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Life & Taxes Blog

Life & Taxes Blog2017-06-06T09:53:43-07:00

Quickbooks Desktop Software

If you are using a Quickbooks Desktop version earlier than 2017, you will be required to upgrade to a more current version before next tax season. Quickbooks no longer provides technical support to any version prior to 2017. Additionally, our office computers will be upgraded to Windows 10 later this summer.  QuickBooks Desktop is not guaranteed to run any version prior to the 2017 version. As QuickBooks ProAdvisors, The Blau Company, Ltd's clients are provided with wholesale pricing.  To download an order form, please visit our website, and click on "2019 Quickbooks Order Form" or contact our Intuit representative Eden Bohanon (eden_bohanon@intuit.com or 775-834-0028). [...]

Categories: Accounting, Business Advisory|

Taxpayer First Act & Introduced Legislation

Taxpayer First Act Last week, Congress passed the Taxpayer First Act, a tax reform bill that has several provisions championed by the National Association of Enrolled Agents. The Act establishes an Independent Office of Appeals to serve as an independent judiciary for administrative actions (examination and collection determinations) by the IRS. While an Office of Appeals exists within the current IRS structure, it is not a completely independent structure. The Office of the Taxpayer Advocate is strengthened as well. The Act also prescribes changes to the customer service strategy, allows for exceptions from user fees for low-income taxpayers, and changes [...]

Categories: Business Tax, Personal Tax|

Lender Letters

Several lenders are again asking for CPA involvement in the loan approval process.  Please be advised that there is a fee involved for this non-tax related service. The AICPA prohibits any forward-looking statement related to the use of funds and its affect on a small business's ability to continue as a going concern.  Any information included in a letter prepared by this office will be to confirm that a return was in fact prepared from this office or to confirm publicly available information (i.e. incorporation date & location, shareholder name) If you are in need of a lender letter for a [...]

Categories: Our Office|

Effects of Tax Cuts and Jobs Act

The Congressional Research Service, a division of the Library of Congress, has released a preliminary report detailing the effects of the 2017 Tax Cuts and Jobs Act, which lowered marginal tax rates and made other modifications to the tax code for the 2018 tax year and beyond. The service reports that there was no discernible change in federal gross domestic product (GDP) and that "the growth effects tend to show a relatively small (if any) first-year effect on the economy." Neither GDP nor wages saw a statistically significant change. The Congressional Budget Office initially estimated that total revenues would fall [...]

Categories: Business Tax, Personal Tax|

Interest on Home Equity Loans Often Still Deductible Under New Law

IR-2018-32, Feb. 21, 2018 WASHINGTON — The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled. The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity [...]

Categories: Personal Tax|

Case Study: Using Financial Forecasts to Drive Growth and Profitability

Client Nicole and John McGee started Busy Bee’s Cleaning Service five years ago. The business services homes, offices, schools and corporate clients. Problem While Busy Bee is a terrific business with strong revenue, it could not turn a profit. After deciding to end a large labor hire contract and losing more than 60 team members, Nicole and John were unsure how the business was going to survive and were desperate for professional advice. Solution Nicole and John contacted their Accountant. They needed urgent advice and help to update their business plan and financial forecasting. The Accountant assisted them to reassess [...]

Categories: Business Advisory|

Advantages of Business Forecasting

Financial forecasts assist in managing your finances. They are future predictions of your business finances, as compared to statements, which provide details of actual results of progress. The following are five ways forecasting can help your business: Focus on the Future By forecasting on a regular basis, it forces you to continually think about your future and where your business is headed. This will allow you to foresee changing market trends and stay ahead of your competition. Customer Satisfaction Keep your customers satisfied by providing them with the product they want, when they want it. The advantage of forecasting in [...]

Categories: Business Advisory|

Case Study: Build An Online Community To Grow Your Small Business

Client When Susan Blanchett was told she no longer had a job, she decided to start her own business making and selling macaroons from home.  Requests from friends turned into orders, orders turned into an online business:  Macaroons4U.  Within six months, she was taking so many orders, she decided to open her first store with her partner, Neil. Problem Susan and Neil had limited funding.  They could not afford an expensive professional marketing plan.  They knew that social media and developing a loyal online community would be key to their success.  Susan enthusiastically created a Facebook page and boosted some [...]

Categories: Business Advisory|
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