Taxes

Tax tips for last-minute tax filers

Tax tips for last-minute tax filers

Taxes

It’s human nature to put off things that don’t fire you up. I usually put off cleaning my house until we have guests over and if you’re reading this, you probably put off doing your taxes until the last minute….

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Are business clothing purchases deductible?

Are business clothing purchases deductible?

Taxes

If your clothing purchase satisfies the requirements found in the IRS Publication 17, then they can be deducted as a business expense. Your clothing must be specifically required by your employer and must not be suitable for taking the place of your regular clothing. If your clothing does not satisfy these requirements, consider them a personal purchase.

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How to Get Your Bookkeeping Caught Up

Taxes

Raise your hand if you’re behind on your bookkeeping. (me!!) Want to know a secret? It happens, even to accountants. But please don’t beat yourself up about it.  I’ve got three things you can do right now to get caught…

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Deduct client gifts

How to Deduct Gifts to Clients

Taxes

You can only deduct gifts up to $25 per person. Need an easy way to keep track of your client gifts? I’ve got you covered, just download my free client gift tracking spreadsheet.

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Are gift cards considered income?

Are gift cards considered income?

Bookkeeping, Taxes

Yes, since a gift certificate is essentially a promise to do work or produce a product in the future, it’s considered a liability (similar to a debt owed) on your financial statements. Once you perform the service or hand over the merchandise they purchased with the gift certificate, you take that amount out of the liability bucket, and move it into your revenue bucket.

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Bookkeeping & Tax Tips
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