I need some help I got this email from a client and I'm not
Hello I need some help I got this email from a client and I'm not understanding. We are discussing the Utility payments for some properties that he manages. Can someone help me understand this?wave is OE for OTRPSE is Manette Common area electric or Unit C. Need to look at the invoice. I keep paying for Unit C so there is power and heat so the pipes don't freeze.Centurylink is for the alarm for Manette and is a CAM charge.
A tax question: I am confused about whether or not I can
A tax question: I am confused about whether or not I can write off a bad debt on my 2016 taxes. I am a freelance writer in the financial business and 2 of my clients stiffed me and won't pay my invoices. One is for $7,000 and one is for $8,000. I don't really have an accounting system that I use. Its just me writing, and billing my clients and then getting paid. My monthly income is about $4,000 and this really hurts me. Thank you.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: nope.
I own an s corp and am in the construction business. I have
I own an s corp and am in the construction business. I have a large profit invoice I am receiving at the end of this month that I would like to use partially for payroll on a project I am starting january 3rd.Is there a way to roll over or prepay for labor for the following year rather than paying tax on the profit right now?I had an idea, as an s corp can buy and sell stocks, to buy stocks now and resell after the new years to roll the profit into next year. I am not trying to avoid tax, but use the money as retained earnings.
We are small company and keep all our financial records in
Hello,We are small company and keep all our financial records in excel files. Now we want to get some financial software and hire CPA to help us out with this year taxes. It looks like QuickBooks is a way to go because many companies use it and most CPAs work with it. The questions are:1) If we just use Transaction Pro Importer for Quickbooks and import all our data as "journal entries" - will it be OK for CPA to work with our Quickbook file? Or we need to go via regular forms like invoices etc. to make the correct file for CPA to work with?2) Should we import all previous years' data or we can just use last year balances and enter only current year data?3) Do you have any suggestions as to what information needs to be prepared and in what format in order for CPA to work with us? (like invoices, bank statements, quickbooks file, something else)Thank you!
Certified Public Accountant
If I have someone that I do not give a 1099 to that I am
If I have someone that I do not give a 1099 to that I am buying over 5k in goods from a year, and I pay him in cash, is there a chance the IRS can say that I can't count them as expenses? I buy about 20k on phones in a year from him. I take pictures of the phones I buy, keep my withdrawal slips, and keep detailed records. I don't want to lose this person as a supplier, I understand I can get a $500 fine per 1099 each year, which I will have to accept as a cost of doing business, but I am concerned that because the transactions are cash I could get a hard time from the IRS if I'm audited.Part 2 of my question, if I have a referral from someone to buy phones. And I give a company $100 for a phone, and figure in $10 of that price as going to the person who referred the company, can I record that as buying goods from that person, or is that considered a commission, and therefore a service, so if it is over $600 in a year I have to give them a 1099?Thanks!
I have 468,000 in capital gains this year from the sale of
I have 468,000 in capital gains this year from the sale of real extate and want to limit the tax biurden. I assume my only recourse is 401K. I am disabled but my wife works and we file jointly.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no.