If you’re looking to boost your bookkeeping skills and earn the confidence to manage your business’s finances effectively, QuickBooks Online 2023 is the way to go. In this tutorial, we’ll dive into an example of progress invoicing using QuickBooks Online, along with setting up Excel worksheets to track and manage your transactions.

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Are you looking to improve your accounting skills and boost your bank account with QuickBooks Online 2023? One of the first obstacles you may encounter is how to get access to the software, preferably for free, so that you can practice using it. While you may have access to QuickBooks Online through a work setting, it’s not ideal to use your employer’s or your own company’s data to practice with.

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When it comes to rental properties, it’s important to understand how to properly divide expenses between personal and business use. This is especially important when personal use of the property is involved, such as in the case of a vacation home or a primary residence that is partially rented out.

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If you are working for a parent who is a sole proprietor or a partnership where both partners are parents, then you may still be subject to S E tax. This is because the parent-child relationship does not change the fact that the work is still considered self-employment.

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Rental properties can be a great investment, but it’s important to understand the tax implications. In this blog, we’ll be discussing some of the key points related to rental properties and taxes for the tax year 2022.

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When it comes to selling or exchanging rental property, there are several tax implications that you need to be aware of. The first step is to calculate the gain or loss from the sale or exchange, which can be a complex process that requires detailed record-keeping and knowledge of tax laws and regulations.

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The net investment income tax (NIIT) is a 3.8% tax on the lesser of net investment income or the excess of modified adjusted gross income (MAGI) over the threshold amount. MAGI is basically your AGI with some slight modifications. Net investment income may include rental income and other income from passive activities. This tax is one of the issues with rental property, which is why it is often reported differently or on another form other than a Schedule C.

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Understanding the Earned Income Tax Credit (EITC) can be a daunting task. With so many variables involved, it’s easy to get lost in the weeds. However, it’s important to understand the EITC because it can be a significant benefit for low-to-moderate-income individuals and families.

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If you’re a business owner or a tax professional, you know that depreciation can be a valuable tool to reduce your tax liability. Depreciation is the gradual write-off of the cost of a business asset over its useful life. The IRS has rules that dictate how much you can depreciate in any given year. However, there are situations where you can take a special depreciation allowance to accelerate your depreciation deductions. In this blog post, we’ll go over the details of the special depreciation allowance and how it can benefit your business.

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