Brookside Bookkeeping Services

11/11/2021

Words cannot express how much we owe our veterans and their families for the service and sacrifice they have made and are making today. THANK YOU to all veterans!

09/19/2020

I hope you are all staying safe and well during this extremely different year.

Just a reminder to review any independent contractors you have paid and order the new 1099-NEC form for those you have paid $600 or more. Independent Contractor payments totaling $600 or more will not be reported in box 7 of the 1099-Misc form beginning with tax year 2020. Be sure to order the transmittal form 1096 as well. Also, make sure you have a W-9 on file for all Independent Contractors. It is must less stressful to make sure you have the correct documentation on hand before you actually need it!

Stay safe and call with any bookkeeping needs.

12/31/2019

Sending out the best wishes to everyone for a safe and happy celebration as this year draws to a close and hope everyone has a fantastic 2020 to come!

11/26/2019

Snow day = productive day when you can work from the home office!

11/05/2019

Is it a business deduction just because it was purchased for a business reason? Not necessarily.

You decide that you want to take your employees out on a fun team building activity together. Everyone seems to enjoy bike riding so you set the date and time with everyone but you have one problem – you don’t own a bicycle. Rather than renting a bike for the occasion, you decide to buy one. Your business is a small breakfast and lunch restaurant.

You have the team building bike ride and everyone has a blast, including you. You decide that bicycling is a great team building activity and you plan a regular riding event and the rides are a big success. The problem is that the bicycle has nothing to do with your business. It is not an “ordinary and necessary” business expense of your restaurant.

An ordinary expense, according to the IRS, is something that is common and accepted in your business or trade. Necessary expenses, are helpful and appropriate for the business or trade for which they were purchased. If you ran a bicycle delivery service, the bicycle would be ordinary and necessary. For a restaurant it is not.

Just because you purchase something for a business purpose, it doesn’t mean it is a deductible expense.

A business owner may choose to purchase something unrelated to the business, which may be a great thing for team building, but it may not be an allowable business deduction.

As always, I am happy to help with your bookkeeping needs. (720) 830-6114. Brookside Bookkeeping Services.

08/08/2019

I needed to make a deposit for a client yesterday so I was in Boulder off of Pearl St. I took the dogs so we could take them for a walk around Boulder. Also got to see a beautiful deer hanging out in the shade.

04/15/2019

Happy Tax Day 2019!! In honor of the hard working tax professionals and tax payers everywhere, I thought I would post a link to some Tax Day specials. To the CPA's - there is a free massage using the HydroMassage chairs available at participating Planet Fitness locations. https://www.retailmenot.com/blog/tax-day-freebies-and-deals.html

As always, I am happy to help with your bookkeeping needs. Brookside Bookkeeping Services.

Don't let taxes get you down. Seize your claim to Tax Day freebies and deals at Applebee's, Schlotzsky’s, White Castle and more. Tax Day is April 15, 2019.