Home Office Tax Deduction for Real Estate Investors For real estate investors, home office tax deductions are similar to those for other self-employed individuals. However, there may be some additional deductions that are specific to real estate investors. Here are some common home office tax deductions that may apply to real estate investors: Depreciation: Real…
Sales Tax Made Easy QuickBooks Online will now automatically handle the sales tax calculations for you on your invoices and receipts for easy and accurate filings. And, QuickBooks Online also lets you know when your sales tax payment is due, helping you to file on time and avoid any extra fees, penalties, or costs. The…
The Sheldon Bookkeeping website will be getting a bit of a face list over the next week. Plans include some changes in the page structure, and hopefully, making the website a bit easier to use. The makeover should be completed by January 31.
Now available for free from Sheldon Bookkeeping: a Chart of Accounts for Real Estate Agents. This Chart (COA) is compatible with all versions of QuickBooks Online. It is for the smaller real estate agent business, as it does not include categories for employees. It does include accounts to categorize different sources of income as well…
Intuit has expanded the availability of the QuickBooks Business Network to millions of small and mid-market businesses in the United States By doing so, Intui has created one of the largest business-to-business (B2B) networks that will accelerate and automate B2B payments. It will also improve cash flow. “With the QuickBooks Business Network, we’re innovating to…
Intuit has published an announcement about QuickBooks Desktop.“After May 31, 2023, access to add-on services will be discontinued for QuickBooks Desktop for Windows 2020. This includes all versions of QuickBooks Desktop Pro, Premier, and Enterprise Solutions v20.”The announcement is on the QuickBooks website and is accessed here. Products affected by service discontinuation after May 31,…
Some real estate agents wait until it’s time to get their annual taxes filed, and then they scurry about trying to assemble a year’s worth of receipts, bills, and check stubs into some form of business financial records. Others plan ahead for tax day, by maintaining accurate, up-to-date financial records. Getting into business is easy…
ProAdvisor Listing Updated The Certified QuickBooks ProAdvisor listing on the Intuit website is the best way to verify a ProAdvisor’s status. My own profile has just been updated to include my latest certification as a Certified QuickBooks ProAdvisor Payroll. You can verify and see the George Sheldon ProAdvisor listing in the directory.
New Rates for 2023 Released The Internal Revenue Service Service has announced the new 2023 mileage rates. The optional 2023 standard mileage rate for business, medical, and other uses of an automobile is 65.5 cents per mile. This is a 3-cent increase from the 62.5-cent rate that was set during the second half of 2022….
Using a QuickBooks Online feature called recurring sales receipts, landlords can easily set up and automate rent collection via credit cards or ACH. Once it is set up in QuickBooks Online, each month the tenant is automatically charged the rent payment. The tenant receives an email message and receipt for the rent payment. And the…
The Internal Revenue Service today urged those “who paid too little tax in 2022 to make a fourth-quarter payment on or before January 17 to avoid an unexpected potential tax bill or penalty when they file in 2023.” The IRS statement added that “most income is taxable. This includes unemployment income, refund interest and income…
When setting up QuickBooks Online, in the Chart of Accounts, it is important to set up a special account to handle your Tenant’s Security Deposits. You can name the account anything (I recommend using Tenant Security Deposits. The type of account is: other current liability. This is important. The reason a tenant’s security deposit is…
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