Bookkeeping

AskTaxMama Newsletter, Tax Quips, Accounting Method, Accrual Basis, Auto Expenses, bank account, Bookkeeping, Business, Business Expenses, Business Taxes, Corporations, Estates and Trusts, Estimated Taxes, Form W-2, listed property, partnership, Payroll, Record Keeping, Sales taxes, State Taxes, Tax Professionals

Business Tax Returns

Posted on September 8, 2015February 22, 2016 by TaxMama

08
Sep

Today TaxMama® wants to talk about the upcoming tax filing deadline on September 15th for calendar year entities. Returns that are due include partnerships, corporations – C & S, certain estates and trusts. It’s important to know what to get ready for your tax pro or you.

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*Tax Quips, Bookkeeping, Business, Mileage

Doubling My Income

Posted on January 20, 2014January 21, 2014 by TaxMama

Today TaxMama® hears from Idlkotr in the TaxQuips Forum, with a good question. “I have the opportunity to be an independent contractor. I am an occupational therapist who will be working with disabled children in their home. Thus, a lot of driving. I will be doubling my income. I do not have a clue how […]

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*Tax Quips, Bookkeeping, Business, Business plan, Business Taxes, Estimated Taxes, Refund

Unexpected Loss

Posted on September 18, 2013November 5, 2021 by TaxMama

Today TaxMama® hears from Chan in the TaxQuips Forum, with this question “If my business had an unexpected loss of $102k at end of year last year but I made my quarterly payments anyway – will I have a large refund or credit if so? Where did my tax dollars go? Why has my accountant […]

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*Tax Quips, Bookkeeping, Business, Gifts

Holiday Business Gifts

Posted on December 4, 2012December 28, 2021 by TaxMama

Today TaxMama® wants to talk about business-related gift-giving for the holidays .

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*Tax Quips, Bookkeeping, Sales taxes

Lawn Vendor Tax

Posted on October 25, 2012 by TaxMama

Today TaxMama® hears from Don with this intriguing question. “My homeowner’s association had a lawn vendor that didn’t charge sales tax for several years. He charged us all at once. Now that the payment is made, what is the correct account to which to charge the payment?”

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*Tax Quips, 1099s, Bookkeeping, Employees, Errors, Form 8919, Fraud

Fighting Abusive Employers

Posted on September 6, 2012 by TaxMama

Today TaxMama® hears from Nick in the TaxQuips Forum who is angry. “This year I saw some disturbing instances where independent contractors were issued 1099-MISC for higher amounts than they were actually paid. Some of contractors were paid in cash and there are no supporting documents on how they were paid. The reason for these […]

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*AskTaxMama Newsletter, Bookkeeping, IRS News, Record Keeping

The Ins and Outs of Shoeboxed.com

Posted on July 13, 2012July 13, 2012 by TaxMama

Over the years, TaxMama® has learned that the hardest part about doing your tax return is organizing all the data you’ve collected all year. I also realized, early in life, working in accounts payable and payroll departments – that employees have a remarkable resistance to finishing up their expense reports so that they can reimbursed. […]

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*Tax Quips, Bookkeeping, Business, Record Keeping, Tax Professionals

Posted on May 22, 2012 by TaxMama

Today TaxMama® hears from Mary in the TaxQuips Forum who remembers. “During one of the registered tax return preparer (RTRP) presentations on May 15, or 17th, the instructor mentioned getting clients familiar with bookkeeping software. Several names were mentioned. Can you give me the name of the software?”

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*Tax Quips, 1099s, Bookkeeping, Deductions, Income

Sloppy 1099ing

Posted on February 23, 2012February 23, 2012 by TaxMama

Today TaxMama® hears from Gary in the TaxQuips Forum who has this problem. Let me paraphrase: “Gary has already filed his LLC’s tax return, reporting all his income properly. Suddenly, nearly three weeks past the 1099 deadline, he gets a 1099 showing income he received, plus reimbursements for materials and supplies – that were not […]

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*Tax Quips, 1099s, Bookkeeping, Business

Getting Double 1099s

Posted on January 25, 2012 by TaxMama

Today TaxMama® hears from Stephanie in the Tax Quips Forum with a very valid concern. “I’m concerned about this requirement that PayPal report my sales numbers via the 1099-K. The clients I work with will also have to send me a 1099-MISC. Won’t that be income that is double reported? Usually I just enter my […]

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*Tax Quips, Auto Expenses, Bookkeeping, Business, Business Expenses, Business plan, EFTPS, Electronic Payment, Estimated Taxes

Side Business

Posted on October 12, 2011 by TaxMama

Today TaxMama hears from Matt in the Tax Quips Forum, who has the right idea. “I have started a side business doing yard work. I am trying to determine the best way to save to pay my taxes. I have a checking account that is just for the side business. I deposit all the money […]

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*AskTaxMama Newsletter, Bookkeeping, Casualty loss, Disaster, IRS News

Prepare for Hurricanes, Disasters by Safeguarding Tax Records

Posted on June 3, 2011June 3, 2011 by TaxMama

Courtesy of IRS WASHINGTON — The 2011 hurricane season starts today, and the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps.

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