Question about switching accounting software

Calrageous said...


Hello,
I run my own small business and I've grown considerably this last year. I've just switched over to quick books pro and am wondering can I transfer all my bookkeeping information mid month or do I have to wait until the 1st of the month?
I'm merely switching softwares and all the information will transfer except for a few forms I can recreate. What should I do?
Thanks!

Question relating my payroll taxes

Jennifer said...


Questions Regarding Payroll Taxes:



My employer refuses to be out-of- pocket his portion of payroll taxes (social, med, and modified business tax); thus, he deducts his portion of payroll taxes from my gross. Is this legal? And if so, can I 1099 him for receiving the income?

Thanks!

Does the IRS care ???

JessiKo said...


I am thinking about purchasing a house and wanted to use money from a foreign account. What are the pros and cons of doing this? Do I have to disclose my foreign accounts when I do my taxes? Does the IRS care where I get the money to purchase my home?

Question relating to First Time Home Buyers Credit and Divorce

A. said...
I have a pretty complicated scenario, and I'm hoping you can help!


I bought a house in Sept. 2009 and filed an amended 2008 income tax form to get the $8,000 first time home buyer tax credit.

My husband and I have since split, and we sold the house this month, August 2010. I know I'll have to pay back the tax credit, since we sold the house within 36 months of purchase. I purchased the home for $85,000 and sold it for $100,000, after closing expenses, etc. the net profit was $11,158.

My questions are....

1. Will I have to pay back the entire $8,000? I make significantly less money than my ex, (my adjusted gross last year was around $15,000). But I filed for the credit, so I know it will be my responsibility to pay back. But what if I can't afford to?

2. Is there any adjustment for pay back based on how much I made on the sale and/or my income changes? (We filed a joint 2009 return, but I'll file 2010 single return.)

3. If there is no adjustment, is there any way to pay back the credit NOW, rather than wait until next tax season?

I could really use some advice. Thank you!

Question regarding student loan

Michael said...


Hi,

I have a question. I have a student loan that I took out in Jan, 2004. The total loan amt. was 16,205.00. If the monthly payment is 150.00 then what would be the payoff amt. right now? The reason I'm asking is that I took the loan out with an online student loan service and I want to make sure that their accounting is right. They don't have a brick and mortar location so I can't sit down with someone.

It seems that they may not have applied all my payments and the full payoff amt. seems too high to me.

I've used online loan calculators and I'm still confused. Could you help?

Thanks very much!

Question about withdrawl from SEP IRA

M said...


I have a SEP IRA through my employer. We just transitioned to a 401K this month. Instead of rolling my SEP IRA into my 401K, I've been contemplating cashing it out (~$35K)and paying off family debt obligations (credit card, car loans). My understanding is that the withdrawal *may* only be subject to simple tax (10%) when time time comes to file my 2010 return. I haven't calculated capital gains/losses, but according to my statements over the past 3 years total income earned on this SEP IRA is less than $600. Am I overlooking something?

Question about expensing cost

Diana said...


I am not sure if this is where to ask this question. In a janitorial business I have soap dispensers that I sell. I do not charge for the dispensers and the installation

when a customers purcases my soap.I take the dispensers out of inventory.My question is how to I record the cost of the dispensers on the books. Are they sales expenses or are they considered assets to be depreciated. I currently have 4000

dollars worth of despensers installed in various businesses.

Question regarding student loans vs personal loans

DogsBody said...


Hi there,

I am planning to undertake Post Graduate study overseas and as such I don't qualify for a student loan. The course is run in eight modules over two years, and you can pay in two instalments every year, one in October and one in January. My question is, if I am going to take out a personal loan to cover the tuition fees, is it better to get this in one lump sum (about $NZ20 grand) or get four smaller personal loans over the two years? I just figure if I take the lump sum I'll be paying interest from day one, even though I don't actually need all the money right away. My other question is, is it sometimes better to use a low interest credit card for such things? From what I have seen, the interest rates are lower on some credit cards than for personal loans.



Much obliged,

Poor Student

Your Personal Accountants: Question regarding forensic accounting.

Your Personal Accountants: Question regarding forensic accounting.

