Accounting for Sole Proprietors: Tax & Bookkeeping Tips
in Business, Accounting & Taxes ·
Nicole Lee6 said:Yes, they do.
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I really appreciate you getting back to me on this... sending my very best wishes your way!
Accounting for Sole Proprietors: Tax & Bookkeeping Tips
in Business, Accounting & Taxes ·
Hello everyone, I hope you're all doing well...
So, I typically handle the accounting for an LLC, but I also have a sole proprietorship client who manages their own taxes and contributions and files monthly sales tax returns. I’ve been managing their books for quite some time now, but they've always been a one-person show. However, starting December 1st, they’re planning to hire someone on a temporary contract. Since I’ve never actually processed payroll for an individual proprietor before—only for corporations—I was wondering if anyone could clarify the payment details during the payroll calculation process. Specifically, does the procedure for the payment accounts and using the JPMorgan Chase reference number stay exactly the same as it does when I'm working with an LLC?
Thanks in advance!
Feeling a bit out of my depth here...😵
So, I typically handle the accounting for an LLC, but I also have a sole proprietorship client who manages their own taxes and contributions and files monthly sales tax returns. I’ve been managing their books for quite some time now, but they've always been a one-person show. However, starting December 1st, they’re planning to hire someone on a temporary contract. Since I’ve never actually processed payroll for an individual proprietor before—only for corporations—I was wondering if anyone could clarify the payment details during the payroll calculation process. Specifically, does the procedure for the payment accounts and using the JPMorgan Chase reference number stay exactly the same as it does when I'm working with an LLC?
Thanks in advance!
Feeling a bit out of my depth here...😵