Business Discussions

I have sales income coming in from a 3rd party vendor (where customers make payments). However, I am getting $0.00 in the sales tax column. My expenses were very high so maybe this is why? But if not, I am a little confused of how to get this to show up? I feel like I should owe something to the IRS but I have no idea how much? Isn't QuickBooks supposed to be able to also let you send a form for payment to the IRS as well? I can't find this anywhere either. (The reports DO show income and expenses however).

Hello, we are still a newer company but have been in business for 4 years, running as a sole prop. Does anyone have some quick dumbed down advice as to why maybe an S-corp would be beneficial to me? 

I started a small business iSTEAM Studio to teach kids STEM and Coding. I started very quickly and did not really pay attention to managing accounts. Where should I begin? What should I do? I have some receipts not all...I remember most of my incomes as I have a new account opened. but some payments only...Please help.   

Hi, I just started my Linked In account and I'm looking for other accountants to friend and chat with.   Connect with me, say Hi and tell me what area you're from. I'm near Nashville, TN. [LINK REMOVED]   Thanks! Michelle Hamilton

2017 was my first year in business (Handyman/Construction services). Who should I contact about help filing my first year? I would like to do everything through the quickbooks/turbo tax software in hopes that I can repeat the process in the futre by myself. Should I be looking for a CPA? Tax specialist? Who? 

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I started up my LLC in may of last year. For nie I am a single member LLC. I choose to operate as a sole proprietor for remaining 2018 and plane to file a schedule C along with my previous employment w2s. Now the new year has started not sure on how to request from the IRS as to operating or neungntaxed as a C Corp or S Corp or stay as a sole proprietor. I kinda understand each choice but it's still unclear as to which would be the most beneficial to,do? It's just me for now but looking into bringing some help on board , however was going to provide the help a 1099 as they would be subbing out the work from me. I am in the service repairs trade any info would be appreciated. 

SD

I transfer funds from my primary back account to  a couple of other bank accounts weekly.  The amount is the same.  How can I automate this?  I use desktop 2016 pro. I go to Banking -> Transfer Funds to make transfers.  

Hello group,I am hoping to find answers for the new sales tax law for online sales.  Previously, I only charged sales tax on item sold in my home state.  I am trying to find information of how the new law affects my online sales.  Specifically if I need to start charging sales tax and if quickbooks will offer a new program to automatically add each states applicable sales tax for us.  Also if quickbooks will offer a program or app to calculate and pay individual states.  Any feedback is appreciated.Michelle

Hello,  I became Sole owner of a LLC 08/02/2018. It was runned before as LLC Partnership filling every year a 1065 form. What form should I use for 2018 ? Should I use a:- 1065 Form for the Period 1/1/2018 to 8/1/2018And- 1040 Form for the Period 8/2/2018 to 12/31/2018  Can I still opt for S corp tax for 2018 and fill a 1120s Form (Knowing that I was drawing money when I wanted as sole owner during the year?), does it worth it ?  Thank you for your advices!

Hello,In the Accrued Liabilities line item under Current Liabilities:1.) Should Sales Tax (on sales that have been already made)  that are still due be included?2.) If Income Taxes are included in this line item - Should the number here be the total of prepaid estimated taxes that were paid in the last tax year, as the current year's taxes are still not final? 

I am interested in what types of self-education are you interested and which one do you use? Why? What can you recommend? 

    Many small businesses hire short-term or bring on independent contractors to complete projects. Properly accounting for expenses associated with their work is mission critical.   You can track these expenses and file 1099-MISCs for your independent contractors directly from QuickBooks. It’s essential that you follow the process outlined in this article, not only for good accounting but legal reasons as well. There are also hired-wired 1099 features that only work up if you utilize these workflows.     Why do I need to track 1099 independent contractor payments separately?   The very simple answer: separating regular employee payments from independent contractor payments is crucial due to the nature of their work and their relationship to your business.   Independent contractors, on-demand or self-employed workers, and freelancers are individuals who do work for you but are not your official employees. As such, you need to report independent con

I was wondering if anyone else had better solutions to managing a high volume of security deposits?Right now my team handles about 40-60 security deposits a month. I've heard of some rental property companies with hundreds during a month.These are deposits that our company takes in to cover due diligence costs (appraisal costs and underwriting) and to make sure that the customer is invested in the process. Logging all of these deposits gets pretty tedious to do in QB.It is a lot of creating, managing, refunding, partially refunding, deducting that means a lot of journal entries and manual entry.Our interim solution: My team is using a combination of Stripe, TransactionPro (a QB app), and QB to cut down on manual entries. Does anyone have a better solution? 

