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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.

An unfavorable cost for businesses under the TCJA



Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation. In effect, the reduced tax benefits will mean these expenses are more costly to a business’s bottom line.

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5 Bookkeeping Tips to start the New Year

 

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With 2018 underway and our New Year's resolutions set, bookkeeping is always a top of business owners lists. Bookkeeping can be a business owner’s nightmare and is often a task that is often pushed to the side until tax time. Bookkeeping is the foundation for your business to maintain its overall success. With a good bookkeeping system in place, you are able to make well thought out business decisions which will hopefully increase earnings. Without a good, well-kept and maintained system, things tend to slip through the cracks and end up costing you money in the long run. We have found a way to simplify the bookkeeping process through automation which will save you time and money!

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Getting around the $25 deduction limit for business gifts



At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deduction for business gifts to $25 per person per year, a limitation that has remained the same since it was added into law back in 1962. Fifty-five years later, the $25 limit is unrealistically small in many business gift-giving situations. Fortunately, there are a few exceptions.

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