1
vote
1answer
46 views

Accounting: Automatically Sort And Put Timestamp In Right Corner On Invoices I Receive

Whenever I do my taxes I have to collect all my invoices and add the date with a pen in the right corner and then sort them by date, my question is - are there any programs that can help me automate ...
4
votes
2answers
188 views

Can I invest C-corp or S-corp profits by purchasing stock, bonds or property to reduce tax liability?

If I own a C-corp or an S-corp in the US ( say for example Delaware ), and I take profits from revenue after expenses for the corporation and purchase stock in the US stock markets, bonds or other ...
4
votes
2answers
126 views

U.S. Taxes: Can you deduct or depreciate equipment that was both bought and sold in the same year?

Assume there is equipment used for a for profit endeavor that will be deducted from earnings. That equipment is also sold in the same year, for less than or equal to the purchase price. How does ...
5
votes
1answer
50 views

FAFSA implications of filing jointly?

Recently our accountant filed a tax return as married for my partner and me (we live together). She is applying for FAFSA and is not sure whether she should be reflecting her marital status from our ...
4
votes
2answers
680 views

Are in-kind donations from my S-Corp tax-deductible in any way?

I have an S Corp that each year, sponsors a film festival by creating their website for free. In return, they print our logo in their program guide. Last year, I gave them 80 hours of work building ...
2
votes
1answer
253 views

Filing federal taxes for C-corp with no income

I started a startup in November, established as a C corporation. We made a single payment to a lawyer to have him file the papers and write the bylaws (payment was from my personal account). We didn't ...
0
votes
1answer
94 views

Form 8829 and Multiple Businesses

I work from home and had income from 3 sources 1) as an employee of an S corp (which I'm a small part owner of) main source of income 2) Consulting done under my name individually, separate from my ...
2
votes
1answer
300 views

What are the tax implications for doing accounting on the cash vs the accrual method?

What are the tax implications in the U.S. for doing ones accounting on the cash method versus the accrual method? As I understand it the main difference is in the timing (i.e. which period) of ...
3
votes
1answer
689 views

Why does the fiscal year in many countries start in April?

I was just wondering why in the UK the fiscal year starts in April. Is there any historical reason for this?
3
votes
3answers
624 views

Is it okay to issue myself a 1099 from my LLC, of which I'm the sole owner?

I own a small publishing company and occasionally publish my own books. I want to track royalty expenses on the products I've written, so my plan was to pay myself royalties, book it as a royalty ...
2
votes
1answer
318 views

How to account for money earned and spent prior to establishing business bank accounts?

In terms of QuickBooks... How does a newly started business, an LLC in my case, account for payments received and money spent PRIOR to having organized business bank accounts in place? Is there a ...
3
votes
2answers
263 views

What can a CPA do that an EA cannot, and vice versa?

A lot of the responsibilities of CPAs and Enrolled Agents appear to overlap, but could someone outline the key differences? When would I choose to hire one versus the other?
7
votes
3answers
2k views

What does “write-off” mean?

I've heard this term throughout my life but I've never been entirely sure exactly what it means or why you would want to write something off.