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    What should you look for in an accountant? • A...

    What should you look for in an accountant?
    • A communicator. Choose an accountant who is willing to take the time to discuss your situation and help you plan your next move. One of the things I used...
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    I used to own an accounting/tax service. One of...

    I used to own an accounting/tax service. One of the things I found that people are reluctant to change accountants (even bad ones) largely due to not knowing much about accounting and taxes. The way...
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    Compelling headline, interesting and relevant...

    Compelling headline, interesting and relevant continuance in the opening paragraph, a strong call to action

    John
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    The rules of a 2% or greater ownership in a...

    The rules of a 2% or greater ownership in a S-Corp can seem a little daunting. Basically, the expense for health insurance, etc. are deductible but must be included on the W-2 of the owner or...
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    If your wife becomes one of the stockholders, or...

    If your wife becomes one of the stockholders, or you own the jewelry company, you can add them as a source of income to your S-Corp. But there would have to be a legitimate reason to do so. Trying to...
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    A simple answer to the question is to ask...

    A simple answer to the question is to ask yourself if you would allow your employees to take the same action. The IRS won't let you do it either.

    You can subtract the amount of the personal use of...
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    My favorite commercial is the Tarzan and Jane...

    My favorite commercial is the Tarzan and Jane commercial for Geico. I don't know what insane asylum they get their writers from but they are hilarious.

    John
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    If you have a library card you may be able to go...

    If you have a library card you may be able to go online and use a service like Reference USA for free. You can look for businesses in all industries. You can even apply filters such as volume of...
  9. I used to own an accounting firm and a lot of my...

    I used to own an accounting firm and a lot of my clients were truckers. They were always owner-operators and leased out to a company or flew under their on flags using brokers. They were considered...
  10. It shouldn't be a problem as long as you can show...

    It shouldn't be a problem as long as you can show all income was included in your tax return. And it's doubtful that it would trigger any types of problems.
  11. This is a tough one. Assign the cost based on a...

    In January of this year I decided to try and turn my hobby into a small business. I buy and sell antiques, collectible, vintage gun parts etc...I sell online, at flea markets and at shows. I also...
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    This can be a tough one. I've been there once and...

    Hi Everyone,

    I'm new to this game, or should I say I've been trying to get a business started for about a year, but for one reason of another it hasn't happened yet, not beyond the business plan...
  13. I'm a former enrolled agent. Whenever we had this...

    I'm a former enrolled agent. Whenever we had this situation arise we always logged the assets and inventory at the client's original cost. If you don't know what you originally paid, you may have to...
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