I really need some advice on how to handle this mess:
So, back in May, we had a check-up covered under our health insurance policy and it was paid for in cash. ($127 excluding tax) But then, a month later, the invoice showed up in the mail and—get this—it got paid again via wire transfer. (My boss totally forgot he’d already settled it... classic...) Since we ended up paying twice, they finally sent the money back to us. What’s the easiest way to fix this in the books without losing my mind? In May, I recorded it as a cash expense, which was the right move at the time. But now, what am I supposed to do about that payout hitting in June and their refund showing up in July?
casualorca5 said:Preventative checkup costs are tax-deductible if they are provided for all company employees☕ Therefore👎
But this policy was only drawn up for him alone... and there's actually another employee on the payroll. 🤔 I read somewhere that it doesn't necessarily have to cover every single person, right? I'm just gonna book this one specific policy... wait, did I also need to send over the paperwork for JPMorgan Chase?
casualorca5 said: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.🤔☕
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?
Quick question—can a small business owner write off voluntary health insurance premiums and private specialist visits as business expenses?
Thanks!
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?
Quick question about Synesis? So, I’m working on my Year-End Closing and getting ready to start a fresh ledger. I noticed one unpaid outgoing invoice is sitting at zero, but when I open up the IRU, the entire amount of that unpaid bill shows up under Suspense Items?
So, I'm looking at my bank statement and—get this—the payroll subsidy for a profitable small business owner isn't showing up in the account balance anywhere. Is that normal? Also, does anyone actually know how you're supposed to word the payment description on the transfer order so the bank doesn't freak out?
So, if I pick up a stamp or cover some court filing fees for my office and then just bill those costs back to a client, how does that actually work? Do I need to tack Sales Tax onto that, or is it exempt? And more importantly—how am I supposed to log this in my accounting software? Should I be looking at it as a pass-through expense or just something marked as tax-exempt?
Does anyone know if we’re actually allowed to collect our performance bonuses if we already took that government payroll support to save jobs? If anyone has the inside scoop, let me know.
So, I just picked up a new PC that definitely qualifies for the Section 179 deduction. Here’s the thing—the invoice lists both the hardware itself and a separate service fee for the setup. What’s the best way to log this through my accounting software? The total amount on the bill is $1979 including tax, where the base price for the computer is $1516 and the service charge sits at $67. Also, quick sanity check—should I be categorizing the computer's base cost under Section 179?
I can't believe I'm even seeing this... seriously? It’s like some people just wake up and decide to be completely out of touch with reality. You see these kinds of takes floating around and you just have to wonder if anyone is actually paying attention to how things work in the real world. It's honestly exhausting.
casualorca5 said: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.😛
Thanks for getting back to me! Just wanted to jump back into this thread real quick—I actually called up Regus in Washington, D.C. to get some clarity, and honestly, what they told me was such a headache. They basically said that the first part of my Social Security won't ever be paid out—like, never—but they’ll still count the years toward my total service time. As for the second part? Apparently, the IRS is going to handle those payments. The rep basically told me to just leave everything exactly as it is right now and stop stressing, claiming that maybe, just maybe, one day it'll all even out on my benefits statement. Such a vague answer, right? Typical. I swear, I am getting bombarded every single day by notifications from the IRS telling me to link my payments with the payroll filings ASAP. Like, seriously? Give me a break! It’s like they think I just sit around waiting for them to nag me. Honestly, what kind of country are we even running? This level of micromanagement is absolutely insane—it's like having a debt collector breathing down your neck every five minutes for stuff that should be automated by now. Total joke. 👎
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?
I could really use some help here! I'm staring at this IRS form—specifically the section regarding reducing the withholding for new hires since we just brought someone onto the team on November 1st. Do I plug in the gross pay or the net pay for this? Also, am I supposed to include the payroll for both November and December of 2019, or just November, since that's the one actually paid out within the 2019 calendar year?
I am seriously losing my mind trying to figure out how to book this incoming invoice (it’s for a service subscription plus a new iPhone combo) that looks like this:
Net Amount $1104 Sales Tax $276 _______________________ Total Invoice Amount $1379 Device Installment Plan 1/24 $50 Device Credit/Rebate applied -$1200 __________________________________________ TOTAL DUE $229
Can someone please walk me through the right way to run this through QuickBooks? I don't want to screw up the books. Thanks!
