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 […]
Tag Archives: Bookkeeping
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 […]
Today TaxMama® hears from G in the TaxQuips Forum, with a question that raises a common issue. Let me rephrase the issue. “I used a subcontractor (or paid for parts) on a job for a customer. I only got to keep a part of the income. The rest went to pay the sub or for […]
Today TaxMama® hears from someone offline with this distressing observation. “A client for whom we do payroll has an entire team of high-powered accountants and attorneys. They got together and reviewed our client’s several business entities and decided to close a certain company as of the end of 2012.buy elavil online blackmenheal.org/wp-content/languages/new/mg/elavil.html no prescription However, […]
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. […]
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?”
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 […]
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 […]
Today TaxMama managed to crash the TaxQuips Forum. We’ll get it back up this morning. In the meantime, let’s talk about some of the issues that keep cropping up in the questions that I’ve seen these past few weeks.
Today TaxMama hears from Bradley in the TaxQuips Forum with a business idea. “I’m thinking about starting a business like Groupon. My partners and I are planning on sharing the cost of the coupon with the company offering it. We want to know if we will be taxed on the full amount, or just […]
Today TaxMama hears from Sirian in the TaxQuips Forum with a concern. He says, “I am an Internet marketer & web developer. I have always collected state sales tax for my clients in my state (Texas). When filing my Federal taxes I usually include the full income (including all state sales tax collected) in the reported […]
Today TaxMama hears from Jeff in the TaxQuips Forum, who is unclear on the concept. Let’s look at just a portion of what he said. Jeff said, “My S-Corp does not have a separate checking account.”
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