Are you looking into why you may need a bookkeeper? In business, it’s important to make sure you are doing things properly where the IRS is concerned. So, if you don’t know everything there is to know about money, taxes, filing, forms, etc — it may be in your best interest to hire a bookkeeper to keep your books clean, up-to-date, and keep the taxman off your back! Today, we’re looking at 7 Bookkeeping Facts.

7 Bookkeeping Facts

  1. Employers may provide up to $265 a month in tax-free parking for employees.
  2. Employers can take as an expense deduction the cost of tax-free employer-provided parking for employees above $265 a month.
  3. If the parking area your firm owns or pays for includes both tax-free employee parking and parking for the public, the cost of parking spaces for the public tax-deductible.
  4. For parking included in your firm’s rent but not specified as being for parking, you can use any reasonable method to estimate the cost of tax-free parking your firm provides for employees.
  5. New recommendations for hack-resistant passwords continue to urge long ones, but that they are a phrase or sentence or series of associated words.
  6. To see if owners have more assets or income, or an IC has more clients than are reflected on their tax return, the IRS monitors social media. (For more tips on Social Media click here.)
  7. Minimum cybersecurity requires that you at least have good passwords changed regularly, encrypted data and two-stage authentication. For the Standards for Password Selection check them out here.

Now that you’ve had a chance to check out these 7 bookkeeping facts, how do you feel about hiring a bookkeeper?

Are there any questions you may have? If so, please feel free to book a FREE consultation here.