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Recent Net Income questions

I have a investment property with my bother. We are thinking

I have a investment property with my bother. We are thinking about putting it in a LLC but would like to know the tax benefits of doing so if there are any?? In the past we just split all the income and expenses and put them in our own 1099 form.

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
On the side of my regular job, I plan to sell some jewelry.

On the side of my regular job, I plan to sell some jewelry. The supplier wants to know if I want to be set up as a rep with a 1099 or as a wholesaler. I estimate my sales to be $10,000 with a net to me of $5,000. This is a very optimistic goal. What do you suggest?

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
On a sole proprietorship is the self employment tax paid on

On a sole proprietorship is the self employment tax paid on the 1099 or on the net profits?

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TaxRobin

Vocational, Technical or Trade School

22,366 satisfied customers
On a wireless carrier's books are the Regulatory, local

On a wireless carrier's books are the Regulatory, local taxes and federal fees charged the end user usually booked as gross revenue? or passed through? I ask because I don't see this line item on and major carriers financials.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No just trying to determine if these fees should be counted as top line revenue because it could distort COS%

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
I work as a bookkeeper, we use Quick books Pro Plus. The

I work as a bookkeeper, we use Quick books Pro Plus. The owner purchased a car this year. I am tracking the monthly payments under long term liability - note payable. When I run a P&L report the payments do not show up as one of our monthly expenses. Should I change this to an expense account - Auto Expense.I also have two equipment loans I am tracking this same way.

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
If my company owes an employee lets say 100k$ in commission

If my company owes an employee lets say 100k$ in commission is it possible for the company to convert the commission owed to a debt note instead? (If my employee recognizes cash constraints of the business and will take payment in January but that would leave that 100k on the books as Net Income for the business)

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
This is a "how should I account for it properly" question

This is a "how should I account for it properly" question about accounting & bookkeeping. I have a limited liability partnership which provides monthly distributions to each partner, but a certain amount of monthly income is intentionally NOT paid out as a distribution, and instead is kept within the company bank account for paying bills, operating expenses, etc. We refer to that operating capital as our 'escrow' (I'm sure that's probably NOT the proper term). What I want to know is whether and how to account for this money within a bookkeeping system like Quickbooks Online. Do we even need to account for it as a thing in itself? We of course account for partner distributions & contributions, and we account for income as sales and expenses as expenses. But it is unclear to me how to account for this revolving budget or whether I need to do anything at all special vs. just see the existing balance.

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
I own a pass-through S Corporation and I am the sole owner.

I own a pass-through S Corporation and I am the sole owner. I have been asked to prepare a balance sheet. For this example, the business has earned $1000 in revenue over the year. My business has a checking account balance of $100 as of today. I have paid myself $200, taken a cash distribution of $300 and have had $400 in expenses. I have 0 outstanding liabilities and 0 invested personal equity in the business. I'm sure this is a very simplistic balance sheet, but how should this look in the assets, liabilities and shareholder's equity portion of the balance sheet?

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Kirk_CPA

Master's Degree

38 satisfied customers
I have been working as a 1099 self employed recruiter from

I have been working as a 1099 self employed recruiter from my home for the last couple of years and just filed my LLC in California. Can I write off business expenses incurred during the course of the tax year 2016 even though my LLC was filed in 11-2016?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no...I just wanted to know if I can

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Mark Taylor

Certified Public Accountant

Masters

2,634 satisfied customers
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