Posts by casualorca5

Olivia Cruz86 said:So, here's my situation—I'm a small business owner and I picked up a voluntary health insurance policy for myself... basically just to cover some routine checkups at a local clinic. $600
I already paid $800.00
for a screening and bloodwork over at a different medical center, and then did physical therapy at a third facility. $333
Basically, can I write this insurance policy off as a tax-deductible business expense? I know we file specific payroll tax forms for employees, but what about solo entrepreneurs?
And what am I supposed to do with all these other medical receipts?

Preventative checkup costs are tax-deductible if they are provided for all company employees☕ Therefore👎

Olivia Cruz86 said:Nobody seems to have a clue! Honestly, I'm sitting here staring at three different medical bills—we're talking $1,000.00 chunks of cash each—$267 and I'm just like, $600what gives?

The employer should be the one holding the insurance contract. Up to $833/year.
Tax-free benefits only apply to employees listed on the policy with the insurance provider. Individual policies taken out by an employee themselves don't count. Or at least, that's how I remember it.🤔☕

casualorca5 said:Okay, I guess I miscommunicated my main point. I think the focus should be on incentivizing actual yield, or rather, supporting producers who create real added value. Large acreage shouldn't be the only requirement, mostly to prevent the senseless waste of natural resources and heavy machinery...☕

Returning to my original point, I've never been much of a fan of subsidies or government handouts... not just in agriculture, but in pretty much any other industry. 👎

Alexander Diaz4 said:Oh sure, why not? Might as well let everyone demand federal subsidies for their tiny little 10sq ft backyard patch... or better yet, plant a lemon tree in a window box and file for some massive tax credits too.

Everyone wants a handout—whether it’s from Uncle Sam, small business grants, or just private donors—all while producing absolutely nothing or doing the bare minimum with zero actual investment...

Okay, I guess I miscommunicated my main point. I think the focus should be on incentivizing actual yield, or rather, supporting producers who create real added value. Large acreage shouldn't be the only requirement, mostly to prevent the senseless waste of natural resources and heavy machinery...☕

Alexander Diaz4 said:Nah, no loophole—the minimum requirement is at least one acre.

Unfair.👎
Even on smaller plots, intensive cash crop production can
generate significant revenue. Given these climate extremes, traditional dryland farming and orchards🙄

I have a question regarding running both a sole proprietorship and an LLC under a single EIN.
Both registered for sales tax?
Is that even feasible? 🤔🤔

Brandon Jackson4 said:Looking for a quick answer here...

Regarding those government relief funds we received during COVID (the $3,250.00 and $1333)... should those be entered into the PPO form under section V 2.5 for state aid, incentives, and subsidies?

Or do they belong in that final line under "other"?

I suppose I would put that in receipts outside of KPI, and I wouldn't include it in the PPO form either.
taxable + non-taxable = total inflow to checking/savings 👍👍

Dana Gonzalez75 said:Look, I get it, but honestly? I just can't wrap my head around how someone could blow through that much cash—so my only logical conclusion was that his accountant must be cooking the books somewhere.

Small businesses usually record income and expenses on a cash basis.☕
What’s the starting balance in the checking account?
How many bills were paid in cash?
Actually, where did the funds for the URA even come from?
It's possible, I suppose—maybe the business bought a massive amount of supplies, or paid off long-term assets... or just had a major cash outflow. Or something.
Maybe do some digging.👍👍

Tyler Morgan3 said:So, what’s everyone’s experience been like with those isolation payouts? Like, if you had to quarantine, how much did they actually drop into your account for a two-week stretch?

From what I gather from others:
starting on day one, you file with Medicare, and they pay the employee directly.
based on your six-month average, you get 100% of the base rate, though there is a monthly cap.$1419/month.
Healthcare workers are a different case entirely.......👍

Olivia Cruz86 said:Hey everyone,
So, I'm stressing out about filling out the JOPPD regarding that job retention grant we got—should I have just filled it out normally, like I was paying out full salaries? I went ahead and paid the difference for the payroll taxes... but now my math is all messed up because it looks like I’ve overbooked the forms compared to what I actually paid in taxes. Or am I supposed to just fill out the JOPPD based on the gap between the grant amount and the full salary?

