ACCOUNTING BLOG

  • Seasonal Reminders: Charitable Deductions

    Taxes

    With temperatures dropping and summer coming to a close, the start of fall means at least one thing to many of us: it’s back-to-school season. Many of you may have found yourselves buying school supplies or new school clothes in the last couple of weeks (for yourself or for your kids!). Or maybe you bought yourself a new fall or winter jacket because last year’s coat simply won’t do. So what do you do with those lightly used items that clutter your closet? Donate.

  • What's the Deal With Inventory?

    Business Management, Taxes

    Managing cash is one of the most important things a business owner must do. I generally see 4 main buckets that owners can get into trouble (i.e.owing more taxes without sufficient cash to pay those taxes). They are: paying themselves draws/distributions, buying inventory, purchasing certain property (real estate) and paying off debt. Let’s explore why purchasing inventory can cause problems at tax time.

  • Deduction Substantiation

    Business Management, Taxes

    Let’s hope your tax return is never chosen for a random audit…but if it is, the IRS will require substantiation of the deductions on your return. From the IRS perspective, there’s no “standard amount” or “use what I took last year” approach for items like mileage, meals and entertainment, and charitable donations. All of these deductions require some form of documentation.

  • What's Going On At Blueback?

    Business Smarts

    August has been a great month! We’ve moved, we supported a local non-profit, and we were Runner-Up in a Firm of the Future contest!

  • Seasonal Reminders: Quarterly Estimates Tax Planning

    Taxes

    It’s getting to be that time of year again. Summer is coming to a close…kids will be back in school…and you will have the time to start thinking about more important things – like your taxes! There are now 7+ months of financial data to pull from to start formulating a plan for your 2016 taxes before year end. This should be just a start to the process we can monitor with you through December (and in some cases, January 2017).

    The first step in the process is to start thinking about paying in the 3rd quarter estimated tax payment that is due September 15th.

  • Understanding Auto Deductions

    Taxes

    A question we get asked over and over is “I need a new car – should I have my business buy it?” This is a great question and we will try to share some useful information to think about.

  • What Can I Do To Pay Less Income Tax?

    Taxes

    This is a question that clients frequently ask their tax preparer. It is both easy and difficult to answer depending on who asks it and when they ask it. Unfortunately, all too often it is asked just before the April 15th tax filing deadline. While there may be an option or two at this point to save some income tax, most of the savings have passed. There are many choices taxpayers have to reduce their tax liability, and with a little forethought and planning, these choices pay off.

  • QuickBooks Online 2016 Updates

    Bookkeeping

    Although the blog may have taken a break during tax season, QuickBooks Online certainly did not. The past few months have seen many updates to QBO. I’m going to highlight a few of which I think are extra special!

  • QuickBooks Online December 2015 Update

    Bookkeeping

    The last QuickBooks Online update for 2015 featured two main improvements: attachments in the register and additional editing in the bank feeds.

  • QuickBooks Online November 2015 Update

    Bookkeeping

    QuickBooks Online has a few new items to add to its list of updates. The registers, in particular, got a tune up this month!


Page 2 of 5 Previous Next