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For the purposes of 2106 tax. If I invoice a client for work

HelloFor the purposes of 2106 tax.If I invoice a client for work done in Dec 2016, but don't get paid until Jan 2017. In which year do I report the income?Thanks

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Emilee Weaver

Controller

Masters of Professional Accounting

62 satisfied customers
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.

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Mark Taylor

Certified Public Accountant

Masters

2,666 satisfied customers
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.

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CFEPro789

Fraud Analyst

Master's Degree

1,036 satisfied customers
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.

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PDtax

Owner

Master's Degree

7,370 satisfied customers
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!

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

974 satisfied customers
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!

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ABC Accounting Group

Bachelor's Degree

530 satisfied customers
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.

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Mark Taylor

Certified Public Accountant

Masters

2,666 satisfied customers
In terms of a business audit what procedures and criteria

In terms of a business audit what procedures and criteria does the IRS go through? When is a small business usually audited and what does the IRS expect in terms of documentation/ and monthly reports?

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Mark Taylor

Certified Public Accountant

Masters

2,666 satisfied customers
If I have a company that buys stock and on supplies that to

If I have a company that buys stock and on supplies that to its own division for supply and install is the gst and income charged by the divison off set by the gst payed by the company and the stock expenses.

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

4,116 satisfied customers
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