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  #1  
Old 01-03-2010, 11:01 AM
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JayD JayD is offline
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Taxes/CPA question

Hi guys, wondering if you that use a CPA or what ever they call it to do your business tax work, I'm small and have not looked much into it yet although I'm thinking of doing it for next year.

My question is, does your person ask you to break down all your spendentures into different categories?

If so, What are some of them....

Are there just a few, like fuel, office supplies, tools, labor, clothing, advertising, and how many others.......

I do have all my receipts and wanted to start getting them folders of their own.....

Any help would be grateful....Thanks.
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Old 01-03-2010, 11:46 AM
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there is what you call a chart of accounts, you can have 5 or 500 different categories depending on what you want to track.
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Old 01-03-2010, 01:11 PM
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Quote:
Originally Posted by JB1 View Post
there is what you call a chart of accounts, you can have 5 or 500 different categories depending on what you want to track.
So no real rule of thumb on what gos where....

Like:

Ice, and water
food you buy at safety meetings
gloves
hats
oil, filters, spark plug,
safety vest
mulch
plants
all these things go in the same category.

How many categories do you use.
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Old 01-03-2010, 01:23 PM
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Two Seasons Two Seasons is offline
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We've used QuickBooks Pro from the start. When you set it up, it will ask you alot of questions about your business and, using that matrix, you should be able to get a grip on all the assets and liabilities your company has.

Also, QB Pro allows you to send a CPA a full copy of your books.

One more thing, QuickBooks now offers QuickBooks on-line. Not sure the overall benefits EXCEPT you can access it anywhere in the world, which, if you think about it, would allow you to process paperwork out in the field when you are taking 5 to fill up or on your lunch break.
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Old 01-03-2010, 01:38 PM
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Quote:
Originally Posted by Two Seasons View Post
We've used QuickBooks Pro from the start. When you set it up, it will ask you alot of questions about your business and, using that matrix, you should be able to get a grip on all the assets and liabilities your company has.

Also, QB Pro allows you to send a CPA a full copy of your books.

One more thing, Quick Books now offers Quick Books on-line. Not sure the overall benefits EXCEPT you can access it anywhere in the world, which, if you think about it, would allow you to process paperwork out in the field when you are taking 5 to fill up or on your lunch break.
Hey thanks.....

I was thing of looking into Quick Books, just have not got around to yet...

So using them like you said above, your saying that it will ask you when you have a receipt to enter, it tells you where to to put it? What if your receipt has many items on it that may go into different files, will it let you split it up?
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Old 01-03-2010, 05:35 PM
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EagleLandscape EagleLandscape is offline
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Quickbooks can do anything you can imagine.

But say I go make a purchase at home depot...

I buy lumber for form boards, and then I also buy a drill on the same tickets.

Ideally I would want to classify the lumber as materials, or cost of goods sold. The drill I would want to place into the tools category.

I would recommend getting a basic version of quickbooks at the least. I also recommend buying the book Green Side Up. (www.amazon.com) & reading it a few times. this will help.
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  #7  
Old 01-03-2010, 07:21 PM
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Quote:
Originally Posted by jwingfield2k View Post
Quickbooks can do anything you can imagine.

But say I go make a purchase at home depot...

I buy lumber for form boards, and then I also buy a drill on the same tickets.

Ideally I would want to classify the lumber as materials, or cost of goods sold. The drill I would want to place into the tools category.

I would recommend getting a basic version of quickbooks at the least. I also recommend buying the book Green Side Up. (www.amazon.com) & reading it a few times. this will help.
So your saying that Quick Books will let you put things on same ticket into different categories?
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Old 01-03-2010, 07:30 PM
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Quote:
Originally Posted by JayD View Post
So your saying that Quick Books will let you put things on same ticket into different categories?

you can split it any way you want. Quickbooks is a very powerful program, I have used it for many years and am still learning new things, The thing is to get it set up right.
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Old 01-03-2010, 07:46 PM
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Quote:
Originally Posted by JB1 View Post
you can split it any way you want. Quickbooks is a very powerful program, I have used it for many years and am still learning new things, The thing is to get it set up right.
Thanks for sharing all that with me, I have been hearing a lot lately about it and I think I make that call. In fact, I have just ordered some things from Vista Prints and I pretty sure I get a coupon for Quick books for a free 1 month trial....Maybe I will go back and re-look at that to make sure...How much do they cost, do you know??
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Old 01-03-2010, 07:48 PM
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Fvstringpicker Fvstringpicker is offline
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Regardless of the program, you will have to code the expense category. For a small shop, I recommend you look at a IRS schedule C and fit your expenses into the categories listed. It will make it easier to "crosswalk" your expenses to the tax form. In the final analysis, it doesn't really matter if you code gloves as operating supplies or safety equipment but try to code it to a logical category.
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