Christopher Boyer's Blog

Topics and tips on Bookkeeping, Income Taxes, Audits, Business to personal IRS Representation and more!

What documentation do I need to deduct cash and non-cash charitable donations to my charity?

Bookkeeping and charitable donations go together. You cannot have one without the other! Have you donated cash to a meaningful cause? Or, maybe you've gifted a real estate property? You'll want to review the following guidelines in order to properly classify your donations. Don't get caught up in confusion! Today's blog focuses specifically on Cash...
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Saving receipts and proper record keeping

We've all wondered whether or not we need to save all of our receipts. As a business owner, this might be something you are concerned about on a day-to-day basis. We've all at some during our career compiled receipts in a extra large Nike shoe box. The common question that we are asked on a daily basis is do you have to save your receipts...
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The government is open! (for now). How is the IRS doing?

President Trump came to an agreement to reopen the government for three weeks on Friday, January 25 th . Government workers, including those that work for the Internal Revenue Service (IRS), will receive pay again as normal. But, Trump said that if Republicans and Democrats do not reach an agreement on the wall by February 15 th , he would close th...
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814 Hits

Bookkeeping in the Cloud

The holiday season has come and gone and 2019 is finally here. Now that the New Year has started, what goals do you have for your business in 2019? Are you looking to get a better grip on your business finances? Do you want to make your business more organized as a whole? To reach this goal, have you considered bookkeeping in the cloud? We believe ...
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795 Hits

Year-end bookkeeping "to do's"

T ime is flying and we all have that to-do list that we'd like to finish by the end of the year. You have to shop around for those last minute gifts and need to clean the house before the guests arrive, but what about your business? Have you put thought into what tasks should be completed at the end of the year. When it comes to your business, it's...
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508 Hits

Will I be audited by the IRS? What you need to know about IRS Audits.

Every client's fear is the risk of being audited. No one wants to go through an IRS or state examination. We are experienced in the audit process and can defend you if you are under examination. The IRS audited 0.5% of returns filed in the 2016 calendar year, according to the 2017 IRS Data Book. The odds are slim and definitely in your favor, but i...
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719 Hits

Here's why you should hire a bookkeeper

You've finally started the business that you have always wanted. Revenue is up and you've developed a loyal clientele. But, there is one aspect of your business that's left you scratching your head: should I hire a bookkeeper? Making the choice to bring in a bookkeeper is one that will not only keep finances organized, but will also take your busin...
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549 Hits

Bookkeeping Automation is the Future

Most of what we do in our day-to-day lives operates through some method of technology: banking on a mobile app, ordering products online, hailing a car service, etc. Bookkeeping services are also heading in the direction of automation as technology continues to advance quickly. With artificial intelligence at work, we see new apps and pro...
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622 Hits

Sales tax and bookkeeping tips for your photography and video business

Photographers & New York Sales Tax Years ago, the photography business was mainly based on prints for the customer. Now with the advancement of technology, photographers provide a number of services to their customers that go beyond that. From photo editing to digital downloads to photo shoots, it can be challenging for photographers to determi...
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Learn about the tax consequences on the "currency of the future"

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or cryptocurrency. In late 2017 Bitcoin reached a value as high as almost $20,000 per coin. Most recently a new study claimed that Bitcoin's price was artificially inflated last year. Over the past month, bitcoin has lost roughly 25% of its value. Many predict is to be the "currency of the future". But what are the tax consequences of these transactions?

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An unfavorable cost for businesses under the TCJA

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation. In effect, the reduced tax benefits will mean these expenses are more costly to a business’s bottom line. Meals and entertainment Prior to the TCJA, taxpayers generally could deduct 50% of expenses for business-related meals and entertainment. Meals provided to an employee for the convenience of the employer on the employer’s business premises were 100% deductible by the employer and tax-free to the recipient employee.  Under the new law, for amounts paid or incurred after December 31, 2017, deductions for business-related entertainment expenses are disallowed.  Meal expenses incurred while traveling on business are still 50% deductible, but the...
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752 Hits

5 Bookkeeping Tips to start the New Year

With 2018 underway and our New Year's resolutions set, bookkeeping is always a top of business owners lists. Bookkeeping can be a business owner’s nightmare and is often a task that is often pushed to the side until tax time. Bookkeeping is the foundation for your business to maintain its overall success. With a good bookkeeping system in place, you are able to make well thought out business decisions which will hopefully increase earnings. Without a good, well-kept and maintained system, things tend to slip through the cracks and end up costing you money in the long run. We have found a way to simplify the bookkeeping process through automation which will save you time and money!   5 tips for 2018: Go Paperless by using Cloud-Based Accounting This is our specialty. We first adopted using cloud-based accounting back when we opened our doors in late 2012. Cloud accounting allows you to streamline...
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Getting around the $25 deduction limit for business gifts



At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deduction for business gifts to $25 per person per year, a limitation that has remained the same since it was added into law back in 1962. Fifty-five years later, the $25 limit is unrealistically small in many business gift-giving situations. Fortunately, there are a few exceptions.

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