How to use QuickBooks bank rules in QuickBooks Online.
You asked and we listened: introducing bank rules in QuickBooks Online!
Today, QuickBooks categorizes transactions based on businesses like yours or on similar transactions you’ve already categorized.
Rules go beyond that automatic categorizing to give you a finer level of control, letting you further customize and automate the bank transactions you accept into QuickBooks. This helps save you time and minimizes errors!
How to create a rule
Mike McVay, Certified QuickBooks ProAdvisor 850-725-5696
The key, of course, is to create a realistic plan with a budget, record your transactions correctly, review your results regularly and always keep good records. Your comfort level with the three basic financial reports that evaluate your fiscal health is also essential: the balance sheet, income statement and cash flow statement. When is it time to do what?
TAX REFUND ADVANCE from McVay Tax Services Pensacola
Where's your refund? You can get your tax refund instantly by signing up for a tax refund advance.
IRS Refund CycleThe IRS website states that “The IRS issued more than 9 out of 10 refunds to taxpayers in less than 21 days last year. The same results are expected in 2017.” This means that you will probably receive your federal tax refund within three weeks of e-filing your tax return.
With McVay's Income Tax Advance you can pick up a check for a portion of your tax return the same day. Call is at 850-725-5696 or email for an appointment at Mike@MikeMcVay.com
If you file a paper tax return by postal mail, however, the IRS will likely issue your tax refund within six to eight weeks after receiving your return. If you file your tax return electronically online (also known as “e-file”), it will be processed faster in the IRS system, which means you can expect to receive your tax refund faster as well — usually within three weeks.
Expect delays if you filed your tax return late or if the IRS finds mistakes on your tax forms. But keep in mind that the IRS has millions of tax returns to process, therefore some delays may just be a result of high volume.
With A Tax Refund Advance You can receive an immediate tax refund by getting a tax refund advance. This is also sometimes referred to as an "instant refund". A tax refund advance is essentially a loan that you get from the tax preparation service you use to file your income tax return. Many taxpayers like to request a tax refund advance because it's fast — you can receive the money as soon as your tax return is accepted by the IRS. Afterwards, you don't really have to do any work in repaying the loan because the IRS will send your actual tax refund check to the tax preparation service that gave you the tax refund advance.
Mike McVay, Tax Accountant - 1720 W Fairfield Dr Ste 506 Pensacola, FL 32507
Mike@MikeMcVay.com - 850-725-5696
There are many factors to consider when choosing the Health Insurance Marketplace plan for you and your family such as your annual deductible, the premium, and services that are offered. Of these considerations, your annual deductible is one of the most critical factors to understand.
What is a Deductible?
A deductible is the amount you owe for your health coverage services before your health insurance plan starts to pay. Below are the 5 things you should know about your annual deductible.
Those who have filed business tax returns before will notice what’s been causing a bit of a buzz in the CPA universe. Starting in 2017, partnerships, who used to submit tax returns by mid- April (at the same time as individuals filed their returns), will now file in mid-March with other businesses. Conversely, C corporations who used to submit tax returns by mid- March will now file in mid- April.
January 31, 2017
Why did they switch the partnership and C Corporation due dates? And why does this help?This change to the partnership tax return deadline ultimate helps the partners of that company the most. Because partnerships must take care of their filing responsibilities in March, there’s a whole extra month left for them to distribute information their partners may need for their individual returns in April. In a partnership, every partner must receive a Schedule K-1 disclosing their earnings for the year—similar to a W-2 for an employee. In turn, the partner must claim those earnings as income or lack thereof as losses on their tax return.
There’s still time to save time and money on business taxes, with the right strategy It’s probably not shocking that most of the questions we get from small business owners revolve around saving money on taxes. And fortunately for them there are many ways small businesses can lower their income tax liability.
Mike McVay, Tax Accountant 850-725-5696 - www.PensacolaFLTax.com
Attention drivers, the 2017 standard mileage rates have been released. The IRS announced the rates today, which are used for determining the deduction for the costs of operating a vehicle for various business, charitable, moving, or medical reasons.
What are the changes for 2017?
Starting January 1st 2017, the standard mileage rates (for use of a car, van, pickup or panel truck) are:
There are various factors that influence the standard mileage rates, including:
How can I reduce my fuel consumption?
Looking for ways to save money and reduce fuel consumption? There are a few things you can do to make the most out of a tank of gas:
No, taxpayers always have the option to claim deductions based on the actual costs of using a vehicle, as an alternative to using the standard mileage rates.
Call Mike McVay you have any questions about the 2017 standard mileage rate in Pensacola,FL at 850-725-5696
1720 W Fairfield Dr, Ste 506 Pensacola, FL 32501
Mike McVay, Tax Accountant Blog
Certified QuickBooks ProAdvisor & Licensed Tax Accountant Pensacola, FL
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