1. If I enter vendors bills as checks instead of including them in the Accounts Payable line item of the statement- Does it mean they go into the expenses portion of the Net income (loss)?2. At the point of time of the Statement of cash Flows there is a vendor bill that is unpaid and on hold due to legal dispute that is underway but still not resolved - How do I account for it in the Statement of cash Flows

Hi.We are a transportation company and we take a security deposit from our drivers which we reimburse when they leave the company.I created an account called  Drivers Security Deposits (other current liabilities) where I record the amount received from each driver for security deposit.When they leave, sometimes we need to charge them for damages, repairs, etc.My questions is how I should record the amount that we are not refunding, so the balance for the liability account to be zero? Should I use an expense account?Thank you! 

Hello Everyone, Tax season is right around the corner and I'm interested in  interviewing one or several Small Business Accountants on film. The interview will ask important tax questions for small business owners in the hope to share it with small business owners.  If you are interested please let me know. Taxes can be very overwhelming and as a marketing professional serving small business owners and nonprofits, I get a ton of tax-related questions that I don't feel equipped to answer.  Best Regards, Urina

The big yellow box with this message is on all the time and I am unable to close any windows.  IS there a way to make it disapper??  Thank you so much for your help!

    Being proactive means keeping a close eye on open invoices. Knowing what customers owe you, developing clear policies, and planning accordingly are incredibly for sustaining your business.   In QuickBooks Online, there are a few tools and simple review techniques you can incorporate into your workflow that will help you professionally manage open and overdue payments. Why do I need to review open invoices?   The primary benefit is obvious – you want to get paid. But managing pending payments isn't only about keeping the lights on. If overdue payments pile up, they can become an avalanche that spills over into the rest of your business, stopping your operation dead in its track.   Be proactive with your accounts receivable and get ahead of issues before they impact your cash flow. Designate an individual on your team to handle this process. Establish a regular review process and set policies for how to handle late payment using the available tools in Quick

I had an idea - to create a simple to use ERP that would be ideal for small businesses. My motivation as a business owner, was to create an ERP that is free of charge (or at least affordable) to SMBs, since these kind of tools could only be afforded by large companies.I have then evolved this idea, from being a simple ERP to a platform with multi-tools - an ERP, a business messenger, collaboration tools, project and task management and even a web builder. Then we chose the name - semilimes. Limes are healthy and the green colour also signifies energy, health and positiveness.  The platform is now growing steadily and we are constantly changing and updating our tools, to better much the needs of our users.I invite you to have a look (it's still free of charge but this will change in the next coming months) and let me know your thoughts. Cheers,Mike

The company I am working on is a home flipping business.  As such, it made sense to set up my cost collection accounts as type other current asset in case a sale was not made in the same year as the costs and they needed to be left on the balance sheet.  As it turns out, the property in question was sold in the same year and this left me with an account structure set up as other current asset accounts that for tax purposes need to be classified as cost of good sold.    SInce QB won't let me change the account type I need to set up new accounts of the appropriate type and do a reclassification entry.  There are a lot of accounts so what I'd like to do is export the existing structure to an excel file, change the account type on each account, reimport the accounts with the desired account type, and then transfer the balance with a JE.  All of the articles I've found in the community have to do with exporting from and old company and importing into a new comp

Anyone having issues with Faxing to IRS during the gov shutdown?  I've been trying to fax in our S-corp forms but it keeps getting bounced back.  Not sure if I am the only one.

Re: preparing the State of Cash Flows in the indirect methodSection of Accounts payable - What if the company pays off completely all its bills every month which end up with no bills due at the end of the month. In this case what should be input in this section of the statement. In my company case, it is, though, possible that at the point of preparing the statement, the there will be few bills due, however, they will be all fully paid within 2-3 weeks from that point of time (date)

If during the most-recent year the company paid off a debt that it had received in prior year - Will it adjust the net income in a positive or negative way?I am referring to the Financing activities section of the Statement of Cash Flows