5 Things You Should Know About the Chart of Accounts in QuickBooks Online
QuickBooks Online doesn’t require deep knowledge of accounting principles. Still, there are concepts you should understand.
Earn Tax-Free Income from Working Abroad
U.S. citizens and resident aliens are taxed on their worldwide income, whether they live inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work abroad may be able to exclude from their income all or part of their foreign salary or wages, or amounts received as compensation for their personal services. In addition, they may also qualify to exclude or deduct certain foreign housing costs.
Tax Ramifications of Disposing of a Vehicle
If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some of which have tax implications and some of which don’t.
Receiving Tips Can Be Taxing
Anyone who collects tips must include those tips in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab, Uber, Lyft, and similar drivers; beauticians; porters; concierges; and delivery people.
Watch Out for Those Fake IRS Letters
Every year, the vast majority of taxpayers file their returns with the IRS between the end of January and the April due date.