The Benefits of QuickBooks Self-Employed

QuickBooks continues to make it easy for their customers to use their software on the go. Intuit is so technological friendly that small business owners, most particularly freelancers are able to access QuickBooks remotely from a mobile device, tablet and/or laptop. If you are self-employed, you are normally always on the move going from job to job and client to client. Self-Employed individuals are subject to a 15.3% tax on their net profits.  That’s why it is critical that you take all of the deductions that you are entitled to. If you need help handling and getting a better grip on your income and expenses, then QuickBooks-Self Employed may be right you. There are many benefits to QuickBooks – Self Employed. For example, invoicing is now painless because it allows freelancers to:Create and Send Invoices in a Flash – Self Employers can now create invoices with just a few clicks and quickly send it to...
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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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Taxes, Taxes and More Taxes for 2014

As we enter 2014, taxes are only increasing.  This year's code includes two new taxes, a new top income-tax rate, a new top rate on long-term capital gains and dividends, a new inflation adjustment to the alternative minimum tax, or AMT, and two revived tax-benefit "phaseouts."The upshot: For many people, it is more important than ever to estimate next April's tax bill before year-end, while it might still be possible to make adjustments. While the top 1% of taxpayers will bear much of the burden of this year's increases, experts say, the code also has new tax traps for the affluent, roughly defined as people with an adjusted gross income, or AGI, between $150,000 and $500,000.So What's New?The Net Investment Income Tax. Passed by Congress in 2010 to help fund the health-care overhaul, the NIIT is an entirely new levy this year of 3.8% on the net investment income of most couples...
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NOW HIRING!!!

CBAuthentix Business Services Inc. A local accounting firm in Tarrytown seeks a part time Social Media Marketing Intern for the 2014 semester.   We are looking for a student with strong knowledge and understanding of the current social media landscape (LinkedIn, Facebook, etc.) and blogging capabilities that will reach out to our audience.  Student will work part time approximately 6-10 hours a week.    RESPONSIBLITIES Social Media Marketing·         Create social media accounts·         Performs research to find articles, stories, resources or other content that is relevant to our client base and posts it to our social networks in a manner that invites conversation and interaction·         Update and maintain  social media accounts with current and relevant photos, video or other related content·         Completes other social media projects as assigned Blogging ·         Write and maintain our website blog with current and relevant information pertaining to business accounting. Office Administrative Work·         Scanning, shredding and filing papers and documents·         All other basic duties assignedQUALIFICATIONS·        ...
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Tax Tips every Sole Proprietor Should Consider

If you are the sole proprietor of a business, accurate tax advice may help you save a lot of money in taxes. As a sole proprietorship, you can expect to fill out various tax forms such as the 1099 form. If you know what you're doing when filling out these forms, you can apply for hundreds or even thousands of dollars in tax deductibles depending on your business. The following tax advice may help you recover as much tax money back as possible.Expense RecordsWhen operating an at home business, it's very important to keep careful, thorough track of even the smallest expenses if they are related to your business. If you drive your car for a business purpose, track your mileage, parking fees and toll fees. If you use your telephone for a business purpose, record the number of minutes spent. Keep a notebook where you write down the purpose of your expense...
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Hefty tax bills for Higher-income earners with 2013 returns

Many higher-income taxpayers will be in for a big surprise when they finally tally up their 2013 tax bill before April 15th. The higher amount of taxes that may be owed will be the result of the combination of several factors, the cumulative effect of which will be significant for many. These factors include a higher income tax rate, a higher capital gains rate, a new net investment income tax, and a new Medicare surcharge on earned income, as well as a significantly reduced benefit from personal exemptions and itemized deductions for those in the higher income tax brackets. Higher top income tax rateThe American Taxpayer Relief Act of 2012 made permanent for 2013 and beyond the lower Bush-era income tax rates for all, except for taxpayers with taxable income above $400,000 ($450,000 for married taxpayers filing jointly, $425,000 for heads of households). Income above these levels has now been taxed at...
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Guidelines for keeping good tax record and more

Good recordkeeping is essential for individuals and businesses before, during, and after the tax filing season.First, the law actually requires taxpayers to retain certain records for a specified number of years, for example tax returns or employment tax records (for employers).Second, good record is essential for taxpayers while preparing their tax returns. The Tax Code frequently requires taxpayers to substantiate their income and claims for deductions and credits by providing records of various profits, expenses and transactions.Third, if a taxpayer is ever audited by the IRS, good recordkeeping can facilitate what could be along and invasive process, and it can often mean the difference between a no change and a hefty adjustment. Finally, business taxpayers should maintain good records that will enable them to track the trajectory of their success over the years.Here you will find a sample list of various types of records it would be wise to retain for...
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