You did it correctly.👍 The Department of Defense and Health and Human Services settles the tax issues, while Regus handles the payments to the IRS.😛

I see Finance has rolled out a COVID score. Has anyone actually dealt with this yet? Apparently, it's used to rate entrepreneurs when they're applying for bank loans, or whatever... Is it free, I guess?

Brandon Jackson4 said:urbanwalker72, thanks for the reply, but I'm still a little confused.😵
Basically, I track my paper purchase journal based on the invoice date, which seems fine.

But when I'm filing my electronic UN, I report those incoming invoices in the order they were actually paid.

So here's the question: when filing the electronic tax return, should those input invoices be reported by their issuance date or by the date they were paid?
Thanks.

By the payment date. They need to match the data on the sales tax forms.👍

cosmictinker24 said:Hey everyone.

Quick question—how should I record an IRS refund for my salary in the books?

Thanks.

Outside GDP, at least that's how I interpreted it.🙄

cosmictinker24 said:Hey there.

Quick question regarding those tax-exempt receipts from December 2019—the ones due by January 15th, 2020. Should I be using the December 31st, 2019 report designation for those?

Thanks.

Yes, though I suppose you should just check which date is actually available.👍

Edward Stewart said:There’s actually a direct link to the IRS website right there on that page
https://www.irs.gov/newsroom/updates...58-news.html
It mentions that small business owners aren't permitted to pay out these bonuses to themselves—they can only distribute them to their employees—though it later suggests they could potentially take up to $416.66 (which is just $5,000 divided by 12) each month.
I haven't been able to dig up anything more detailed yet, so I'm wondering how this works for those who don't technically draw a regular salary? Would they need to file a separate quarterly tax return every month (in addition to the standard ones, essentially filing "empty" returns)?
And if that's the case, would these wouldn't even show up under expenses on the CPI forms, but rather just appear in the tax deduction section as a credit?

The Fed folks claim business owners can pay themselves tax-free$1.75🤔
What now🙂

goldenotter14 said:I’ve got a question, though it might be more of a bit of a headache.
I just realized that on our last two PPI forms, and even on the annual income statement, I completely botched the math on my income. Basically, I accidentally included depreciation under my expenses, which ended up making my taxable income look lower than it actually is.
What do you guys think I should do? Should I just stay quiet and hope nobody notices, or is it better to proactively send in a correction? If I should go the correction route, does anyone have advice on how to handle that?

Could you elaborate? 🤔
Depreciation increases expenses, which... I guess... decreases income.☕

Timothy Torres3 said:I work as a freelance translator.
Typically, my monthly workload involves handling two separate accounts—one for the United Kingdom and one for the Czech Republic. I have to file both my sales tax returns and my FBI reports, and the totals end up being identical on both forms.

However, this month is a bit different because I have three specific invoices to account for:
1) United Kingdom
2) Czech Republic
3) America

My question is regarding the filing process: should I be submitting sales tax filings for all three of these, while limiting my FBI reporting to just the first two? Does an invoice from America fall under the scope of the FBI reporting requirements (I suspect it doesn't), and does it still require a sales tax filing?

America isn't subject to those reporting rules.
As for sales tax, it depends on whether you're filing based on when you get paid or when you send the invoice.😁

Olivia Cruz86 said:Do I seriously have to type this in manually? My accounting software isn't pulling the data automatically...

Manually, I suppose. You should probably add it to the deductible input list too.
Maybe also include the base amount used for the 50% sales tax credit under the OA rules...
just put it on the sales tax return.

Olivia Cruz86 said:Hey there!

Quick question about bookkeeping—how should I be recording the purchase of a long-term asset, like a new computer? Specifically, does it need to show up on the sales tax return under "Other Data - purchase of other fixed assets"?

thanks

If you paid it, you claim the input tax credit. Total expenses would be 0.00.
You record the actual expenses through depreciation.
Yes, it should be visible on the sales tax form just like you described.👍

Olivia Cruz86 said:Hey everyone,

I’ve got a bit of a headache regarding fixed assets here.
So, here’s the deal—on our books, we have this garage listed as a fixed asset, but it was actually fully depreciated last year. Now, my boss is talking about either selling the damn thing or just gifting it to his wife... and honestly? I’m totally lost. I have zero clue how you even handle that—like, how do I actually record this mess in the books and keep everything above board?

Thanks for any help you can throw my way!

Just start Invoicing her at market value... you record the sale of the fixed asset and then write it off from the books...