1
vote
2answers
69 views

Does “NET 30 DAYS” on a legal invoice refer to 30 days after the billing period end date, the invoice creation date or the invoice receipt date?

Does "NET 30 DAYS" on a legal invoice from a US law firm refer to: 30 days after the billing period end date (the last day for which hours are billed) 30 days after the invoice creation date ...
2
votes
1answer
67 views

Is a Scan of my receipts enough for my accountant?

Is a Scan of my receipts enough for my accountant in order to state my expenses for tax refunds? Or does my accountant need the total-100%-original-paper-receipt? Are there any laws about that in ...
4
votes
2answers
186 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
124 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 ...
2
votes
1answer
76 views

Generally Accepted Accounting Principles question

In QuickBooks 2011 for Dummies, pg. 24, there are listed several generally accepted accounting principles. I see that Expense Principle The expense principle states that an expense occurs when the ...
6
votes
1answer
77 views

Verification of student loan amounts

I consolidated my student loan debt with FedLoan a year or two after graduation. Is there an easy way to verify that my current balances are accurate? Is this something an accountant would handle, or ...
5
votes
1answer
251 views

Does total US public debt include state debt?

When I see total US public debt, I wonder whether state debt is included. If "total US public debt" used differently for different cases, I will restrict my case to the usage in national ...
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 ...
5
votes
4answers
261 views

Payroll reimbursments

I am a salaried employee. Occasionally I use my own credit card for company business. When I am reimbursed I receive a separate check from my regular paycheck. My company does not tax the ...
4
votes
2answers
937 views

What are the costs to establish an LLC and to maintain it?

What's the average (approximately) cost to open a basic LLC in Florida state or in NY state? (FYI in my case is to buy an house in Miami and rent it. I already have a bank account in the U.S.) What's ...
4
votes
2answers
678 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
252 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 ...
13
votes
6answers
633 views

Indie Software Developers - How do I handle taxes?

I apologize if this is the wrong site to post on, perhaps someone could point me to the proper place if it is not. Hello, I am 17 years old and currently develop applications/games for Android and ...
1
vote
1answer
562 views

How to “pay” one self in a single member LLC w/ separate checking account?

I own a side company creating web apps. I formed an LLC, registered an EIN and opened a business checking account. Recently, I sold a copy of my software for let's say $10,000. Now, since everything ...
0
votes
1answer
93 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 ...
7
votes
1answer
114 views

I need a tax accountant, but don't know how to find one

Is there a trusted listing service for tax accountants? I'm reluctant to call the first listing I see on google or to search craigslist. I also have no idea what is a fair amount for such a person ...
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
3answers
621 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 ...
0
votes
2answers
241 views

Expensive agenda book/organizer. Office expense or fixed asset?

I am unsure how to book an agenda book/organizer that was purchased for our business. Normally I book office/organizational expenses (notebooks, printer ink, etc.) as "Office Expenses" but the cost ...
0
votes
1answer
362 views

How do I deduct from Sales Tax Payable in Quickbooks?

(This question could probably use a better title) My current process for paying sales tax works as follows: I collect payments against invoices from clients throughout the month As I collect these ...
5
votes
2answers
309 views

Is there a dollar amount that, when adding Massachusetts Sales Tax, precisely equals $200?

I am confused about calculating Massachusetts Sales Tax (6.25%). Is there such an amount, that when added to its sales tax, equals $200? The reason I ask is because my business has been charging ...
2
votes
2answers
74 views

Accounts Receivable included in Gross Sales?

I am trying to determine my sales tax. In a given quarter, let's say I close a deal for $2000 and collect $500 as a deposit. Which number is considered in my "Gross Sales", the $2000 or the $500? ...
2
votes
1answer
312 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
1answer
135 views

How important is reconciling accounts for a small LLC (Quickbooks)?

We are in our first year of starting a small LLC. We are using Quickbooks Online and things are going well. The only exception is that, due to our lines of credit and bank accounts being personal ...
6
votes
2answers
209 views

Consider Paypal fees in accounting

I'm a freelancer. I sent an invoice to my client (using InvoiceBubble.com), which he decided to pay via Paypal. Paypal took a fee. How do I take this fee in consideration for my accounting? I marked ...
3
votes
2answers
536 views

How to transfer personal auto lease to business auto lease?

What is involved in transferring a personal auto lease to a business auto lease? We have a car for our business that was leased prior to establishing our LLC, therefore it is under our names, ...
4
votes
4answers
150 views

How should I account for Social Security contributions?

I'm currently tracking all my finances with GNUCash, and splitting the various paycheck deductions into expenses. It's pretty nice to be able to correctly predict what will be on my W2, and it's even ...
3
votes
2answers
262 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?
4
votes
1answer
730 views

Can dues and subscriptions expenses be deducted 100% to calculate taxable income in an LLC company?

I'm using Quickbooks Online, "Dues & Subscriptions" is one of the expense accounts we have. I would like to know if this expense can be deducted 100% for calculating my taxable income. Our company ...