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