3. Reviewing new fixed asset purchases and adding them to the chart of accounts

If you purchased any fixed assets during the year, you should add these to QuickBooks. As mentioned in the online chapter, Chapter 13, Small Business Bookkeeping 101, available online using this link: https://packt.link/supplementary-content-9781836649977, fixed assets can be equipment purchased for your business such as computers or printers. Furniture such as desks and chairs are also considered fixed assets.

Fixed assets are subject to depreciation, which is a tax-deductible expense. Depreciation is the reduction of the value of a fixed asset due to wear and tear. Tax-deductible expenses can reduce your tax bill, so you want to make sure that you take all of the deductions to which you are entitled. If you have not recorded new fixed asset purchases, then you will not have depreciation expenses recorded, which means you will miss out on what could be a significant tax deduction.

Your tax preparer...