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Recent Net Income questions

Actually is a journal entry. Due to a posting in the wrong

Actually is a journal entry. Due to a posting in the wrong period. My A/P aging doesn't match the Trial Balance. Some of the accounts affected are expenses, inventory, and prepaid expenses. These entries belonged to December, but were posted in January. Thank youJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The A/P have cleared by now

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Pateel Papazian

Financial Trainer and Consultant

Master's Degree

36 satisfied customers
Why is it that in evaluating commercial properties, the cap

why is it that in evaluating commercial properties, the cap rate (rate of return) is inversely related to the present value? i'd think that the higher the rate of return, the more desirable the property is (and therefore, the higher the value).

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Matthew Breecher

President

MBA (Graduate Legal Studies)

330 satisfied customers
I have written a book and am in the process of getting that

I have written a book and am in the process of getting that published. There are expenses that have been incurred for publishing, marketing, etc. and there will be revenues from the sale of the book.i dont expect the book to be a major money generator, but should i start a company to deal with the expenses/revenues/taxes from the book?i currently file taxes jointly with my wife, and we both get W2s from our employers.what is the most tax optimized thing for me to do, especially in light of Trump administrations tax proposals released today.Thanks!

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
I am a 21 year old male and live with my single mother who

Hi,I am a 21 year old male and live with my single mother who is 55.We are both self employed and in 2016 she grossed 47000$ and I 18000$.We live in the same household.Can we file a joint return where my mother can claim me as a dependent. If not what is the most beneficial way of filing our taxes?Thanks.

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
Will you be able to give me the gross income using the same

Hello again. Will you be able to give me the gross income using the same scenario if the net is $5650 a month?

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
My wife and I are child therapists. We have an

Hello,My wife and I are child therapists. We have an s-corporation. Last year we made more than past years. We earned $60,000 more than past years. In total we earned about $215,000. Our s corporation has been in existence since 2007. I have a new accountant that suggests that we could do a base distribution to help decrease the amount of taxes owed? Is this a common practice for an s corporations? If so what does that mean? What kind of impacts can it have in the future? The way he made it sound was that we should have a lot of money in the bank from past years that had rolled over. We have been using our money for real estate investments. We were told that the owners of a company can use the profits of the company. That is besides the wages earned. Is that correct?

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Lev

Retired

Bachelor's Degree Equivalent

25,422 satisfied customers
Looking for some advice on what type of business to setup

Looking for some advice on what type of business to setup based on my situation.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: So I am a software engineer currently with a contract working for an overseas company. I need to setup some entity to receive the money from that work.... Also I want to work on other freelance software projects under the same entity. Thirdly I want to release software that I write as a cloud based service application, preferably within the same entity. This application would have very little income for the first year or so.JA: Is there anything else important you think the Accountant should know?Customer: Only thing is that I also own a company in the UK that actually holds the contract with another company in the UK, I plan to bill my company in the UK from my US entity for the work done.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,136 satisfied customers
Please unlock for lane" Lane, A question about basis. If a

For Lane "Please unlock for lane"Hey Lane,A question about basis. If a member in an LLC partnership invests 60K in the company in the first year of business then takes guaranteed payments as the partnership begins to earn revenue, is the 60K considered basis against subsequent losses or can the guaranteed payments reduce basis?Thanks!m.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,968 satisfied customers
I am during my rental properties tax return. It is in an LLC

I am during my rental properties tax return. It is in an LLC partnership. I keep getting teh following errors:1. 1065 Warning - Beginning total assets should equal beginning total liabilitiesand capital.2. 1065 Warning - Ending total assets should equal ending total liabilities andcapital.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,968 satisfied customers
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