ACCOUNTING BLOG

Archive of: Taxes

  • Seasonal Reminders: Quarterly Estimated Tax Payments

    Business Management, Taxes, Business Smarts

    It’s time to make 2nd quarter estimated tax payments that are due June 15.

  • QuickBooks Online - Is it really all that?

    Bookkeeping, Business Management, Taxes, Payroll, Business Smarts

    Blueback Accounting loves Quickbooks Online (QBO). In fact, it’s the platform we are building our business around. There are a lot of reasons we feel it is the best accounting software out there, but I wanted to share the top 5.

  • Year End Tax Planning

    Business Management, Taxes, Business Smarts

    Often times, as tax practitioners, we file a tax return in March or April and the client owes some money. Maybe a little more money than they had in mind. This is a situation no one wants to be in – including the tax preparer.

  • Benefits of Contributing to a 529 Plan

    Taxes

    When we say 529 Plan, we are talking about a particular type of savings and investment plan operated by a state or financial institution that has tax advantages to make it easier to save for college or other post-secondary training for a beneficiary of your choosing.

  • Last Deadline for Filing 2015 Individual Tax Returns

    Taxes

    October 15th* is the last day for timely-filing your individual income tax return for 2015…and it’s right around the corner in 3 short weeks.

  • 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.

  • 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.


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