Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 01-21-2020


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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!

    Go to iTunes to leave a review of the Tax Tuesday podcast. 

    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

    Toby Mathis

    Anderson Advisors

    Anderson Advisors Tax and Asset Protection Event

    Tax-Wise Workshop

    Anderson Advisors on YouTube

    Anderson Advisors on Facebook

    Anderson Advisors Podcast

    ...more
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