Accounting for Sole Proprietors: Tax & Bookkeeping Tips

hey, is this updated daily or what?

Hey,

Quick question: when’s the deadline to file the domestic transfer forms for Q1 2015? Like, specifically for the January through March stretch?

Thanks

Arthur Bishop6 said:Hey,

Quick question: when’s the deadline to file the domestic transfer forms for Q1 2015? Like, specifically for the January through March stretch?

Thanks

It already passed... April 20th, 2015.

Carol Price4 said:It already passed... April 20th, 2015.

Thanks.

🙂, well, I'm heading over to file this right now then. I had absolutely no clue. I've been scouring the web for info but came up empty. Great, so I'm going to be four days late. In my fourteen years on the job, this is the first time I've ever missed a deadline for some paperwork. I'm going to 🤦🤦. Whatever, it is what it is. I honestly thought the cutoff was April 30th, but apparently, it's the 20th.

Where exactly does it list the deadlines for submitting that form?

Brenda Chase3 said:I actually spent some time digging into this very topic today, and everything you laid out is spot on. Great job, Nicole Lee6! 👏 😉

Alright, thanks so much!

Could someone else weigh in here? 😬
I’m dealing with a specific scenario where I’m selling a personal vehicle. When I originally bought it, we didn't claim any sales tax credits; instead, it was just rolled into the acquisition cost and we took a 70% deduction. Now that I'm selling it, we aren't charging the standard 25% sales tax because we're citing Section 40, Paragraph 2 of the Tax Code. So, here's my dilemma:
- In which column of the IRA ledger should this transaction be recorded—is it Column 16, "Other Exemptions," or somewhere else?
- And where does this go on the sales tax return? I'm assuming it falls under I. neoporeziv, but which specific box should I be checking?

Nicole Lee6 said:Alright, thanks so much!

Could someone else weigh in here? 😬
I’m dealing with a specific scenario where I’m selling a personal vehicle. When I originally bought it, we didn't claim any sales tax credits; instead, it was just rolled into the acquisition cost and we took a 70% deduction. Now that I'm selling it, we aren't charging the standard 25% sales tax because we're citing Section 40, Paragraph 2 of the Tax Code. So, here's my dilemma:
- In which column of the IRA ledger should this transaction be recorded—is it Column 16, "Other Exemptions," or somewhere else?
- And where does this go on the sales tax return? I'm assuming it falls under I. neoporeziv, but which specific box should I be checking?

For the IRA ledger, you'll put it under Column 16, "Other Exemptions." On the sales tax return, it goes under section I, specifically in box I/10, "Other Exemptions."

Nicole Lee6 said:I could really use a little guidance here—is my understanding of the following correct?
1. If I buy a personal vehicle from an individual (we have a bill of sale, and the 5% sales tax was already settled), does a 25% sales tax apply when I eventually sell it?
2. If I purchase a personal vehicle from a corporation (I have an invoice showing sales tax that was claimed as an input credit because the car was used for a rental business), does a 25% sales tax apply upon resale?
3. If I buy a personal vehicle from a corporation (there's an invoice showing sales tax, but instead of claiming the full credit, it was treated as a business expense with a 70% deduction), then during the sale, no 25% sales tax should be applied, citing Section 40, Paragraph 2 of the Tax Code. (Quick side question: which specific box in the QuickBooks ledger or the later tax filing is this reported in, or is it omitted from the tax return entirely?)

Do you happen to know how to invoice a vehicle purchased back in 2010 from a corporation? The tax credit was at 70%, and the remaining 30% went to Class 0.
Maybe a 25% sales tax is required.😁

casualorca5 said:Do you happen to know how to invoice a vehicle purchased back in 2010 from a corporation? The tax credit was at 70%, and the remaining 30% went to Class 0.
Maybe a 25% sales tax is required.😁

Well, if you ask me, that’s exactly how it should be calculated, though it would probably be wise to let Brenda Chase3 weigh in and confirm 😉

Nicole Lee6 said:Well, if you ask me, that’s exactly how it should be calculated, though it would probably be wise to let Brenda Chase3 weigh in and confirm 😉

Pardonček, I missed the question earlier, but here goes my confirmation. Sales tax is 7.5%.👍

Hey everyone.

So, how is this whole new hourly tracking system actually going to look on our pay stubs? I assume they’re going to want all those mandatory breaks factored in too, but there aren't even any categories for them right now... I guess we'll see. Maybe in Joppd, you're supposed to just log those breaks under unworked hours or something?

cosmictinker24 said:Hey everyone.

So, how is this whole new hourly tracking system actually going to look on our pay stubs? I assume they’re going to want all those mandatory breaks factored in too, but there aren't even any categories for them right now... I guess we'll see. Maybe in Joppd, you're supposed to just log those breaks under unworked hours or something?

Are you referring to daily or weekly rest periods? Those wouldn't be included in the payroll or the software—they are separate. Only vacation time would be listed, just as it has been previously.

