WHAT ARE THE IRS 2018 PERSONAL INCOME TAX RATES?

2018 IRS Income Tax Rate Table and IRS Filing Status Tax Rate Unmarried Individuals Heads of Households Married Filing Jointly and Surviving Spouses Married Filing Separately 10% $0 – $9,525 $0 – $13,600 $0 – $19,050 $0 – $9,525 12% $9,525 – $38,700 $13,600 – $51,800 $19,050 – $77,400 $9,525 – $38,700 22% $38,700 – […]

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How Do I Add a New User in QuickBooks Online

In QuickBooks Online Plus you can add up to five users to work at the same time without an addition to your monthly fee. For additional information or personal training contact: Steve Mangione CPA PH:  (657) 464-3322

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California’s Sales Tax will Decrease January 1, 2017

  On January 1, 2017, the statewide sales and use tax rate will decrease one quarter of one percent (0.25%).  The decrease in the statewide rate is effective for all cities and counties in California.  Sales tax is comprised of the statewide sales and use tax rate of 7.25 percent plus any district tax.  For […]

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Minimum CA LLC Franchise Tax

LLCs classified as disregarded entities or as partnerships are subject to an $800 annual tax.  The tax applies if the LLC does business in California or if the SOS accepts their Articles of Organization (LLC-1) or Application for Registration as a Foreign Limited Liability Company (LLC-5). LLCs organized or registered in California are subject to […]

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Physical Presence Test to Qualify for Foreign Earned Income Exclusion

If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. To Qualify for the Foreign Earned Income Exclusion you must meet either the Bona Fide Residence Test or the Physical Presence Test. PHYSICAL PRESENCE TEST To meet the Physical Presence […]

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Am I Required to File IRS Form 1099 or Other Information Return?

Am I Required to File Form 1099 or Other Information Returns? Here’s the short answer: You are not required to file information return(s) including 1099’s if any of the following situations apply: You are not engaged in a trade or business You are engaged in a trade or business and the payment was made to […]

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QuickBooks Certified ProAdvisor for QuickBooks Online

Certified QuickBooks ProAdvisors are experts who have been tested and certified by Intuit on a range of QuickBooks products. Certified ProAdvisors help your businesses get the most out of your QuickBooks software. We provide you a range of services, including: QuickBooks setup, training, payroll and consulting, among others. Steve Mangione CPA

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What Records Should I Keep to Support My Tax Return?

Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out. How Long Should I Keep My Tax Records? It is important to keep these documents because they support the entries in your books and […]

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How Do I Make an Accountant’s Copy in QuickBooks?

How to send the accountant’s copy of QuickBooks to your accountant: Go to the main screen of QuickBooks and click on <File> Go to Accountant’s Copy —-> Click <Send to accountant>  You will get a screen that confirms you want to send a file to your accountant Click <Next> Enter a date:  xx/xx/xxxx – QuickBooks is looking […]

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What States Have No State Income Tax?

States with no individual income tax as of 2014 are: Alaska Florida Nevada New Hampshire South Dakota Texas Wyoming States with no corporate income tax as of 2014 are: Nevada South Dakota Wyoming

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Can I Claim the Foreign Earned Income Exclusion?

What is the Foreign Earned INcome Exclusion? If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude from income some or all of your foreign earnings.  The amount allowed to be excluded is adjusted […]

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2014 Traditional & Roth IRA Contribution Limits

2014 Traditional & Roth IRA Contribution Limits   Standard Limit Catch-up Limit (Age 50 and older) Traditional $5,500 $6,500 Roth $5,500 $6,500 2014 SEP Contribution Limits Simplified Employee Pension (SEP) Contribution Limits Max Dollar Allocation Max Considered Compensation $52,000 $260,000 The maximum amount that can be contributed to a simplified pension plan (SEP) plan is […]

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What is the IRS Estimated Tax | Quarterly Tax?

Who must pay Estimated Taxes? If you have Taxable Income and you have not paid any taxes or you did not have enough taxes taken out of your pay check from your employer, you are required to estimate and pay your taxes to the IRS quarterly. You may be subject to a penalty if you […]

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What are the IRS 2014 Personal Income Tax Rates?

2014 IRS Income Tax Rate Table and IRS Filing Status Tax Rate Single Head of Household Married Filing Jointly or Qualified Widow(er) Married Filing Separately 10% $0 – $9,075 $0 – $12,950 $0 – $18,150 $0 – $9,075 15% $9,075 – $36,900 $12,950 – $49,400 $18,150 – $73,800 $9,075 – $36,900 25% $36,900 – $89,350 […]

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