Posts

Showing posts from October, 2014

QuickBooks Usage & Analytics Study--QuickBooks 2015 Only

Image

Bank "Rewards Points" are Taxable

Image
Bank "reward points" taxable. When S opened a bank account he was given 50,000 "reward" or"thank-you points." He later converted the points to an airline ticket. The bank issued him a 1099-MISC valuing the ticket at $668. He did not report this amount on his 1040, believing it was not income. The IRS assessed taxes and penalties for under-reporting income.


Held:  For the IRS. Bank reward points are essentially interest--compensation for use of a taxpayer's money or for maintaining a minimum account balance. Taxpayers must include the value of the ticket under "other income."

Written in the General Ledger October Newsletter 2014.

What's New In QuickBooks for Mac 2015!

Image
QuickBooks 2015 is here! With a new QuickBooks means new updates! Below is what was added in QuickBooks for Mac 2015:
Track your expenses: There will now be an expense tracker. This will give you an overview of items you have ordered, how much money you owe, and who you have already paid.
Set an over all goal!: You are now able to create a budget for each year. You then are able to see how well you are doing compared to your goal.
Save time: You are now able to batch import transactions and send them into QuickBooks. No more needing to do it one at a time.
Below is just a quick comparison to all the other version of QuickBooks for Mac. You can see QuickBooks for Mac 2015 is the better option!



Got a QuickBooks Mess? Call the QuickBooks Gal!