New IRS Withholding – W-4

Have you heard? The IRS has issued an updated Form W-4 and revised the online withholding calculator for the new tax law.  You may want to share the details with your employees to review this new calculator to be sure their withholding is still correct.

The new tables include the new laws, such as trade-offs between lower rates and the loss of some deductions and tax breaks.  For some employees this could result in substantially too little Federal being withheld for 2018.

Those who should definitely use the new calculator or at least re-estimate their 2018 taxes are two-income families; individuals who hold more than one job; those with children, especially if they claim the child tax credit; those who have always itemized; high income taxpayers and those with complex tax returns.

Go to www.irs.gov to download the new 2018 W-4 and get the details for the online calculator. Or use this link to go directly to the W-4 Form for 2018.

https://www.irs.gov/pub/irs-pdf/fw4.pdf

Daily Money Manager – I could use Help with my parents finances

If handling your parents’ finances becomes too much for you – or you want to preserve your parents’ independence while having someone keep an eye on things – call us! We can serve as your parents’ assistant, helping to pay the bills, manage the mail and even if neccessary, remind a forgettful parent not to give out bank account numbers to strangers over the phone.

We at BK Coach are another set of eyes and ears at noticing how things are going with Mom or Dad.  We want to give back your time with your parents, to enjoy your moments with them and not being worried about going through their bills.

Reach out to us today and we’ll be there for you and your parents.

BK Coach does daily money management for Senior Citizens and Adults with disabilities.

New! QuickBooks Capital Small Business Loans Available in QuickBooks Online

New! QuickBooks Capital Small Business Loans Available in QuickBooks Online

Wouldn’t it be nice if a working capital loan were tucked into QuickBooks Online for you? What if there was a way for your small business to get more money when you need it to buy more inventory or hire more people? Well, have we got news for you! In November Intuit® unveiled QuickBooks Capital, its innovative lending solution for small businesses. Using a breakthrough credit model, Intuit is able to help young, small businesses overcome the barriers they have traditionally faced in accessing small dollar loans. Intuit uses your QuickBooks data to understand their historical and ongoing business performance, and reward you for the successful stewardship of your business.

Eligible QuickBooks Online users will be notified of this funding option via an in-product message when they log in and from a Tips screen on their dashboard. From there, you can click to learn more and apply for a loan. The online application only takes a few minutes, because most of the information is pulled and prefilled from your QuickBooks file. These are short-term working capital loans ranging up to $35,000 and six months in duration. Once submitted, loan applicants will receive a decision within 2-3 days.

If you’re not yet using QuickBooks Online and would like to learn more about it and try a demo please call Michelle today at 717-462-8473 or email us at Michelle@BKCoach.com.

Legal Issues for Home Based Businesses

Legal Issues
• Zoning. Although you may be allowed to run a small business from your home depending on the zoning limits in your locale, you may run into problems if:
✔ multiple employees or customers come and go, creating parking problems or disturbing neighbors;
✔ your business creates noise; or
✔ the type of business you are in is on the restricted list for your locale.
Local laws may restrict the square footage allowed for the business or signage. Check local laws.

• Homeowners Associations (HOAs). Zoning rules for home offices aside, if you are in a homeowners’
association, its rules and restrictions may prohibit some or all types of home office businesses.
✔ Review the HOA agreement to see if it affects your business.
✔ If you are in a co-op, check out co-op rules.

• Liability. Many homeowner policies do not cover liabilities for business.
✔ Home businesses should have a separate policy for the business to cover liability to third parties (e.g., a
client breaks a leg) and damage to business-related equipment or inventory.
✔ Instead of a second policy, find out if your homeowner policies can be amended to include business liability insurance.

• Audit Risk. Some tax pros believe that home office deductions automatically raise a red flag that can lead
to an audit, but there are no statistics to support this concern. Also, if you can substantiate your expenses,
an audit is not really a concern.

Financial Issues
✔ If you depreciate your home office and later sell the residence, a gain on sale may result, taking you
outside the tax-free exclusion.