Raw Notes from Bookkeeping Basics Class


Renegade Tours

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.

COMMON MISTAKES

Picking a wrong accountant 

Picking a wrong bookkeeper

Having CPA do payroll (vs hiring a payroll svc, which is correct way)

TO DO

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. 

OTHER

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.

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