Question regarding forensic accounting.

Chelseaa! said...


I have a couple of questions regarding forensic accounting that I was wondering if you could answer.
How would you describe forensic accounting?
How is it different from accounting?
What is the current job market like?
How is it changing?
What are skills required of a forensic accountant?
What environment do they work in?
What are some responsibilities they hold?
What would you qualify as special characteristics of a forensic accountant?
What is the projected salary?
What degrees are required?
Which additional ones are beneficial?
What certifications are beneficial to have?

Need advice for month closing practices.

rollotom said...


Can you recommend a way to get realistic practice on the month end closing process? My lack of experience in this area is hindering my job search. Do you know of any websites, books, etc that would have such exercises?

Thanks!!

Buying a house

jrhodenphotography said...


We are looking to buy a home - my grandparents are loaning us th money and both their name and ours will be on the deed. We are going to do some repair work that is needed for the home to qualify for financing then we will take out a loan to repay my grandparents. What needs to be done so that we aviod having to pay taxes on the amount loaned ($50,000)?

Paying off the credit cards

Rebeca said...


Hello. I would like to know if there is a way to pay my credit cards with money I receive on stocks I sell without having to deposit the money into my checking account first. I don't know the legalities of this is, but I know there are different legal ways of managing money. I have plans to put some of it into CDs or a Roth account for my son also and I imagine this can be done through my bank with some of the money before depositing it. Thank you for your help.

Distribution from Roth IRA for first time home purchase.

Jeffrey said...

Dear Mr. Asraf,

I have a super-specific tax question that I haven't been able to answer:

A first-time homebuyer can put an untaxed distribution of up to $10,000 from a Roth-IRA toward the purchase of a primary residence, within 120 days of distribution. The question I have is: Must the purchased home be in the United States of America? I have yet to see any restriction on the national location of the purchased property, but, before I go moving my savings around, I want to make sure that this isn't an unspoken restriction. Do you happen to know? Strange and precise question, I know....


grüße

Jeff

Rental Property Question:

bob said...
Rental Property Question:
I have a C Corp and would like to rent out my 2nd home to my C Corp. From what I have read this seems possible. Can you tell me what I would need to do this, and is this a smart thing to do?
So far I have gathered a sample lease agreement, and all my mortgage info. Income vs. Expenses, do I fill out a 1040 (Schedule E) at the end of the year for rental income, as far as expenses can I write off (interest, depreciation, utilities, maintenance, interest on 2nd mortgage)?

Thanks.

Early withdrawl from 401(K)

Jen said...

Hello,
This is a great service! I hope this is the right way to post a question. I have a question about 401(k) early withdrawals. i know that there is an exemption to the fees for extraordinary medical expenses. Well, I incurred said medical expenses (and claimed them on my taxes) in 2009. I didn't learn that there was an exemption to the penalties for medical expenses until recently. Can i take the money out without paying the penalties now, in 2010? Should I do an amended return?
Oh, and I am no longer working for that employer so that part is not a problem.
Thank you in advance!

Question about setting chart of accounts

Paul said...

Good Morning Mr. Asraf. I helping my son with his books. He earns wages in one job and starting studio from 0. I use quicken 2009. He puts all his earnings from Job 1 into studion. how will set him up in quick books. it is not revenue, he is not selling anything just paying bills. How do I label him in chart of accounts.
pls help thank you. Paul

Is living with your parent Inputed income?

stevea1 said...

I live rent-free in a house owned by my parents, am I subject to inputed income taxes?

In a self employment business, is it more beneficial to set up dividends or owners withdrawals

ajmccrimmon said...

In a self employment business, is it more beneficial to set up dividends or owners withdrawals and how do we report these.

Non Profit research sponsorship deductability

Dear Lauren, thank you very much for visitng our blog.

Your organization as a non profit is responsible to maintain complete details of the donors. The information include Name and Address and additional you should keep records of the EIN number for corporate sponsors as it is needed to be disclosed on the organizations 990 return. At the end of the year you entity will be responsible to mail the charitable donations they made during the year. There are plenty of software available in the market these days that will help you accomplish your goals. We hope that we have answered your question, however, if you do have additional questions, please feel free to post them on our blog.

