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 co...
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
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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
Toby Mathis
Anderson Advisors
Anderson Advisors Tax and Asset Protection Event
Tax-Wise Workshop
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