Thread by @JStaatsCPA

In an effort to help my Jr preparers I'm building a list of bookkeeping items that can be optimized for tax reporting #taxtwitter

Not accounting fixes, just items to optimize for tax savings

Would love to organize some ideas here

Here's 5️⃣ I've got thus far:

1️⃣ Pulling advertising out of donations

If signage was provided, or ads in a publication, pull the expense to advertising

Exception if cost was astronomical relative to spend

2️⃣ 100% deductible meals

-Team events
-Events for the public
-Reimb'd under an accountable plan

3️⃣ Review narratives in Draws

Consider items that may be deductible

One day I will find a client whose reclassifications are not going the other direction

4️⃣ Review income for contributions

Have the client scan the income ledger to ensure there aren't any loan disbursements or capital contributions

5️⃣ Have-to-haves

What are the items every business owner ought to be deducting in 2020?

Computer
Office furniture
Phone
Home internet

What would you add to the list? #taxtwitter

If we get a nice list going I can organize this in a format anyone can take for their own use