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CHRISTOPHER BOYER'S BLOG.
Chris is the president at CBAuthentix Business Services, a bookkeeping principal, Enrolled Agent and QuickBooks Pro Advisor.

Will Congress revive expired tax breaks?




Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on.

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A refresher on the ACA's Tax Penalty for Individuals without Health Insurance

             

 

Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly called the “individual mandate.” 

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Operating Across State Lines Presents Tax Risks - Or Rewards

 



It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines.
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A refresher on tax related ACA provisions affecting businesses



Now that the bill to repeal and replace the Affordable Care Act (ACA) has been withdrawn and it’s uncertain whether there will be any other health care reform legislation this year, it’s a good time to review some of the tax-related ACA provisions affecting businesses:

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Summer is a good time to start your 2017 tax planning and organization

 

 

You may be tempted to forget all about taxes during summertime, when “the livin’ is easy,” as the Gershwin song goes. But if you start your tax planning now, you may avoid an unpleasant tax surprise when you file next year. Summer is also a good time to set up a storage system for your tax records. Here are some tips:

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Business Sales Tax- Bookkeeping Rules

Maintaining Adequate Records (Hint: What we do!)

Keeping good records of your business operation will help you prepare accurate and complete sales tax returns. Your returns must show gross sales, taxable sales, purchases subject to sales or use tax, sales and use taxes due for the specific locality in which the items or services were delivered to your customers, other special taxes due, and other information. Without a detailed, organized set of books, completing your sales tax return will be merely impossible.

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In College? All you need to know about Education Credits.


 

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit- but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo your dependency exemption for him or her. And the child can’t take the exemption. 

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Choosing between a calendar tax year and a fiscal tax year

 

Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense

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Key Deadlines Upcoming for Businesses

 

 

 

 

 

 

 

 

 

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. 

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Victim of a Disaster, Fire or Theft? Take advantage of the Casualty loss deduction

This past Wednesday I had the opportunity to attend New York City FDNY 148th Medal Day.  The bravery, courage and strength that these men provide for our city is unbelievable. THANK YOU!  If there is a lesson that I learned throughout my years about fire, it’s never to underestimate a fire.  No matter how big or how small the fire is, get out and as far away from the building as quickly as possible.  Don’t worry about grabbing your personal belongings because the slightest bit of black smoke will knock you out unconscious.  Also, there may be some attractive tax advantages for your property that is lost or damaged that I will discuss in today’s post.

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Career Opportunity at CBAuthentix Business Services


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Introduction to Cloud Accounting

 

 

 

QuickBooks is a product of Intuit and has been serving small business communities and accountants for the past decade. QuickBooks Desktop was one of the first versions launched by Intuit in the early 2000's. Since then, Intuit’s QuickBooks has been a hot item chosen by accountants because of how versatile and fluid the software can be. With QuickBooks Desktop, accountants could save their work on a flash drive and load the financials to the small business owner’s computer.  The accountant would take the file back to his office to work on it, and then by the time he was able to return it to the business owner, several expenses were incurred and income checks were deposited to the bank and recorded by the company bookkeeper. This caused mass confusion for both the accountant and the business owner because it was not a "live file". QuickBooks needed to come up with a solution to this problem. 

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New Enhancements to QuickBooks Desktop 2017

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As a small business, it’s important to keep all your finances organized. QuickBooks is software designed to help you manage payroll, inventory, sales, and other needs for your small business. QuickBooks is also password protective and allows you to back up your files so you can worry less about losing vital information for your business.

With the new QuickBooks desktop 2017 you can do all of those things and more!  The new QuickBooks 2017 software was designed to make it more user friendly for accountants and business owners. 5 key additions to the QuickBooks include:

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