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Posts by Tyler Cooper8

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Accounting for Sole Proprietors: Tax & Bookkeeping Tips in Business, Accounting & Taxes ·
Charles Stewart69 said:Hey everyone,

So I’ve got a bit of a situation regarding my FARC card on the official government portal:

Up until now, I’ve been pretty diligent about keeping an eye on my debt and credit balance through that FARC card, but ever since they switched over the way my individual tax contributions—you know, Social Security and stuff—are handled via those new federal forms at the start of the year, I’ve totally lost track of where I stand. I can pull up the new form, sure, but all it shows me is a list of what I paid and when I paid it; it doesn't actually update my total balance or show if I owe anything. If they seriously killed the auto-updating feature just because they moved everything over to these new forms, then honestly, that’s just pathetic. It makes any potential debt feel completely cryptic again, like, I have no clue if the system thinks I still owe money and is just quietly stacking up late interest against me behind my back.

EDIT: Wait, I think I might have figured it out... it looks like they migrated everything to these different accounts, like moving the retirement funds over to account 2330... and so on. Am I on the right track here?

Yeah, they've moved them to new payment accounts now.
Accounting for Sole Proprietors: Tax & Bookkeeping Tips in Business, Accounting & Taxes ·
Huge thanks to S&P 500 and Lily for the breakdown 😉
Everything makes perfect sense now...
Accounting for Sole Proprietors: Tax & Bookkeeping Tips in Business, Accounting & Taxes ·
I’m looking for some guidance from those of you who have been around the block a bit longer... I’ve noticed a small amount of passive interest hitting my checking account every three months (basically just revenue appearing on the account since the balance is in the black)
How exactly should this be recorded in the KPI, and does it need to show up on the sales tax return? Thanks!