxpayers won't be aware of exactly how extensive those changes are until they file their 2018 taxes, it's important to get a jump on 2019 as early in the year as possible.

This will be especially important if any of the changes result in a higher tax liability. If you increase withholding, establish tax estimates, or implement tax strategies early in the year, you'll minimize the impact of any potential negative outcomes.

2019 will be a year when advance tax planning will be more important than it has been in the past.

Better to get a tax refund or send a check? Shutdown may change that calculation for some

FROM YAHOO FINANCE

Two things happened at approximately the same time in 2019: Uncertainty about timely tax refunds, and the first-ever returns under the new tax law.

When they file their returns for tax year 2018, Americans will find out exactly what the tax bill means to them, and whether their withholding was not enough or too much. This means taxpayers will get a crucial data point they can use to pinpoint the correct withholding amount going forward.

With this opportunity for people to evaluate their withholding, they may also reevaluate their own trust that the money they may have loaned the government will be returned in a timely fashion.

The Trump administration said that the IRS will pay tax refunds on time – despite the agency being subject to the current partial government shutdown. But the addition of “uncertainty involving IRS’s processing abilities” may be a big negative on the pro/con chart of whether to withhold more or less going forward — especially in this partisan climate ripe with shutdown potential.

There has long been a debate in the personal finance community to receiving a tax refund.

To some, the more than 50% of taxpayers who get refunds have “given the government a free loan” all year, and that potentially sizable amount of money could have been earning you more money or be put to use paying down debt. And surveys show many people receiving a large refund check end up spending it all in one place as unexpected disposable income — rather than a savings opportunity.

Not everyone agrees. Many say it’s better to play it safe and err on the side of having your employer withhold more than required so you aren’t on the hook for a big fat check to Uncle Sam. And instead, you’ll get a refund.

And the behavioral finance play goes the other way as well: You loan the government money during the year through your withholding so you can’t spend it. And then you get a surprise check come tax time.

It’s hard to say what’s “better,” and it probably doesn’t make that much of a difference, so long as you don’t have to pay a penalty for underpaying your taxes. Consult a tax pro if you’re not sure.

But amidst the government shutdown over border wall funding, the question of whether the IRS would actually issue refunds on time emerged, especially if the shutdown continues into tax season.

 However, the possibility that an underfunded and half-open IRS would have trouble could be something that may change how people think about their withholding going forward.

WHAT YOU NEED TO KNOW ABOUT ACCOUNTING TO USE QUICKBOOKS

Whether or not you use the word “accounting,” your business already does it. You manage accounts, pay bills, receive payments – all tasks that are a part of the process. When you use QuickBooks, though, you are following the same generally-accepted practices that professionals do.

The thing is, though, that you don’t have to deal with most of the nuts-and-bolts activity that is required. You don’t have to understand how to, for example:

• Create a Chart of Accounts.
• Balance debits and credits.
• Design standard financial reports.
• Assemble customer statements.

 AN INVISIBLE HELPER

QuickBooks takes care of those chores—and much more—behind the scenes. It provides a digital framework for the financial data provided. You’ll interact with it by entering words and numbers in blank fields, selecting options from drop-down lists, and clicking on buttons and in boxes. It works much like other Windows software, so navigation and data entry shouldn’t be a problem.

But you should have a basic understanding of some simple accounting concepts. You may also need to learn about how to stay in compliance with government agencies if you are going to use QuickBooks’ payroll features.

Specifically, here’s some of what we recommend you know as you begin to use QuickBooks:

THE ROLE OF THE CHART OF ACCOUNTS

Again, you don’t have to create one: QuickBooks does that for you. This list of accounts is divided by type: assets (what you own), liabilities (what you owe), equity (the difference between the previous two), income, and expenses. You’ll encounter accounts at various places in the program, like when you have to assign an expense account to a bill you’re paying. Incorrect account classifications can lead to serious problems when you create reports and prepare income taxes.

ITEM TYPES

QuickBooks helps you create records for each “item” you buy or sell. These can be inventory parts, non-inventory parts, or services. It’s very important that you recognize the difference and categorize each item record correctly.

THE SALES TAX STATUS OF ITEMS YOU SELL

QuickBooks lets you add sales tax when you’re creating invoices, but you’ll need to know the rates and regulations for any state and local sales tax that you are required to collect and pay.

YOUR STATE’S PAYROLL REQUIREMENTS

If you’re already doing your company’s payroll manually or using a payroll service, you may save time and money by using QuickBooks’ payroll tools. The mechanics of this challenging element of accounting are simplified by the software, but every state has its own requirements for withholding and paying payroll taxes. You’ll need to know what these are, in addition to understanding exactly what’s expected by benefits providers.

There are other concepts you’ll need to understand, like the role of all sales (invoices, statements, receipts, etc.) and purchase (bills, purchase orders, vendor credits, etc.) forms; report customization; and the recording of incoming payments. We can get you up to speed on what you should know or provide a refresher for you if you’re already struggling with QuickBooks.