#981 ·
Wells Fargo basically gives all this stuff away for free. They don't even charge you for things like that.
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Accounting for Sole Proprietors: Tax & Bookkeeping Tips
Accounting for Sole Proprietors: Tax & Bookkeeping Tips
Started by ruggedheron13 · · 👁 105 views · 2.2K replies
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#982 ·
[QUOTE=amberbadger17;57291959]Wells Fargo just provides all of that for free. They don't charge for stuff like this.[/QUOTE
Unfortunately, where I live, my only real options are JPMorgan Chase and Bank of America... I don't have much of a choice in the matter—but honestly, it feels totally unfair that they’re hitting us with these fees. Who knows if it's even legal for them to charge us for these kinds of reports in the first place?[/QUOTE]
Unfortunately, where I live, my only real options are JPMorgan Chase and Bank of America... I don't have much of a choice in the matter—but honestly, it feels totally unfair that they’re hitting us with these fees. Who knows if it's even legal for them to charge us for these kinds of reports in the first place?[/QUOTE]
#983 ·
Just so I'm clear here—this new federal statistical report form is only being sent to businesses registered for sales tax?
#984 ·
Arthur Bishop6 said:Just so I'm clear here—this new federal statistical report form is only being sent to businesses registered for sales tax?
That's correct.
#985 ·
cosmictinker24 said:So, I guess... do I actually need to compile a full itemized list of every single one of those deposits hitting the bank account that aren't considered income (those pass-through items), or is just stating the total amount enough? Also, I have this one erroneous wire transfer that was sent back to us. Should I be attaching documentation for that to the IRS, or is it fine if I just list it under 2.5.?
thanks
Starting this year, there’s a new rule where the agent doesn't audit or dispute our tax filings anymore; they're basically required to accept them as we've submitted them.
From that perspective, you shouldn't really need to attach anything extra to the filing. Still, I'm planning to include a breakdown of the bank account activity—things like paid invoices, interest earned, transit items, and so on... just to be safe.
#986 ·
On the PPI form, there's this line item:
Number of employees as of December 31st...
If a sole proprietor doesn't have any staff and just runs things themselves, should they enter 1 or 0?
Is a business owner technically considered an employee of their own company, or not?
Number of employees as of December 31st...
If a sole proprietor doesn't have any staff and just runs things themselves, should they enter 1 or 0?
Is a business owner technically considered an employee of their own company, or not?
#987 ·
Brandon Jackson4 said:On the PPI form, there's this line item:
Number of employees as of December 31st...
If a sole proprietor doesn't have any staff and just runs things themselves, should they enter 1 or 0?
Is a business owner technically considered an employee of their own company, or not?
0 🙂
It's only for people with actual employment contracts.
I completely blanked on filing the KD form. I figured it wasn't necessary. Clearly, I'm a real genius here. 🤣
#988 ·
Knez1974;57292406 said:amberbadger17 said:Wells Fargo basically gives all this stuff away for free. They don't even charge you for things like that.
You can pull your transaction history from JPMorgan Chase—just go to your statement and input the dates from 01.01. to 12.31.
#989 ·
I’m gonna try my luck over on this thread since you guys basically tossed me under the bus earlier (regarding those write-off expenses on this absolute dumpster fire of a software):
Welp. I guess I really messed up then.
I went ahead and filed the income without actually adding the amount to the write-off expenses, even though I'd already logged the depreciation as an in-kind expense.
So, what’s the move here? Is this some massive, IRS-level sin?
Welp. I guess I really messed up then.
I went ahead and filed the income without actually adding the amount to the write-off expenses, even though I'd already logged the depreciation as an in-kind expense.
So, what’s the move here? Is this some massive, IRS-level sin?
#990 ·
amberbadger17 said:I’m gonna try my luck over on this thread since you guys basically tossed me under the bus earlier (regarding those write-off expenses on this absolute dumpster fire of a software):
Welp. I guess I really messed up then.
I went ahead and filed the income without actually adding the amount to the write-off expenses, even though I'd already logged the depreciation as an in-kind expense.
So, what’s the move here? Is this some massive, IRS-level sin?
Honestly, that seems completely nonsensical to me—re-entering depreciation as a write-off expense. In my view, that section should be reserved for depreciation amounts exceeding what's actually recognized; so why even bother with Form 4562? If I were in your shoes, I wouldn't lose any sleep over it, and I definitely agree that this specific paperwork is absolute garbage.🙂
#991 ·
I wouldn't sweat it too much if you missed those write-offs in your expenses. It’s just a technicality—at the end of the day, the expenses and income balance out anyway. That’s the part that actually matters.
But seriously, has anyone else been scrolling through the IRS website? I just got an email from
the SBA saying they pushed the deadline for the statistical report back to September 1st, 2016. WTF?
Is this for real?
But seriously, has anyone else been scrolling through the IRS website? I just got an email from
the SBA saying they pushed the deadline for the statistical report back to September 1st, 2016. WTF?
