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The passive loss rules usually prevent the deduction of rental real estate losses, but there are two important exceptions. First, if you actively participate in the renting of your property, you can deduct up to $25,000 of loss against your other income. This $25,000 allowance phases out as adjusted gross income exceeds $100,000 and disappears entirely once your AGI reaches …

The Complete plan starts off at $799 for the first month, then goes up to $1,099 per month after that. Features, such as timecards, can be synced automatically while working remotely so that nothing slips through the cracks. Costs and revenues are generated (via Projects, Franchises or Departments) and may be recognized as individual cost/profit centers, and definitely recognized as …

Each resource includes information on what data is requested and collected by the IRS and where to find that data. There are also instructions for adding additional forms and responding to appended sections. Free filing of simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest). Get our FREE GUIDE …

It is also necessary in preparing budgets and determining the best long- and short-term investments. Our team of experienced tax and accounting professionals is ready to help you achieve the financial success you deserve. Whether you need assistance with tax preparation or financial management, Foster Financial is here to guide you every step of the way. We know how to …

For longer-term savings, there are better places than savings accounts to store your money, including Roth or traditional IRAs and CDs. Automating your savings can help you reach your financial goals without having to remember to save. Automating your savings means money moves automatically into a savings account – either through a split direct deposit or through a recurring transfer …

However, QuickBooks Pro’s features do come at a price, as this software has a steep learning curve. If you’re new to accounting software, it’s important that you have the time to commit to learning the software. If not, QuickBooks Online is much more user-friendly, even for accounting newbies. The software is incredibly expensive, and for the price you’re paying, certain …

That’s why it’s important that businesses learn how to manage payroll effectively, as it directly affects their financial health. Besides a fixed monthly cost, online payroll services often charge per transaction or employee payment. This implies that the larger the number of employees, the greater the transaction fee. If you are planning to expand your workforce, carefully consider how your …

Contributions to Social Security and Medicare taxes (known as Federal Insurance Contributions Act, or FICA, taxes) are paid by both the employee and the employer. That means you’ll also need to pay the employer portion of FICA payroll taxes to match your employees’ contributions. To establish a good system, determine which parts of the payroll process you want to manage …

Employees log their hours, you review and approve them, and QuickBooks does the rest. Cut checks or pay employees via direct deposit, issue W2s at tax time, and file taxes electronically – all from QuickBooks. However, sometimes there are differences between the two balances and so you’ll need to identify the underlying reasons for such differences. All of this can …

The Cost Per Equivalent Unit Calculator simplifies this process, enabling users to calculate costs effectively. This article will explain the formula, how to use the calculator, provide an illustrative example, and answer common questions related to the topic. This report shows the costs used in the preparation of a product, including the cost per unit for materials and conversion costs, …