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.
I want to charge my landlord for painted the rental house I
I want to charge my landlord for painted the rental house I live in. They have agreed to it. I live in WA state. Can I just send them an invoice for services rendered? The landlord wants to write off the paint job. I assume I would need to claim it as "other" income.
Posing this question to managing partners of accounting
Posing this question to managing partners of accounting firms.....it's a two part question.1. I am interested in striking a deal with an individual who would work for my firm only during tax season (he's retired from a teaching job, but has done taxes for years). He has a small book of business he could bring to the table. He would like to receive a bonus at the end of tax season each year based on the new business the firm will have as a result of his employment. I feel this is fair, considering we otherwise would have never had these clients. Note, they are all simple 1040's. He will be paid by the hour, probably about $12.50/hour. What is a fair percentage to pay, based on this additional clientele, considering that it will be done annually? Does anyone have any history with this sort of arrangement?2. I would also like to offer a new business incentive bonus to my full time staff accountants, along with some sort of productivity bonus for billable hours exceeding certain benchmarks. Is there some sort of formula or guidelines for employees that do both billable work plus firm management? My firm is little so we must all multi-task. Thanks!
I am working with a company and we have received a bunch
Hi ThereI am working with a company and we have received a bunch credits for faulty goods from our supplier. Then on our next invoices with the supplier, we have been applying those credit notes to the invoice. Effectively reducing the amount we pay for the next invoice.The question I have is that our accounting package (Xero) is applying these credits to our revenue accounts. Which doesn't seem right to me. We are not receiving revenue from our supplier. We are basically cancelling out a previous purchase. So I believe it is falsely reporting our revenue. Which is not good.Do you know what account this should be going under, so that we are accurately recording? COGs?
JD, MBA, CFP, CRPS
If I have a invoice for $550.00 and the IRS off set 549.00
If I have a invoice for $550.00 and the IRS off set 549.00 of it. How should I write the GL and should I remove the invoice from my AR as paid in full or should I apply the dollar they paid and write off the 549.00 the IRS took.
Vocational, Technical or Trade School
We occasionally buy product with the sister company credit
We occasionally buy product with the sister company credit card and then pay them back. The issue I have, is I need to post in the inventory which then creates an invoice to pay. So will it mess up the accounting to delete the invoice since it's already paid with a credit card and I need to pay our sister company for our portion of the credit card.
Bachelor's Degree Equivalent