Knowing the keyboard shortcuts for QuickBooks is a great way to complete tasks faster and stay efficient! Here are LMGW’s top QuickBooks keyboard shortcuts:
Ctrl + W Write a new check
Ctrl + J Open Customer Center
Ctrl + E Edit transaction selected in register Read more
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Here’s what you need to know.
Leaving the United States does not exempt U.S. citizens from their U.S. tax obligations. While some retirees may not owe any U.S. income tax while living abroad, they must still file a return annually with the IRS. This would be the case even if all of their assets were moved to a foreign country. The bottom line is that you may still be taxed on income regardless of where it is earned. Read more
Filing a past due return may not be as difficult as you think.
Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that full payment of taxes upfront saves you money.
Gather Past Due Return Information
Gather return information and come see us. You should bring any and all information related to income and deductions for the tax years for which a return is required to be filed. Read more
LMGW is proud to announce partner, Keith Plottel’s appointment to the CalCPA’s Committee on Taxation. Keith will be assisting the committee in advocating for CalCPA members on issues that affect the profession; enhancing and promoting the visibility of the profession and attracting, educating and supporting CPAs in their professional and personal development. Thank you Keith for all the support that you provide our staff and our profession.
Keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes ensuring that they have received required statements for two contribution categories–each gift of at least $250 and donations of vehicles. Therefore, taxpayers planning to claim charitable donations should make sure they have the records they need before filing their 2014 tax returns.
First, to claim a charitable contribution deduction, donors must get a written acknowledgment from the charity for all contributions of $250 or more. This includes gifts of both cash and property. For donations of property, the acknowledgment must include, among other things, a description of the items contributed. Read more