Tax Tuesdays with Toby Mathis 01-21-2020
Tax Tuesdays

 
 
00:00 /
 
1X

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

Full Episode Transcript

Welcome to the Anderson Business Advisors Podcast, the nationally recognized, preferred provider for asset protection and tax planning in the nation. This show is for investors and business owners looking to save on taxes and build long-term wealth with Toby Mathis, an attorney, author, business owner, and a featured instructor at Anderson’s Tax and Asset Protection Event held throughout the country. Enjoy the show. 

... Read Full Transcript