I’ve been scrolling through all your posts, and honestly, I’m having a bit of a crisis regarding how to track work hours... I’ve been using this little Excel template for a while now, but after reading everyone's experiences here, I’m starting to second-guess if it’s actually doing the job properly. To make matters worse, I tried downloading what looked like a "superior" new template online yesterday, only to end up accidentally installing a Trojan virus on my computer—so that was a fun little disaster! Anyway, I have three employees, and they typically take their lunch break from 12:00 to 1:00 PM—how does one accurately log that kind of thing? Does anyone happen to have a solid spreadsheet or a system they could share with someone who's currently flying blind? I would be so incredibly grateful for any tips or resources you might have! 🙂

Keith Martinez5 said:I’ve been scrolling through all your posts, and honestly, I’m having a bit of a crisis regarding how to track work hours... I’ve been using this little Excel template for a while now, but after reading everyone's experiences here, I’m starting to second-guess if it’s actually doing the job properly. To make matters worse, I tried downloading what looked like a "superior" new template online yesterday, only to end up accidentally installing a Trojan virus on my computer—so that was a fun little disaster! Anyway, I have three employees, and they typically take their lunch break from 12:00 to 1:00 PM—how does one accurately log that kind of thing? Does anyone happen to have a solid spreadsheet or a system they could share with someone who's currently flying blind? I would be so incredibly grateful for any tips or resources you might have! 🙂

We don't track breaks separately; they just count toward total hours. For instance, if someone starts at 7:00 AM and finishes at 3:00 PM, that's a standard 8-hour workday. I saw an example in a business journal once where they listed 8 hours of work and 12 hours of daily rest combined??
It might be easier since employers aren't required to maintain records for things that didn't occur during the month. I suppose I'll just simplify my spreadsheets by
removing all the columns that won't actually be used.

casualorca5 said:We don't track breaks separately; they just count toward total hours. For instance, if someone starts at 7:00 AM and finishes at 3:00 PM, that's a standard 8-hour workday. I saw an example in a business journal once where they listed 8 hours of work and 12 hours of daily rest combined??
It might be easier since employers aren't required to maintain records for things that didn't occur during the month. I suppose I'll just simplify my spreadsheets by
removing all the columns that won't actually be used.

Yeah, exactly. My scenario is an 8-hour workday with 12 hours of rest... plus weekends off, so the weekly rest hits 64 hours. What I'm really wondering about is the monthly tally. If I sum up the work hours and get, say, 184, do I also have to add up all those daily and weekly rest periods into the grand total? Or is that just for documentation purposes, while the actual totals for payroll only include worked hours, vacation, and sick leave, just like it's always been??

I’ve been reading through these threads over and over, and honestly, someone please just put me out of my misery. I truly don't see the point of these designated "breaks" in the system. Look, if an employee puts in a standard eight-hour shift and spends the rest of their time off wherever they please, that is their business. It’s their time. To me, this whole setup is just a glaring indicator of how incompetent some people are when it comes to designing time-tracking software. Who is actually benefiting from this specific "break" category? It doesn't even populate the main reports, and it doesn't trigger any actual payroll calculations. It’s completely useless. At this rate, someone is going to come up with a brilliant idea to have us break down every single minute into sub-categories—like a coffee break, a quick walk with the kids, or a breather after jumping off a fifth-story balcony. Then we can all sit around providing granular descriptions of our personal downtime. Good grief...

cosmictinker24 said:Yeah, exactly. My scenario is an 8-hour workday with 12 hours of rest... plus weekends off, so the weekly rest hits 64 hours. What I'm really wondering about is the monthly tally. If I sum up the work hours and get, say, 184, do I also have to add up all those daily and weekly rest periods into the grand total? Or is that just for documentation purposes, while the actual totals for payroll only include worked hours, vacation, and sick leave, just like it's always been??

It stays the same as before, I suppose. Daily rest periods probably just exist to prove an employee gets their minimum 12 hours of downtime and weekly break. I don't see any other purpose for them, other than making things more complicated.

casualorca5 said:We don't track breaks separately; they just count toward total hours. For instance, if someone starts at 7:00 AM and finishes at 3:00 PM, that's a standard 8-hour workday. I saw an example in a business journal once where they listed 8 hours of work and 12 hours of daily rest combined??
It might be easier since employers aren't required to maintain records for things that didn't occur during the month. I suppose I'll just simplify my spreadsheets by
removing all the columns that won't actually be used.

Yeah, I caught onto that too—our Sever keeps reminding us that our breaks are included in the clocked work hours. But the thing is, my guys live super close to the office, so they usually just head home for lunch, eat, and pop back in about an hour later. If I remember correctly from a previous thread, there was a distinction made that a "break" is when you eat on-site, whereas "time off" is when you leave the premises...🙂 though I'm not entirely sure. Since there are only three of us who signed up for the HR module at Synesis, I'm really hoping the executive at Synesis comes up with a clean solution for this.

Keith Martinez5 said:Yeah, I caught onto that too—our Sever keeps reminding us that our breaks are included in the clocked work hours. But the thing is, my guys live super close to the office, so they usually just head home for lunch, eat, and pop back in about an hour later. If I remember correctly from a previous thread, there was a distinction made that a "break" is when you eat on-site, whereas "time off" is when you leave the premises...🙂 though I'm not entirely sure. Since there are only three of us who signed up for the HR module at Synesis, I'm really hoping the executive at Synesis comes up with a clean solution for this.

Any updates?

Does anyone know if they updated that consumer complaint notice again?

If they did, what’s the new format? I’ve still got the one based on Article 10, but I heard through the grapevine that the sections were changed, so I wanted to check before I go off on a tangent.

Thanks.

Paul Carter40 said:Any updates?

Not really—the module finally showed up, but honestly, this whole thing is such a massive headache. It feels like we're trying to manage a giant factory with hundreds of employees, when in reality, it's just the three of us... and we're absolutely exhausted.🤦