Can A Bank Ask Where You Got The Money? The short answer is Yes. Banks must ask and document from where any cash above $10,000 comes. This process is done through IRS Form 8300 as part of the Anti Money Laundering (AML) and Know Your Customer (KYC) that the law requires. Anti Money Laundering Money … Read more
Yes! A salaried person can show business income. Just because you are a salaried employee does not preclude you or your spouse from earning business income from other sources, including self-employment and contract or gig work, to name a few. Income from any other source besides an employment position would necessitate that you would show … Read more
Yes, you can claim any accounting fees you incur as a business deduction for your business. The deductible fees include business bookkeeping, business tax returns, and any tax consultation fees regarding your business. You may not deduct any of these fees if you are an individual that is not self-employed.
Before you can begin your bookkeeping journey, you must first choose between the methods of available to you. Things To Consider Before You Decide These are important considerations because If you have a small business with minimal assets, it is probably not appropriate to use a method designed for an enterprise. Single Entry Bookkeeping Single … Read more
There are two commonly followed accounting principles, GAAP and IFRS. General Accepted Accounting Principles (GAAP) A common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB). In the U.S. any Public Company must follow GAAP rules when compiling their financial statements. International Financial Reporting Standards (IFRS) A set of … Read more
Bookkeeping This page is all about bookkeeping, so, let’s start with the basics. Bookkeeping is an essential part of the accounting process for any business. Proper planning and organization are essential in order to have a clear overview of the health of any business. The process of bookkeeping is the categorizing and then recording of … Read more
Do You Pay Tax on Crypto The IRS, so far, is not recognizing cryptocurrency or crypto as a true currency. They consider crypto to be property and any gains or losses are reported in the same manner on Schedule D and Form 8949 where applicable. How Is Cryptocurrency Taxed Any purchase, sale, or trade of … Read more
Many people wonder at what age they need to start paying taxes, and I am here to provide that answer. Individuals must start filing taxes as soon as they pass the income threshold, determined by their filing status. As of the tax year 2022, those thresholds are… Single Filing Status Head Of Household: Married Filing … Read more
Business Entity Selection When starting a new business, you must decide which business entity you want to structure. Which structure you choose will have its own tax and legal considerations. This will also dictate which tax forms you need to file each year. Sole Proprietor Anyone that owns an unincorporated business by himself or herself. … Read more