I am seriously losing my mind trying to figure out how to book this incoming invoice (it’s for a service subscription plus a new iPhone combo) that looks like this:
Net Amount $1104 Sales Tax $276 _______________________ Total Invoice Amount $1379 Device Installment Plan 1/24 $50 Device Credit/Rebate applied -$1200 __________________________________________ TOTAL DUE $229
Can someone please walk me through the right way to run this through QuickBooks? I don't want to screw up the books. Thanks!
Jack Young said:The FBI advisor didn't have a clue about the child multipliers 👎
A kid counts for the tax break as a child until they land their first full-time job After that, they're just a dependent (0.70)
So, yeah, she was totally clueless... she doesn't even get what a part-time student is—she thinks it means you're working while studying... And the lady behind the desk told me I had to switch them to a dependent relative the second they enrolled in part-time classes... But the Law is crystal clear: kids are dependents as long as they're in school full-time until they start working. And look, that matters because the coefficients are completely different! They’ll probably call me back once they actually bother to check, and then I'll be able to show them how it's done... 🙂
Quick question about scholarships! So, we’ve been paying a scholarship to our daughter—she's a full-time student, but starting back on October 1st, 2018, she switched over to part-time status... (though we didn't really mention 🙂 at the time). The issue is, she kept receiving this tax-free scholarship even though she technically lost eligibility once she wasn't a full-time student. From what I can gather, a dependent can stay on the books until they land a job, or is it something else??? How do we fix this mess now? Everything was filed with the IRS as a non-taxable scholarship... Is there any way to actually this? If anyone knows how to handle this, please help a parent out!
I actually went down to the FBI office to ask an advisor, and they told me the scholarship money could be returned to the business account and the tax forms could be voided/corrected.. I'm just not totally sure about the dependency coefficients for kids, so I wanted to pick your brains—does anyone know if a part-time student counts as a "child" or just a "dependent"?? Since he has two kids (so far he’s used a 0.7 coefficient for the first child and 1.00 for the second).. but now, if the daughter is treated as a dependent (0.7), and the son is treated as the first child (also 0.7)..
Quick question about scholarships! So, we’ve been paying a scholarship to our daughter—she's a full-time student, but starting back on October 1st, 2018, she switched over to part-time status... (though we didn't really mention 🙂 at the time). The issue is, she kept receiving this tax-free scholarship even though she technically lost eligibility once she wasn't a full-time student. From what I can gather, a dependent can stay on the books until they land a job, or is it something else??? How do we fix this mess now? Everything was filed with the IRS as a non-taxable scholarship... Is there any way to actually this? If anyone knows how to handle this, please help a parent out!
Brenda Chase3 said:If those utility bills are issued in the company's name, then you can absolutely claim the sales tax credit; I'm not sure why you mentioned that credits aren't recognized for utilities. The only time you can't claim the credit is if the bills aren't made out to the business. Office supplies and general equipment are recorded normally, and the sales tax is deductible. It doesn't matter if the nature of your core business is different; the office is a fundamental part of the company and necessary for operations, which means office expenses are fully recognized and the sales tax is deductible.
Okay, so here's the deal—he bought the place privately, and the deed is under his name and his wife's name, but he’s registered there as a sole proprietor. Now, regarding the utilities (electricity, water, gas, trash, etc.)—some of the bills are in his personal name at the office address, while others are specifically under his business name. He falls into that category of a sole proprietor. Up until now, all the utility costs were being booked as full expenses, except for the cell phone, landline, and internet where we were just deducting the sales tax... but honestly, I'm lost now. What's the right way to do this? How should the bills actually be addressed so everything stays above board?
I’ve got two totally brain-dead questions for you guys! I'm trying to wrap my head around how to book incoming invoices—specifically, what’s the deal when I'm buying stuff for an office where we provide professional services versus things that have absolutely nothing to do with the actual business? Like, think about cleaning supplies, light bulbs, some cheap furniture, professional books, work uniforms, those monthly fees for our accounting software, or just basic office supplies? For example, let's say I grab something on a retail receipt for the office totaling $42 (100 + sales tax) . Do I just log this through the expense account as a regular business cost $42 so it doesn't fall under $42 (kind of like how you'd handle utility bills, union dues, or postage)? Or $42 do I record the full invoice amount and then claim the sales tax deduction $8.25? Thanks a ton for the help!