#1561 ·
So, do they actually send out confirmation notices regarding interest earned or payouts... specifically for tax reporting purposes on savings accounts?
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Accounting for Sole Proprietors: Tax & Bookkeeping Tips
Accounting for Sole Proprietors: Tax & Bookkeeping Tips
Started by ruggedheron13 · · 👁 62 views · 2.2K replies
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#1562 ·
cosmictinker24 said:So, do they actually send out confirmation notices regarding interest earned or payouts... specifically for tax reporting purposes on savings accounts?
Yeah, they do—all income counts...
#1563 ·
Carol Price4 said:Yeah, they do—all income counts...
I’m asking because I read somewhere that it’s just a turnover, some kind of independent contractor setup...
One year, we actually submitted documentation for our royalties, and they didn't even bother to take them into account... so... yeah...
#1564 ·
I just received a notice from HOK stating that the deduction amount has been updated as of January 1st, 2017 $25. Up until this point, I’ve been paying my deduction as a flat quarterly fee of $52—is that correct?
#1565 ·
cosmictinker24 said:I’m asking because I read somewhere that it’s just a turnover, some kind of independent contractor setup...
One year, we actually submitted documentation for our royalties, and they didn't even bother to take them into account... so... yeah...
Look, if you aren't legally required to report something, you don't have to send it in.
You only report what's mandatory. If you decide to start reporting those "optional" bits of income, then you have to be consistent and include everything—like dividends, interest from your savings account, and so on. It’s basically an all-or-nothing deal when it comes to non-mandatory income.
Personally, I don't report my dividends because it just bumps up my tax liability, and besides, they've already been taxed at the source and reported via a W-2 by the payer.
#1566 ·
Henry Edwards33 said:Look, if you aren't legally required to report something, you don't have to send it in.
You only report what's mandatory. If you decide to start reporting those "optional" bits of income, then you have to be consistent and include everything—like dividends, interest from your savings account, and so on. It’s basically an all-or-nothing deal when it comes to non-mandatory income.
Personally, I don't report my dividends because it just bumps up my tax liability, and besides, they've already been taxed at the source and reported via a W-2 by the payer.
Yeah, it's exactly like Henry Edwards33 said...
#1567 ·
Henry Edwards33 said:Look, if you aren't legally required to report something, you don't have to send it in.
You only report what's mandatory. If you decide to start reporting those "optional" bits of income, then you have to be consistent and include everything—like dividends, interest from your savings account, and so on. It’s basically an all-or-nothing deal when it comes to non-mandatory income.
Personally, I don't report my dividends because it just bumps up my tax liability, and besides, they've already been taxed at the source and reported via a W-2 by the payer.
Yeah, exactly. I won't be sending those in either since they're already taxed and the payers have already filed the 1099s... thanks a lot.
#1568 ·
HTML Code:
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The mandatory chamber fee for the unified small business organization system comes out to 2% of your basic personal deduction from income—standard stuff under the federal tax code.
Since the basic personal deduction was bumped up to $1.25 and isn't just $0.87 anymore, that means the monthly chamber fee is now sitting at $25/mo rather than the old $17/mo
Since the basic personal deduction was bumped up to $1.25 and isn't just $0.87 anymore, that means the monthly chamber fee is now sitting at $25/mo rather than the old $17/mo
.
Keith Martinez5;62477643 said:I just got a notice from HOK stating that the fee amount since January 1st, 2017, is $25. Up until now, I've been paying the chamber fee as a flat quarterly rate of $52? [=QUOTE]
😉
#1569 ·
Olivia Cruz86 said:So, how the hell do you actually close out an account held in dollars?
Like, let's say the invoice is sitting at $320.00, and on the day we settle it, everything gets converted into USD based on the Federal Reserve's mid-market rate.
The idea is that the payment should clear in dollars using the exchange rate from the actual day the money moves. But what happens if things get messy and the amount paid is either too low or too high? If they shortchange us, do I just mark off part of the invoice? And if they overpay—where does that extra cash even go? Is there any way to stop this headache before it starts?
Look, you close the invoice for its full original amount. You simply calculate the currency fluctuation—the difference between the exchange rate used when the invoice was first generated versus the rate on the day the money actually hits the bank. You then book that resulting difference as either a positive or negative receipt against the checking account.
#1570 ·
lady G;62478417 said:
HTML Code:The mandatory chamber fee for the unified small business organization system is set at 2% of your standard personal deduction from income, per the federal tax code.
