Our Tax Solar System and TCJA Structural Changes to It

Accountants are typically thought of as detail-oriented people, but I am more of a big-picture person. Here is a good example. About 18 months ago I had an idea to use the solar system as a metaphor for the 1040 tax system. I like this idea because it gives us a 30,000 foot view of … Continue reading Our Tax Solar System and TCJA Structural Changes to It

TCJA update: more business meals deductible

I am a member of the American Institute of Professional Bookkeepers (AIPB). They publish a really great monthly newsletter and I received the latest one a few days ago. The very first article discusses how "many more business meals are deductible" under the Tax Cuts and Jobs Act (TCJA): "New limits on meal and entertainment … Continue reading TCJA update: more business meals deductible

QuickBooks and Turbo Tax – Questions and Answers

Here are some questions and answers about QuickBooks and Turbo Tax. These questions apply to any tax program, and even when you have a tax professional do your return. I read elsewhere that I need to reconcile all accounts before using Turbo Tax. Why is this? Reconciling accounts is important because it ensures that all … Continue reading QuickBooks and Turbo Tax – Questions and Answers