hm..., I totally blanked on the exact startup costs for the certification... I think it’s around a couple hundred bucks, but then you're looking at about $50.00+ in monthly fees. Since you're running an accounting service and only dealing with sole proprietorships, you get the free e-filing, but you still have to deal with all those power of attorney forms and stuff.
How am I supposed to log the insurance payout I just got after my building got broken into in the KPI? And what’s the deal with the stolen property that was already on my SI inventory list?
Look, I’m not exactly an accountant. My goal is just to keep my books organized enough so I actually know where my money is at any given second. Sure, I probably mess up sometimes, but if the IRS ever knocks on my door asking what this or that charge was, I want to have an answer ready. I live by one simple rule: don't screw with the government. That’s why I don't mix cash payments with my bank transfers; it's just common sense. It makes things way easier when I'm doing my year-end totals because I can see exactly what hit my Chase account without losing my mind. Plus, since the tax man can see my bank statements anyway, there's no point in creating stupid discrepancies that'll trigger an audit...
In the meantime, I gave my contact at the DMV a call, and she basically told me to just leave the field blank because she had no clue what I was even talking about—especially since we've already got the ACA in place.
It’s still pretty hilarious because the message explicitly says they don't pull data from the FARC. Look, all I really need is some confirmation on whether I'm recording the full subscription I've been dragging along forever—you know, the one I actually dodged paying when I first had it. So, here’s the breakdown:
Sales tax reconciliation from 2013=$333 Jan '14 sales tax=$33, balance I'm entering in Col. V.=900.00 Feb '14 sales tax=300.00, balance I'm entering in Col. V.=600.00 Mar '14 sales tax=-100.00, balance in Col. V.=700.00....and so on.
I went ahead and cleared all those transfers against my subscription, basically zeroing everything out. Since I don’t owe a dime, I’m looking to dump that entire prepayment into Column V. But, you know me, I’m sitting here twiddling my thumbs waiting for Darsey to tell me if I'm actually doing this right.
Wait, why Darsey specifically?
Because she already laid it all out in a couple of posts above... hahaha... 😬
Alright, I’ve gone back to my 2012 records and started crunching the numbers. Since I only had one instance where I dealt with a full dollar of interest since then, the figure in field V ends up being identical to what shows up on my IRS tax statement. So, here's the dilemma: what amount am I supposed to put in column V? Should I use the amount after subtracting that dollar of interest, or should I go higher by a dollar (since in my subscription records, I always treated it as a down payment when filling out the forms)?
Please help a girl out—I'm a total nervous wreck about this and I really don't want some lady at the IRS yelling at me.
Nicole Lee6 said:Personally, I always categorize any late interest from vendor invoices as an expense. When I'm filing the tax returns, I just put them in the "non-taxable" section—EXCEPT for interest owed to the IRS, which I don't even bother recording at all.
Now, looking at the situation, I'm fairly certain that what you're asking is perfectly legal. 🤣
Everything looks pretty straightforward so far—if I’m reading this right—which basically means it's just a carbon copy of the PPP loans but without the interest. Since I haven't touched that specific column since I started my small business, I'm a bit stuck. Do I actually need to sit down and manually calculate what the balance would be without interest, or can I just plug in the previous balance from the last form I sent over?
I honestly don't get it. What are we even supposed to do with this sales tax mess? It’s a total head-scratcher. Let’s say I was dealing with some FARC business and had $333 in prepayments—basically subscriptions—that wrapped up on March 31st. I filed my paperwork for April and ended up owing $33 in sales tax. But, because I was stuck dealing with that nightmare loan, I didn't actually pay it. So, what am I supposed to put on the May filing? Those $33 values, or the $300 ones?
cosmictinker24 said:How exactly am I supposed to book a donation? Is this being handled as a direct wire transfer from a checking account?
So, even though I logged the donation as an expense on my P&L, my accountant basically told me, "Nope, don't do that." Turns out, you're actually supposed to use that amount—up to 2% of last year's gross receipts—as a personal deduction when you file your tax return instead...
I totally blanked and forgot to put the date on my stupid employment Contract before I sent it off. Does anyone have any bright ideas on how to fix this mess?
I record the receipt regardless of whether the invoice is actually paid yet, because at that point, the stuff is physically sitting in the warehouse and ready to be sold. Once I move the product, I clear it out based on the cost price. If I’m actually making something—like putting together flower arrangements—I log the debit and credit using the retail price, otherwise, it’s just the cost. This whole logic applies to retail too...
Yeah, tell me about it. We're basically neck-deep in it. I don't know about other accountants out there, but I spent my entire Easter working. Honestly, I would've been much better off just staying home and burying myself under a mountain of blankets. I can't stand politics, but people have started making it everyone else's problem. It seems like the bigger the crisis gets, the more we turn into monsters toward one another. And I'm talking about us little guys—regular people. Not the gods up in the clouds. 😉 Man, I’m seriously starting to want to hide from society, Jessica Grant56...