Good luck,
Web Tax Office Team

Buying a boat

DroopyDog said...
I live in Missouri, I have sold a boat and I am buying a replacement boat. I have a couple of questions. First, am I able to reduce my sales tax by deducting the sale price of the first boat from the purchase price of the second? Second, is there any way to take advantage of the first time home buyer's tax break when buying a boat? Thanks.

Received letter from IRS

ct said...
SCENARIO: RECEIVED A LETTER FROM THE IRS STATING IF I FILED MY CHILDREN I WOULD BE FINED ETC. SINGLE PARENT DID NOT HAVE SS #S FOR THEM AT THE TIME, DUE TO I WAS NOT LISTED AS THE FATHER. THAT WAS 22 YEARS AGO. HAVE NOT FILED TAXES SINCE. PAID TAXES JUST HAVENT FILED. WHAT KIND OF SITUATION AM I IN ?

We need your Feedback

Dear Readers, if you find out blog interesting and if we have helped you in anyways, then please take a min and write your experiences. Your feedback will be greatly appreciated and it will also help us to know if we are being efficient and being helpful to our community.

Thank you,
Web Tax Office Team

Question about credit card and credit scores

Emily said...

Hi! I have a question regarded credit cards and credit score. My credit score is in the mid 700's right now and I really would like to keep it that way. I have about 5 open credit cards right now and all have a balance of zero. I would like to close about 3 of these for security purposes. Will this lower my credit score?

Thank you!

Question relating to estate and your options

justalibragirl said...


I have questions about irrevocable trusts and special needs trusts. This is regarding a settlement from a lawsuit against my son's school district. It's a long story but there was a lump sum for relocation/damages awarded to me. My attorney says that she "thinks" I have to have it in an irrevocable trust. She has suggested that I put her in charge of it, but I don't know enough about any of this to make a decision. All I can find is that I can't have a family member as the trustee. Some pertinent background info: I am a single mother on permanent disability, I receive SSDI and Medicare. I also receive SSI and a low income subsidy on my Medicare through Medi-Cal. My son was just approved for federal SSI for his disability. I contacted Social Security. They said my benefits are not "needs based" and as such are not affected by the settlement. The only thing that may be affected is the low-income subsidy and SSI. However my son's benefits can be affected by the settlement because it counts as income for me. I have concerns about some of the decisions my attorney has made in our case and do not feel entirely comfortable having her in charge of the settlement. I need to know what my options are. Thank you.

Question relating to refund from recalled vehicle.

Dear cashnow, the money received from Toyota is not income to you. Therefore not taxable. You simply are receiving a refund of purchase return.

Thanks,
Web Tax Office Team
http://webtaxoffice.com

Submitting a Comment or Your Question

Dear Readers, please submit your question on this blog by clicking on the "Comments" link, which is located at the bottom of each post. Please do not submit your questions on http://webtaxoffice.com/ contact form. This blog is a 100% FREE service. So please take advantage of this free offering and share this blog with your family and friends. Again, we urge you not to submit your questions on http://webtaxoffice.com contact form, instead submit your questions and comments by clicking the "Comments" link which can be found after every post on this blog.

Thank you for your visit to our blog. We hope to continue to serve you with our valuable advice and recommendations.

Thank You,
Web Tax Office Team

Question relating to business

I found your blog and wasn't sure how to go about asking a question on there.


Here's my question:

I am a single mom w/ 2 kids and for the first time ever, my business w/ it's own tax id# has earned enough that I have to file a return for it. The total earnings for this business are $2000. Is there a way to do a joint return including myself and this tax id#, or do I need to file 2 separate returns? If both are possible, which would you recommend, and why?

Thanks for your help,

Amy

I found you through your blog, but could not figure out how to post my question there.

I am changing out furniture that has long since been depreciated. If I donate it to a certified/licensed charity (Goodwill/Red Cross, etc.) will I be able to deduct any value, and if so what or how would such value be determined?

Also, if I find the need to hire a liquidator to transport the furniture to said charity, would those charges be a write off also?

Hope you can get to this, and thanks for your time.

Douglas Parent