Since the standard personal deduction is now $1.25 instead of $0.87, that means the monthly chamber fee will be $25/mo rather than the previous $17/mo.Keith Martinez5 said:I just received a notice from HOK stating that the deduction amount has been updated as of January 1st, 2017 $25. Up until this point, I’ve been paying my deduction as a flat quarterly fee of $52—is that correct?
Thanks! 👍
#1571 ·
I need some help here. Where can I actually find a template or an example of what the records for received subsidies
for long-term assets should look like? I’ve been hunting everywhere and coming up empty. Am I supposed to just whip this up myself, or is there an official federal standard I have to follow?
Thanks
for long-term assets should look like? I’ve been hunting everywhere and coming up empty. Am I supposed to just whip this up myself, or is there an official federal standard I have to follow?
Thanks
#1572 ·
The regulations specify exactly what needs to be listed, though they aren't picky about how you actually format it.
Take this article from the CIA, for example:
"Regarding any state aid, subsidies, or grants received for
purchasing long-term assets, as well as the amounts of depreciation calculated,
taxpayers must maintain records containing the following information:
- the date and total amount of any state aid, assistance, or
subsidies received for a specific long-term asset
- the description of the long-term asset
- the acquisition cost of the long-term asset
- the amount of depreciation taken based on the use of that asset, as shown in the long-term asset schedule
- the remaining balance of any unused state aid, assistance, or subsidies.
This documentation must be attached to the annual
income tax return."
Take this article from the CIA, for example:
"Regarding any state aid, subsidies, or grants received for
purchasing long-term assets, as well as the amounts of depreciation calculated,
taxpayers must maintain records containing the following information:
- the date and total amount of any state aid, assistance, or
subsidies received for a specific long-term asset
- the description of the long-term asset
- the acquisition cost of the long-term asset
- the amount of depreciation taken based on the use of that asset, as shown in the long-term asset schedule
- the remaining balance of any unused state aid, assistance, or subsidies.
This documentation must be attached to the annual
income tax return."
#1573 ·
Hey there,
Do those of us on the flat tax system actually need to file the forestry and land use forms—and if so, what's the deadline?
Also, does anyone know if general small business owners are required to submit anything regarding forestry?
Thanks
Do those of us on the flat tax system actually need to file the forestry and land use forms—and if so, what's the deadline?
Also, does anyone know if general small business owners are required to submit anything regarding forestry?
Thanks
#1575 ·
Has this always been a requirement, or has the regulation shifted recently? I was under the impression that only LLCs were actually responsible for forest accounting.
.. If we haven't been recording forest assets in previous years—and they aren't even listed in the USA records—what would be the most sensible way to handle this?
.. If we haven't been recording forest assets in previous years—and they aren't even listed in the USA records—what would be the most sensible way to handle this?
#1576 ·
A small business owner ends up paying higher payroll taxes than what’s actually required while still reporting a standard salary ....
Is that even legally possible? And if they're doing that, how does it mess with the tax codes on the quarterly filings?
thanks
Is that even legally possible? And if they're doing that, how does it mess with the tax codes on the quarterly filings?
thanks
#1577 ·
Peter Young5 said:Has this always been a requirement, or has the regulation shifted recently? I was under the impression that only LLCs were actually responsible for forest accounting.
.. If we haven't been recording forest assets in previous years—and they aren't even listed in the USA records—what would be the most sensible way to handle this?
You can file everything dating back to 2014 right here—you could even just call the Department of Agriculture and sort it out via email. You should probably move fast, though, because starting this year, they're going to start auditing people; I think someone was posting about how sole proprietors are being targeted...
The reason there's nothing in the USA records is simply that the IRS still doesn't track it, even though there’s been talk about them doing so...
Basically, if your business classification makes you liable, then yeah, you have to file.
#1578 ·
Has anyone dealt with filing Form DI before? I'm getting an error saying the book value at the end of 2015 doesn't match the start of 2016. Everything was fine until now, I guess.
#1579 ·
casualorca5 said:Has anyone dealt with filing Form DI before? I'm getting an error saying the book value at the end of 2015 doesn't match the start of 2016. Everything was fine until now, I guess.
Just grab a coffee and hit the manual entry option—their system is clearly acting up again...div>
#1580 ·
How the hell am I supposed to handle customer approvals when the money hasn't actually hit the bank yet? It’s not even income if it hasn't been paid! I don't know if it's just my software acting up, but whenever I log it through the general ledger, the VAT form pulls it in like I've already collected the cash, but then it doesn't show up in my KPI because I haven't entered it there either. 🤦 So what's the move here?
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