These are my raw notes from a free class sponsored by the Greenwich Village Chelsea Chamber of Commerce today:
Cost of Goods write-offs are 100% tax free
No need to save taxi receipts, they fade. OK to use credit card statement as proof.
Picking a wrong accountant
Picking a wrong bookkeeper
Having CPA do payroll (vs hiring a payroll svc, which is correct way)
Get a bookkeeper and a CPA or Accountant, two people so there are checks and balances.
MY ACTION ITEMS
Talk to Noah’s Accountant (does not have to be a CPA)
Find a bookkeeper who has a firm grasp of basic accounting
Find a test for bookkeepers to see how they do, if they are competent, should focus on QuickBooks.
Don’t pay a retainer for a CPA.
Assets vs expenses – example of cameras, domain names, etc
How to account for home expenses // apartment rent: Take whole sq footage of apartment, figure out how much is being used for office space. OK to deduct this for tax purposes.