Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 01-21-2020

January 28, 2020

Bookkeeping has been around forever, even before the days of QuickBooks software and spreadsheets. Toby Mathis and Jeff Webb of Anderson Advisors welcome a special guest, Troy Butler, to discuss how bookkeeping began and evolved to track, document, and record transactions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

 

Highlights/Topics: 

  • Should I hire a bookkeeper for my business, or do it myself? Depends on level of detail and number of transactions 
  • We have several companies. What’s the best way to pay and track expenses for each? Whether each company needs a separate set of books depends on if the companies are related or not, and go on the same tax return
  • What’s the best way to set reminders of accounting tasks that I should do? Set up monthly or quarterly tasks; don’t let everything build up and do it all at once
  • What’s the difference between a profit-and-loss (P&L) and balance sheet? Balance sheet lists your assets, liabilities, and equity for the company; P&L shows profitability for specific timeframes
  • How do you keep track of reimbursable expenses before your corporation makes a profit? Even if not profitable yet, you need to track your expenses and income
  • What are some tips to get good bookkeeping results with the least amount of effort? QuickBooks, Peachtree, spreadsheets, and calendars; automate as much as possible and consistency is critical
  • When we take money out of the holding company to use for personal expenses, how do we handle that in the bookkeeping? Distribution recorded as an equity item
  • Is it legal to put personal funds directly into our holding company, and how do we document that in our bookkeeping? Yes, that’s allowed; you can put your money into your company, but it’s your money and you can take it back later, if needed  

For all questions/answers discussed, sign up to be a Platinum member to view the replay!

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Resources:

Anderson Bookkeeping Services (Discount Code: BookTax)

QuickBooks

Peachtree

501(c)(3)

1099 Form

Schedule A

Schedule C

Schedule D

K-1 Form

Cost Segregation Tax Breaks!

Real Estate Professional Requirements

HUD

Airbnb/Short-term Rentals

Capital Gains Exclusion/Section 121

Depreciation Recapture

Bonus Depreciation

199A Deduction

Shopify API

Tax Cuts and Jobs Act (TCJA)

Trading Diary

TradeLog Software

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

1 Veteran Foundation

Save A Vet With A Pet – 1 Veteran Foundation

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