Is this for real?
#992 ·
she is;57298453 said:Keith Martinez5 said:You can actually pull the transaction history directly from the first statement—just request an excerpt and set the date range from January 1st through December 31st.
Thanks! Interestingly enough, when I reached out to customer service, they told me I had to submit a formal request via email and that there would be a fee involved.$17😠
#993 ·
Arthur Bishop6 said:I wouldn't sweat it too much if you missed those write-offs in your expenses. It’s just a technicality—at the end of the day, the expenses and income balance out anyway. That’s the part that actually matters.
But seriously, has anyone else been scrolling through the IRS website? I just got an email from
the SBA saying they pushed the deadline for the statistical report back to September 1st, 2016. WTF?
Is this for real?
It looks like it is—I actually received a notification about this from the U.S. Chamber of Commerce... but what happens to those of us who already hit "submit" on our filings?
#994 ·
Honestly, it’s ridiculous. They can't even comprehend why we stay on top of things. They’re so used to dragging their feet and doing everything at the absolute last minute that they assume everyone else operates with that same level of inefficiency within their own government agencies. 🤦
#995 ·
I honestly can’t make head or tail of this P&L stuff—or whatever they’re calling it these days... whenever I log a deposit into the business checking account, it immediately gets lumped into the difference between turnover and reported receipts, and now I’m just staring at a total mess. It’s like trying to find a single tree in the middle of a massive forest. Is there actually a coherent, step-by-step guide somewhere that explains exactly what goes where and how to input everything properly?
#996 ·
Keith Martinez5 said:I honestly can’t make head or tail of this P&L stuff—or whatever they’re calling it these days... whenever I log a deposit into the business checking account, it immediately gets lumped into the difference between turnover and reported receipts, and now I’m just staring at a total mess. It’s like trying to find a single tree in the middle of a massive forest. Is there actually a coherent, step-by-step guide somewhere that explains exactly what goes where and how to input everything properly?
That line is for unapplied cash deposits to the checking account—basically, it accounts for the gap between your KPI and the actual bank statement activity. I grabbed this breakdown from an IRS resource (the table isn't great, but hopefully it helps), though I haven't found anything more detailed than this yet.
v
. SUPPLEMENTARY INFO REGARDING PRE
l
EDU POST
l
O
v
RECEIPTS AND EXPENDITURES
1. Total number of employees as of December 31, 2015.
This figure must match the data provided on your standard payroll tax filings.
2. The difference between the total bank account activity and the reported
receipts listed under Section II.2. (2.1.+2.2.+2.3.+2.4.+2.5.)
This discrepancy usually happens due to VAT refunds, annual income tax adjustments, bank loans, or personal loans hitting the business account.
2.1. Cash deposits previously reported under II.1.
Regarding cash receipts subject to standard point-of-sale taxation procedures.
2.2. Amounts received from bank loans
Used for maintaining liquidity, which aren't classified as business revenue.
2.3. Amounts received from private loans
Personal loans or money borrowed from others that aren't included in the standard receipt logs.
2.4. Amounts received via government grants or
-
subsidies intended for purchasing long-term
assets that are subject to depreciation.
These funds are distributed to individuals by federal, state,
local, or regional government agencies, or other legal entities providing support for acquiring depreciable
long-term assets.
2.5. Other miscellaneous receipts not considered
taxable income.
Any funds recorded in the account that are treated as personal income and are unrelated to business operations.
#997 ·
Keith Martinez5 said:I honestly can’t make head or tail of this P&L stuff—or whatever they’re calling it these days... whenever I log a deposit into the business checking account, it immediately gets lumped into the difference between turnover and reported receipts, and now I’m just staring at a total mess. It’s like trying to find a single tree in the middle of a massive forest. Is there actually a coherent, step-by-step guide somewhere that explains exactly what goes where and how to input everything properly?
I've looked everywhere, but I couldn't find an explanation either... I'm just as lost as you are...
I've got some cash receipts here, but they weren't deposited into the bank account... yet down below, it lists a cash deposit that was reported under section II.1. How am I even supposed to make sense of that?
#998 ·
cosmictinker24 said:I've looked everywhere, but I couldn't find an explanation either... I'm just as lost as you are...
I've got some cash receipts here, but they weren't deposited into the bank account... yet down below, it lists a cash deposit that was reported under section II.1. How am I even supposed to make sense of that?
You just enter that amount that wasn't put into the checking account—it's right there in the KPI.
#999 ·
Oh, thanks so much for clarifying! So, if I have this right—for V1, I just put in the total headcount... and then for V2, am I entering the amount of cash that isn't just loose change sitting around, but specifically the actual money held in the register that hasn't been deposited into the Quote yet?
#1000 ·
Hey 🙂Shunshin, so if I'm following you correctly—under V.2, am I supposed to enter the actual cash sitting in my register? Like, the total cash revenue that hasn't been deposited into the bank yet? And then V.2.1 would be the specific amount that actually made it into the bank account?? Thanks!
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