Question – A corporation with a single owner pays for personal expenses out of his business account. In the past, they have been recorded under expenses using a category “personal expense” just to track it. I am in the process of transitioning them to payroll for these expenses, but what is the best way to …
What is the best way to remove the past expenses from the P&L? Read More »
Question – I’m getting conflicting info from TX and CA tax attorneys. Can I have a Texas LLC or s Corp owned by me in California where the physical work is being done in Texas and I am managing the website in California, only have to pay Texas taxes on it? How do I accomplish …
Can I have a Texas LLC or s Corp owned by me in California? Read More »
Question – My Amazon business is structured as an S-Corp. I pay estimated taxes quarterly and when I do I write a personal check to myself and then pay the IRS/State with a personal check. I’m curious if anyone pays their estimated taxes through their business? I find it to be a hassle to write …
How do I write a personal check to myself in an S Corp? Read More »
Question – I have a question about breakages when you have sent the item to the customer or faulty goods. Whenever I sell something that is not as described (mistakes happen) or has broken due to my packaging, I give a full refund and let the customer keep the item. From the accounting perspective, I realize …
How do I code items that arrive broken or faulty in my accounting software? Read More »
Question – The best accounting software depends on your particular business. If it is very small and you do not need to track your inventory, you could probably use spreadsheets like the ones I give away on this site. Our response – However, if you need to track your inventory or if you needed to …
What is the best accounting software for a home based cake baking business? Read More »