Menu

EasyBlog

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

Save more for college through the tax advantages of a 529 Plan

 



With kids back in school, it’s a good time for parents (and grandparents) to think about college funding. One option, which can be especially beneficial if the children in question still have many years until they’ll be starting their higher education, is a Section 529 plan. 

Continue reading
23 Hits

Larger deduction might be available to businesses providing meals to their employees



When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is if the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code.

A recent U.S. Tax Court ruling could ultimately mean that more employer-provided meals will be 100% deductible under this exception. The court found that the Boston Bruins hockey team’s pregame meals to players and personnel at out-of-town hotels qualified as a de minimis fringe benefit. 

Continue reading
94 Hits

Are you a teacher? The ABC's of the Tax Deduction for Educator Expenses




At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s common for teachers to pay for some classroom supplies out of pocket, and the tax code provides a special break that makes it a little easier for these educators to deduct some of their expenses. 

Continue reading
106 Hits

Saving Tax with Home-Related Deductions & Exclusions




Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017:

Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). 

Mortgage interest deduction. You generally can deduct interest on up to a combined total of $1 million of mortgage debt incurred to purchase, build or improve your principal residence and a second residence. Points paid related to your principal residence also may be deductible.

Home equity debt interest deduction. Interest on home equity debt used for any purpose (debt limit of $100,000) may be deductible. But keep in mind that, if home equity debt isn’t used for home improvements, the interest isn’t deductible for AMT purposes. 

Continue reading for more!

Continue reading
111 Hits
YOUR TAX "EXTENSION" FILING DEADLINE IS APPROACHING!

Time remaining



Link:
Contact Us, We Can Help

Signup

Subscribe to us for all your Bookkeeping, Taxes, Payrolls, and Financial Saving Tips!

  Best Bookkeepers in New York City

                                                       privacy policy