In this special bookkeeping edition of Tax Tuesday, Toby Mathis brings tax knowledge to the masses and breaks down your tax & bookkeeping questions LIVE! He’s joined by Troy Butler, Bookkeeping Manager at Anderson Business Advisors.

 

Updated August 27, 2020

Featured Questions

  • 00:14:57.00 – Should I hire a bookkeeper for my business or do it myself?
  • 00:17:41.08 – If I have a 501c3 in C-corp, do I need to file a 1099?
  • 00:19:07.00 – Does interest on a 1099 get offset for taxes if there’s a K-1?
  • 00:19:58.08 – We purchased a house in April 2019, lived there for three months, then made it available as a rental. We then did a major renovation without writing it off at all. Can we do a cost segregation for 2019 to push down?
  • 00:21:05.04 – What’s the best way to use funds received from the sale of a business?
  • 00:22:18.07 – We have several companies. What’s the best way to pay and track expenses for each of them?
  • 00:23:56.07 – What’s the best way to set reminders for accounting. What should I be doing?
  • 00:26:41.08 – What’s the difference between a P and L and a balance sheet?
  • 00:28:26.01 – What are the tax obligations of being the owner of a short-term rental business like Airbnb?
  • 00:30:38.04 – I have an independent contractor overseas. Do I still need to send them a 1099?
  • 00:31:08.00 – I’m managing someone else and then dispersing to the owner. Do I need to send a 1099?
  • 00:31:24.04 – If I’m in an audit for a specific year, and they want my Quickbooks for this year, can I restrict them to only see the year in question?
  • 00:32:52.00 – Can I deduct attorney’s fees against the attorney’s fees awarded from a foreclosure proceeding?
  • 00:34:00.01 – How do you keep track of your reimbursable expenses before your corporation makes a profit?
  • 00:35:12.04 – What are the best practices to get solid bookkeeping results with the least effort using either Quickbooks, spreadsheets, or other means?
  • 00:40:14.00 – I’m starting an Airbnb business and an eCommerce store. What bookkeeping do I use to integrate with Airbnb and Spotify?
  • 00:48:05.04 – What is the official name for when we transfer money from a company, C-corp or LLC, to our holding company? How do we handle these transfers on our bookkeeping?
  • 00:52:48.02 – Is it legal to put personal funds directly into our holding company, and how do we document this in our bookkeeping?
  • 00:53:21.04 – What is the proper way to account for expenditures that you made to improve a warehouse building? Should expenses above a certain amount be capitalized versus expensed? Does it depend on the nature of the expense, like HVAC, flooring, lighting, etc.?
  • 00:56:47.07 – With stocks and stock option trading, what are some methods for bookkeeping and accounting practices when it comes to calculating taxes, etc.?
  • 01:05:36.01 – What are the best accounts in the chart of accounts you recommend to set up in Quickbooks to make the end-of-year tax filing easiest for transferring expenses to an IRS tax write-off?
  • 01:08:17.09 – As a real estate wholesaler, how should I input my income and set up Quickbooks?
  • 01:09:33.05 – Can a disregarded LLC write off rental car charges incurred while conducting business for that LLC?
  • 01:11:34.08 – How does a business owner reduce the bookkeeper’s hourly rate of time in your books and improve on reporting?
  • 01:15:06.00 – How does a business owner ensure documentation of receipts while making sure the bookkeeper understands the big picture of the company?
  • 01:20:59.08 – How do the bookkeeper, tax preparer, and CPA work together to help reduce taxes for the business owner?
  • 01:24:04.06 – Does a business owner need to work with their business accounting person on a monthly basis?
  • 01:25:22.02 – My business is an LLC taxed as an S-corp. Will using a vehicle and business property both for personal usage and business usage jeopardize our corporate veil?