Quicken for iOS doesn't work with Quicken for Mac. IGG Software offers excellent iOS versions of iBank that sync effortlessly with your Mac.

Bob LeVitus for the Houston Chronicle writes: I love managing my finances on my Mac, but I have never liked Intuit or its Quicken for Mac products. In May 1998, when Apple was in trouble and Intuit discontinued Quicken for the Macintosh, I said: "I don't know about you, but I'm done with Intuit. As soon as I find a replacement, I'm throwing out my copy of Quicken."

I've been looking for a better personal finance solution to run on my Mac ever since. I had two criteria: It had to import Quicken data and it had to let me pay bills electronically. After testing close to a dozen programs that didn't meet my requirements, I found iBank, from IGG Software, which not only imports my Quicken data flawlessly but also lets me pay any bill electronically with just a few keystrokes.

My favorite feature is paying any bill by typing a few characters and clicking the "send payment" button. And that brings me to my only gripe about iBank: While it's possible to pay bills and download data directly from your bank at no additional cost, it didn't work for me, so I am forced to subscribe to IGG's Direct Access service for $39.99 a year. On the other hand, it means I don't have to use Quicken or deal with Intuit, so I consider it a small price to pay.

The other features I use regularly are the overview dashboard, which contains all of my account balances, upcoming bills, recent deposits and much more, and the individual account summary pages, which provide additional details for each account. These reports make it easy to determine my current financial situation with just a couple of clicks. That is easier than trying to extract the same data from Quicken.

I've been using iBank for nearly a year and I like it better than Quicken in every way. To me, Quicken looks and feels like a bad Windows program with its confusing mess of windows, palettes and crowded dialog boxes. In contrast, iBank looks and feels totally like a Mac app, with everything you might need in a single window and few dialog boxes. That should come as no surprise because IGG Software is an Apple-only developer.

So while Intuit and IGG both offer IOS apps, Quicken for iOS doesn't work with Quicken for Mac. And IGG Software offers excellent iOS versions of iBank that sync effortlessly with your Mac.

Personal finance software is a personal choice. But if you are looking for an easy-to-use program, you'll find a lot to like about iBank. And there's a 30-day free trial available.

iBank. IGG Software. Mac $59.99; iPad $19.99; iPhone $9.99. iggsoftware.com

2015 Cost-of-Living Tax Adjustment

GS CPA writes: The IRS recently issued cost-of-living adjustments for the 2015 year.  With inflation remaining in check, most amounts increased only slightly, and some stayed at 2014 levels.

Ordinary Income Tax 

Tax brackets will widen and personal exemptions will increase slightly for 2015.

Tax-bracket thresholds increase for each filing status, but because they are based on percentages, they increase more significantly for the higher brackets.

2015 Ordinary Income Tax Brackets
Tax rate	Single	Head of household	Married filing jointly or surviving spouse	Married filing separately
10%	$0 – $9,225	$0 – $13,150	$0 – $18,450	$0 -  $9,225
15%	$9,226 – $37,450	$13,151 – $50,200	$18,451 – $74,900	$9,226 – $37,450
25%	$37,451 – $90,750	$50,201 – $129,600	$74,901 – $151,200	$37,451 – $75,600
28%	$90,751 – $89,300	$129,601 – $209,850	$151,201 – $230,450	$75,601 – $115,225
33%	$189,301 – $411,500	$209,851 – $411,500	$230,451 – $411,500	$115,226 – $205,750
35%	$411,501 – $413,200	$411,501 – $439,000	$411,501 – $464,850	$205,751 – $232,425
39.6%	Over $413,200	Over $439,000	Over $464,850	Over $232,425

The personal and dependency exemption increases to $4,000 for 2015.  The exemption is subject to a phase-out, which reduces exemptions above certain income levels.

Your income may also affect some of your itemized deductions. An AGI-based limit reduces certain otherwise allowable deductions by 3% of the amount by which a taxpayer’s AGI exceeds the applicable threshold.  For 2015, the thresholds are $309,900 for joint filers, $284,050 for head of households, $258,250 for singles and $154,950 for married filing separate.

AMT

The alternative minimum tax (AMT) is a separate tax calculation with rules that limit or eliminate some deductions, and even treats certain income items differently.  If your AMT liability is greater than your regular tax liability, you must pay AMT.

Like the regular tax brackets, the AMT brackets are annually indexed for inflation.  The 28% bracket will increase by $2,900 for all filing statuses except married filing separately, which increases by half that amount.

2015 AMT brackets
Tax rate	Single	Head of household	Married filing jointly or surviving spouse	Married filing separately
26%	$0 - $185,400	$0 - $185,400	$0 - $185,400	$0 - $92,700
28%	Over $185,400	Over $185,400	Over $185,400	Over $92,700

AMT exemptions and exemption phase-outs are also indexed. The exemption amounts for 2015 are $53,600 for single and head of households, $83,400 for joint filers, and $41,700 for married filing separate.

Education and Child-related Credits

Most education- and child-related credits remain the same for 2015.  However, most of these credits are limited or even eliminated based on the taxpayer’s modified adjusted gross income (MAGI).

The MAGI phase-out ranges generally remain the same or increase modestly for 2015, depending on the credit. For example:

• The American Opportunity credit. The MAGI phase-out ranges for this education credit (maximum $2,500 per eligible student) remain the same for 2015: $160,000–$180,000 for joint filers and $80,000–$90,000 for other filers.
• The Lifetime Learning credit. The MAGI phase-out ranges for this education credit (maximum $2,000 per tax return) increase for 2015:  $110,000–$130,000 for joint filers and $55,000–$65,000 for other filers.
• The adoption credit. The MAGI phase-out ranges for this credit also increase for 2015 —$201,010–$241,010 for joint, head-of-household and single filers. The maximum credit increases by $210, to $13,400 for 2015.

Note: Married couples filing separately generally are not eligible for these credits.

These are only some of the education- and child-related credits that may benefit you. Keep in mind that, if your MAGI is too high for you to qualify for a credit for your child’s education, your child might be eligible.

Smarpthones the way to go with new accounting app/ MYOB OnTheGo

Peter Dinham for IT Wire writes: Cloud accounting software provider MYOB has released a new mobile app that allows accounting functions to be carried out on smartphones.

Release of the free OnTheGo app follows MYOB’s own research which showed that 43% of SMEs use one or more smartphones for business.

According to MYOB’s General Manager Connected Services, Andrew Birch mobile technologies are “increasingly blurring the line between personal and work lives and with this comes endless opportunities and applications, especially for small business owners.” 

“MYOB recognises the need for customers to have mobile functionality. What we are focused on is analysing the state of play, listening to our customers and evolving with the technology to make sure we’re providing the very best. [snip].  The article continues @ IT Wire.com, click here to continue reading...

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