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  1. The way I would do this is to set up a liability...

    The way I would do this is to set up a liability account called Shareholder Loan, or something to that effect. When entering expenses from the credit card, debit the expense and credit the...
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    Are you an employee or an independent contractor?...

    Are you an employee or an independent contractor? Check the IRS rules on that. It doesn't matter how the client wants to classify you, if he classifies you as an IC when you are really an employee...
  3. Yes, negative retained earnings can become...

    Yes, negative retained earnings can become positive retained earnings. Retained earnings is an accumulation of your net income or loss. They are updated when your close your books for the year. ...
  4. Check out QuickBooks Online with payroll. You can...

    Check out QuickBooks Online with payroll. You can sign up with QuickBooks Payments for CC processing. Try it for free before committing.
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    I agree with Harold. The company will not be able...

    I agree with Harold. The company will not be able to make good business decisions without knowing it's financial position. Intuit's sales pitch has always been that you don't need to know accounting...
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    Register for an account on EFTPS...

    Register for an account on EFTPS to pay your federal taxes. You can schedule payments 365 days in advance. My other payments I schedule either through the bill pay on my bank's website or the...
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    It's okay to pay now, the IRS will accept your...

    It's okay to pay now, the IRS will accept your payment anytime. Personally though, I don't pay until a few days before the due date. In fact, with e-payments I schedule all my payments for all...
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    Yes, if you are going to use a credit card for...

    Yes, if you are going to use a credit card for business expenses. Check around for the best rates and perks for a business card. It will also help your business credit rating. Congratulations and...
  9. When you use a credit card to purchase something...

    When you use a credit card to purchase something you are making a payment on the purchase of goods. The method of payment is a credit card rather than cash, check, debit, etc.
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    Check out this website: www.avalara.com...

    Check out this website: www.avalara.com. They are the go to company for help with multiple sales tax.
  11. It's perfectly fine to keep track of your...

    It's perfectly fine to keep track of your inventory in excel. In QuickBooks, do a journal entry to adjust the Inventory account to actual as of 12/31/16. You might have to estimate it if you didn't...
  12. Personally, I wouldn't worry about it. Some...

    Personally, I wouldn't worry about it. Some companies send out more 1099's than they need to, other companies don't send enough. As long as the income you report is equal to or greater than the...
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    Some states require you to pay worker's company...

    Some states require you to pay worker's company insurance for independent contractors unless they have provided you with a copy of their insurance certificate showing they already have insurance. If...
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    I don't recommend ADP to anyone. That's based on...

    I don't recommend ADP to anyone. That's based on my experience with them in KY. I'mean sure someone in the company knows the payroll rules, but the clerks actually processing the payroll don't.
    ...
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    I really doubt that you can get a 2004 copy of...

    I really doubt that you can get a 2004 copy of QuickBooks anywhere that has not already been registered to someone else. Good luck!
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    Congratulations on your growing practice! I...

    Congratulations on your growing practice! I suggest to all my clients that they have a professional do their taxes. Of course, they don't all follow my advice. My other advice is to use an accounting...
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    Best Payroll Software Reviews: Gusto vs. Intuit...

    Best Payroll Software Reviews: Gusto vs. Intuit vs. Patriot

    Here is a link to compare payroll services. I use Intuit Online Payroll and am happy with it. A lot of my colleagues like Zen Payroll....
  18. Thread: Why not ?

    by jamesray50
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    We'll said Harold! I totally agree with you.

    We'll said Harold! I totally agree with you.
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    Your business advisor is correct, tips are income...

    Your business advisor is correct, tips are income to the employee. They need to be added to their wages, taxes calculated on the total wages, and then deducted from the from gross wages. For...
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    You can write off amounts that you don't expect...

    You can write off amounts that you don't expect to receive to a bad debt expense account. Credit AR, debit Bad Debts.

    If customers paid you more than you invoiced them you can't write that off....
  21. Hi John - what bookkeeping program are you using...

    Hi John - what bookkeeping program are you using that automatically tracks the transactions? I'm always looking for solutions for various situations. Thanks!
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    When my dad measured square footage for his...

    When my dad measured square footage for his properties he didn't include closets. But then, that was long before walk in closets were the size of a room.
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    I'll just tell him that my reliable sources say...

    I'll just tell him that my reliable sources say it won't work and we need to upgrade the database. I am not going to tell him there might be an express edition that it may work with. It is...
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    I don't really understand any of this tech stuff....

    I don't really understand any of this tech stuff. It's a database program that we are going to eventually upgrade because it isn't compatible with Windows 10 or Office 2016. We have already...
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    SQL Server 2005

    I received an email today that a software program a company I work with uses needs to be upgraded because it uses SQL Server 2005 and Microsoft will stop supporting it in April 2016. The email came...
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