Author Topic: any accountants out there that i can ask a question?  (Read 490511 times)

Offline Zalc

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Re: any accountants out there that i can ask a question?
« Reply #800 on: March 01, 2016, 09:57:34 PM »
Are they a depended of someone else?
Yes

Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #801 on: March 02, 2016, 12:18:46 PM »
i have a c corp and only i am on payroll. can i put my wife on payroll without needing a workmen's comp policy?
#TYH

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #802 on: March 02, 2016, 01:07:17 PM »
i have a c corp and only i am on payroll. can i put my wife on payroll without needing a workmen's comp policy?
Not my field, but I believe you need a policy. Possibly even for yourself!

Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #803 on: March 02, 2016, 01:09:20 PM »
Not my field, but I believe you need a policy. Possibly even for yourself!
for myself i know that i dont need
#TYH

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #804 on: March 02, 2016, 01:12:21 PM »
for myself i know that i dont need

Offline Mordyk

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Re: any accountants out there that i can ask a question?
« Reply #805 on: March 02, 2016, 01:14:30 PM »

i dont exactly understand that. but i did ask a professional about myself
#TYH

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #806 on: March 02, 2016, 01:28:39 PM »
i dont exactly understand that. but i did ask a professional about myself
I hear. But corporate officers do generally need

Offline DealChaser

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Discover ApplePay Cashback & small business taxes
« Reply #807 on: March 07, 2016, 10:05:57 PM »
I bought $20K of Apple products from BB, Staples, etc. to maximize the 10% Discover ApplePay promotion on two cards. I sold everything on eBay before the end of 2015 and now I'm trying to figure out how to handle the cashback bonus on my taxes; some of it arrived before the end of 2015, but most in January. And of course the hope is that the bonus will be doubled next fall on the anniversary of my card opening. From what I've read, cashback should be treated as a rebate that lowers the cost basis of the products I sold (this makes intuitive sense to me, since I only made any profit after the bonus money is figured in).

This was my first year selling on eBay and my first time filing for this business, so I'm trying to decide on an accounting method.

If I go with the accrual method, should I factor in all the cashback tied to the products I sold, including next fall's anticipated double bonus? The concern is that something happens to my account between now and then or Discover doesn't follow through and the bonus doesn't materialize.

If I go cash method, it seems more straightforward; I can record the cashback in the year when/if it arrives as other income.

Am I way off base in how I'm thinking through my options?  Any input would be greatly appreciated!

Online jackofall

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Re: Discover ApplePay Cashback & small business taxes
« Reply #808 on: March 07, 2016, 11:23:30 PM »
I bought $20K of Apple products from BB, Staples, etc. to maximize the 10% Discover ApplePay promotion on two cards. I sold everything on eBay before the end of 2015 and now I'm trying to figure out how to handle the cashback bonus on my taxes; some of it arrived before the end of 2015, but most in January. And of course the hope is that the bonus will be doubled next fall on the anniversary of my card opening. From what I've read, cashback should be treated as a rebate that lowers the cost basis of the products I sold (this makes intuitive sense to me, since I only made any profit after the bonus money is figured in).

This was my first year selling on eBay and my first time filing for this business, so I'm trying to decide on an accounting method.


If I go with the accrual method, should I factor in all the cashback tied to the products I sold, including next fall's anticipated double bonus? The concern is that something happens to my account between now and then or Discover doesn't follow through and the bonus doesn't materialize.

If I go cash method, it seems more straightforward; I can record the cashback in the year when/if it arrives as other income.

Am I way off base in how I'm thinking through my options?  Any input would be greatly appreciated!
As a general rule accountants are taught to defer tax liability/payments. Which make sense- why pay now if you can pay later.
What is your hesitation using a cash basis?
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Offline DealChaser

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Re: Discover ApplePay Cashback & small business taxes
« Reply #809 on: March 08, 2016, 10:17:21 AM »
As a general rule accountants are taught to defer tax liability/payments. Which make sense- why pay now if you can pay later.
What is your hesitation using a cash basis?
Thanks, jackofall, that's helpful. I was pretty sure about using a cash basis for the reason you mentioned but wanted to float the idea out in the world before committing to it.

Offline Shmuel4

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Re: any accountants out there that i can ask a question?
« Reply #810 on: March 08, 2016, 01:13:44 PM »
I need to pay an accountant to file my taxes.  They are really basic.  Can an accountant please PM me?

Online jackofall

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Re: any accountants out there that i can ask a question?
« Reply #811 on: March 08, 2016, 01:21:38 PM »
I need to pay an accountant to file my taxes.  They are really basic.  Can an accountant please PM me?
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Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #812 on: March 08, 2016, 01:32:23 PM »
I need to pay an accountant to file my taxes.  They are really basic.  Can an accountant please PM me?
TurboTax is quite simple to use.  It might work for you.
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Offline AnonymousUser

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Re: any accountants out there that i can ask a question?
« Reply #813 on: March 08, 2016, 06:12:39 PM »
TurboTax is quite simple to use.  It might work for you.
+1. If your income is below a certain amount, it's free too.

Offline Zalc

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Re: any accountants out there that i can ask a question?
« Reply #814 on: March 08, 2016, 10:49:03 PM »
Does a dependent who's earnings for the year are just some 1099-INTs (Bank bonuses), need to file taxes?

I looked Here, and it shows that if he has under $1050 of unearned income, the "Taxable income" box says $0.

Does he still need to file on his own?


Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #815 on: March 08, 2016, 11:17:14 PM »
Does a dependent who's earnings for the year are just some 1099-INTs (Bank bonuses), need to file taxes?

I looked Here, and it shows that if he has under $1050 of unearned income, the "Taxable income" box says $0.

Does he still need to file on his own?


Under $1,000 of unearned income he doesnt need to file

Online ExGingi

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Re: any accountants out there that i can ask a question?
« Reply #816 on: March 09, 2016, 04:45:03 PM »
Not sure if this goes hear or in goods for sale/trade, but I just felt compelled to post.

Someone told me that he has more children than he could benefit from on his tax return, and is thinking of "giving away" dependents to others.

Any takers, or insights?
« Last Edit: March 09, 2016, 04:54:27 PM by ExGingi »
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Offline Dawie

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Re: any accountants out there that i can ask a question?
« Reply #817 on: March 09, 2016, 07:06:03 PM »
Not sure if this goes hear or in goods for sale/trade, but I just felt compelled to post.

Someone told me that he has more children than he could benefit from on his tax return, and is thinking of "giving away" dependents to others.

Any takers, or insights?
if grandparents(or other relative)  support then it's absolutely done all the time, a stranger who doesn;t is tax fraud

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #818 on: March 10, 2016, 06:41:03 AM »
Rules of who claims a depended is a little more complex. If you file on your own review them well.
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Offline Emkay

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Re: any accountants out there that i can ask a question?
« Reply #819 on: March 11, 2016, 05:42:57 AM »
anyone want to sell me a Beckers or Rogers course? or want to help get me one for free?     8)