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Old 03-25-2011, 11:23 AM
Smallaxe Smallaxe is offline
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Join Date: May 2007
Location: Central Wisconsin
Posts: 9,819
Quote:
Originally Posted by zimmatic View Post
Small Axe

Please do not take this the wrong way--Just advice.

Its only a matter of time until you get audited. I knew my day was comming 3-4 years ago. Everyone was being audited, and my cpa confirmed that also. My day arrived and they didnt look at anthing on my tax returns. I locked them out of all things in my quickbook except for invoices and income statements. It took 1 day for them. Plus they had to do the adit at my cpa's.
The state of MN is in a finacial mess as I hear WI is also. According to my CPA the state has hired an additional 50 auditers just for sales tax.
If you are good at the invoice pad thing--great. I know I could never do it because to many items that get taxed and dont get taxed and diffrent taxing area's. I have 6 diffrent sales tax rates to track, collect and break out for the state.

Again, this site is for sharing information. This is my 2cents
I understand where your coming from, and for you it works as you need it too. This guy has a few jobs on the side and needs a tax number to be legal.

No employees and hopefully, no retail... I record each monthly invoice on a quarterly report sheet that I made up, with a 'cumulative total' for gross income and the relevant sales tax.

At the end of each quarter that column tells me how much I made and how much sales tax I owe... that is easily cross checked back to my daily record and invoice copys...

I have 1 sales tax category to keep track of, because I only pickup materials for individuals, I never retail... If this guy gets going, then he can make that decision later, but it doesn't need to be cost prohibitive, just to get started with a number...
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Now that I know that clay's texture(platelets) has nothing to do with water infiltration, percolation, or drainage
,,, I wonder what does...
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