Anyone missing 1099s?

[somarco]

Hoosier, define least expensive . . .

If your current accountant is missing things maybe you are paying a lot more than you should.

Also, I really don't care which accounting method you use, cash or accrual. But if you are currently on an accrual basis (as it apears) you will need IRS approval to change to cash.

See my earlier link.

 

[HoosierLife]

Hoosier, define least expensive . . .

If your current accountant is missing things maybe you are paying a lot more than you should.

Also, I really don't care which accounting method you use, cash or accrual. But if you are currently on an accrual basis (as it apears) you will need IRS approval to change to cash.

See my earlier link.

Yeah and those guys are known for their quick and hassle-free communications..

I'm definitely finding a new one..

 

[LostDollar]

Hoosier, define least expensive . . .

If your current accountant is missing things maybe you are paying a lot more than you should.

Also, I really don't care which accounting method you use, cash or accrual. But if you are currently on an accrual basis (as it apears) you will need IRS approval to change to cash.

See my earlier link.

Please help me out here because I am not sure what I did not see in his earlier posts.

I thought his post suggested he was doing taxes from cash receipts posted through his accounting program-and took that to mean he is on cash basis.

What did I miss?

Thanks.

 

[somarco]

Nothing. Probably my error or lost in translation.

It appears he does use a cash basis (but others seem to be using accrual). Hoosier made reference to changing the way he does business, and said his Amazon biz uses something different since he has inventory.

The other discussions in this thread by other folks talked about advances and chargebacks, which are all meaningless when using a cash basis.

 

[LostDollar]

Thanks. And please don't think I was trying to make problems or embarrass you with that post I made. I agree with what you said. Also I think you post a great deal of practical, hard earned, experienced based observations and they are worth carefully considering.

And some of these guys that are putting down the concept of treating all cash received as income in the year of receipt might actually find it makes sense for their overall picture if they have losses in other areas like from commodity or stock trading. Maybe so-Maybe not, but I'm not sure it is quite as cut and dried as they want to make it.

 

[somarco]

No offense taken.

 

[HoosierLife]

I don't know what you call it. All my commissions and expenses come in and out of the same business account. At the end of the year, I export a CSV file from my biz bank account. I segment the data based on debits/credits. The difference is my net. I send that off to my CPA.

 

[Rirwin]

I don't know what you call it. All my commissions and expenses come in and out of the same business account. At the end of the year, I export a CSV file from my biz bank account. I segment the data based on debits/credits. The difference is my net. I send that off to my CPA.

If that's all you do, have you thought about doing your own taxes?

 

[HoosierLife]

If that's all you do, have you thought about doing your own taxes?

I used to. But with my LLCs filing sub chapter S and bookkeeping, it's just easier for someone else to do it.

 

[Thedude]

You all actually pay taxes?




HA