ASSET Accounting Solutions, LLC

05/25/2019

Shame on Kiplinger!! The goal of withholding should be to withhold only enough to cover the taxes and get the rest in the paycheck. Withholding should not be the savings account. Most employers will allow direct deposit to two accounts. Instead of withholding for a refund, withhold for savings to be directed to a savings account and then enough for taxes.

04/17/2019

This is a question people ask often. This article from Kiplinger gives good advice on how long, what and why you need to save tax documents. But you do not have to save them as paper. Scan all of your documents and save in secure cloud storage. Then you can shred or burn the paper. Whenever you receive documents by email or download, save them to the cloud and you never need to print them. Cut out delivery of paper statements. Download your bank and credit card statements and store them in your cloud storage. For some redundancy in storage, you can get an external drive to also save your documents too. However, for real security, you will need to keep the drive somewhere safe from theft, fire, water, etc.

04/09/2019

The new tax code eliminated personal exemptions in favor of a $24,000 standard deduction for married filing joint ($12,000 filing single). Add an extra $1300 for each spouse 65 or older. It also increased the child tax credit to $2000 per child 16 and under. This change makes the old W4 (the form you fill out for your employer for your income tax withholding) obsolete because it is based on the number of exemptions. The new W4 coming out later this year will yield a more accurate payroll deduction by taking other income you may have into consideration. An accurate payroll deduction will give you more in your paycheck each time, rather than a large refund or being underpaid.

The IRS is changing how you adjust your paycheck withholdings, and it won’t be easy.

03/22/2019

Hector Garcia gives one of the best explanations of the changes to our taxes in 2018. Itemized vs Standard Deductions.

Table of Contents with time stamps : 00:02:36 Medical Expenses above 7.5% of your income 00:03:44 State and Local / Property Taxes you paid (up to $10,000) 0...

03/19/2019

Passwords are necessary to protecting our personal identity and accounts. They must be strong and hard to guess. Remembering them is another issue. Here are some hints and tools for passwords and security question answers.

Passwords. We all have lots of them these days. And yet we're told repeatedly to not reuse passwords and to make them strong. For most of us, that's an opposing set of directives. Unless you have some amazing memory, there's no way that we mere mortals will...

02/27/2019

Just got a notice from FB that I haven't posted in a while -- duh -- it's tax season, FB.

02/07/2019

Desktop versions of 2016 QuickBooks will be sunset on May 31. While the software will continue to work, payroll will no longer be supported and there will be no more updates. Don't wait until the last minute if you need to replace.

01/19/2019

A good overview of the changes.

The personal exemption has been eliminated.

11/29/2018

Here's how changes to the child tax credit for 2018 can work to your advantage

11/14/2018

Use credit cards for purchases. Debit cards are a direct link to your bank account.

Holiday Shopping TIP!

Use credit NOT debit!

When shopping in the store or online, it is much safer to use your credit card than to use your debit card.

If your card is compromised, and you have used your debit card, the thief will have access to your bank account and all of your money. If they get your credit card, they only have access to that credit. And the credit card company will probably let you know that there is concerning activity before you notice anything is wrong.

You also have more protections when using credit than you do when using debit, including more time to report the fraud, less liability and often a quicker replacement of the card.

11/12/2018

Don't miss today's Google Doodle. Each of the armed services is represented by the voice of a veteran, including one who was at Pearl Harbor.

Veteran’s Day 2018

11/11/2018

This Saturday (10 November) is International Accounting Day and to mark this special event, we’ve put together some interesting facts about accountancy that may surprise you.