Based on the results published by the various states and the NCBE announcements so far, we have put together the infographics showing the passing statistics for the 2022 Bar Exams in February and July. Continue reading 2022 Bar Exam Passing Rates (Infographics)
When classifying bank transactions on Quickbooks Online, it can be useful to recall how expenses with a particular vendor were classified in the past. QBO allows you to easily search the vendor’s Categorization History from the Banking Screen directly. Continue reading Classifying Transactions on QBO – Categorization History
The American Opportunity Credit is a credit for post-secondary costs applied to decrease the taxes owed by a student, their spouse, and/or a dependent. The credit is designed to help qualifying low to moderate income persons cover the significant fees related to post-secondary education. Continue reading American Opportunity Credit
An introduction to the standard and itemized deductions that all taxpayers should know, as well as the established rates for 2022 and 2023. Continue reading 2022–2023 Standard and Itemized Deductions
An introduction to income tax brackets that all taxpayers should know, as well as the established rates for 2022 and 2023. Continue reading 2022 – 2023 Income Tax Brackets
An introduction to the system of double-entry bookkeeping. Including a glimpse into how dual entries help maintain balance sheet equilibrium. Continue reading Double-Entry Bookkeeping Made Simple(ish)
The Proportional and Incremental methods are two ways companies can allocate the lump sum total earned on a sale of multiple securities. This is a clear explanation with a step-by-step example. Continue reading Proportional and Incremental Methods for Recording Lump Sum Security Sales
Qualifying medical expenses paid out of pocket can be deducted on taxes for taxpayers who itemize their deductions. With dozens of potential expenses to consider, we offer a starting point in the checklist below. Here, you will find some of the most commonly identified expenses as listed in the IRS Publication 502. Continue reading Medical Expenses Checklist
The 1099-K originates in business transactions performed using online payment systems like PayPal. The situation changed for everyone starting January 2022, eliminating a potential tax loophole for small businesses and creating substantial more risk for personal use. Continue reading Keep It Personal – Classify Your Online Payments Properly or Face the 1099-K
The government recognizes several different tax breaks for students and parents that might save you thousands of dollars. That could add up rather quickly. Continue reading Tracking Education Expenses
