Beth Bockenhauer, CPA

April 15 is getting uncomfortably close. QuickBooks, of course, can’t do your taxes for you. But it helps you lay some of the groundwork. Following up on last month’s column on customizing reports, we’ll look at the program’s tax-related reports and its powerful report-filtering options.

Which is worth more to you? Every industry and profession has common terms that are used so often those of us in the business often forget that most people do not have the depth of understanding that a person working within the tax code might have. One of these areas is understanding the differences between the tax terms “deductions” and “credits”. Is one better than the other?

Here is an infographic showing how much everyday taxes may vary across five major cities.

Remember you have until you file your tax return to make a contribution to a Traditional IRA or Roth IRA for the 2011 tax year. The annual contribution amount is $5,000 or $6,000 (if you are age 50 or over). Prior to making the contribution you will want to make sure your modified adjusted gross income (MAGI) does not exceed the income thresholds.

If you make one resolution about improving your accounting procedures in 2012, it should be this: Make extensive use of the tools that QuickBooks offers for report modification. Comprehensive, meticulously-shaped reports that flow out of your carefully-constructed records and transactions are your reward for pounding on the keys every day, conscientiously recording income and expenses.

In an anticipated move, Congress has approved an extension of the 2% Social Security payroll tax cut through 2012. The provision was set to expire at the end of February, but now wage earners and self-employed households will see this tax saving throughout the year. So what should you do with the estimated average $1,000 tax savings per household in 2012?

Common tax items that are often forgotten. Don’t make the same mistakes!

Your tax bill is now due and you may be considering paying the bill with your credit card. Is this a good idea? How does it work?

Check out this cool infographic of the Better Business Bureau. 100 years of fascinating history and stats.

Check out this neat infographic on what is an LLC. It illustrates the key features, taxing an LLC, the pros and cons, comparison of an LLC with other business types, and how to set up an LLC.