How to categorize or record the Paypal payments on Hold?
I have taken a client who is an eCommerce seller and he uses PayPal for his payments from the store, so there are few payments in his Paypal which are on hold and those are not part of the ...
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Liz King, CPA CPA
If you prepare your clients books using accrual accounting, you can treat these payments (reconciling items) as deposits in transit on QBO and record the sale. ... Read more
Can I deduct my monthly booth rent if I’m a barber as a business expense?
Hey My name is Juan I’m a barber I work at a barber shop that someone else owns I pay them a booth rent every month to be able to cut hair at this shop I file taxes as self ...
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Liz King, CPA CPA
You can definitely deduct the rent you pay for your chair as a barber. Rent is any amount you pay for the use of property you do not own. In general, you can de ... Read more
What do you do when tax exempt?
I Just got an EIN number for a little jewelry shop, online.. I wont have employees or make much income. Its basically to shop wholesale. I understand how it works with purchases but when filing taxes, will I need to ...
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Liz King, CPA CPA
If you want to reduce the income number by those expenses, you should retain copies of receipts with your bank statements for proof of the expenses. Many small ... Read more
I just started working for a real estate company called the mida group.
I just started working for a real estate company called the mida group last week. Im a legal representive. My second assighnment is to cash a chech from a client and take out 5 percent of my commission. ...
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Theladycpa CPA
Hi I am not an attorney and can therefore not give legal advice. However, in my personal opinion, this does not sound legitimate. If you are a legal representat ... Read more
How much tax does a Delaware C Corp pay?
For company earn 500,000 a year
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Liz King, CPA CPA
The amount of tax the C Corp pays depends on the state the Company is located and conducts business. Incorporating in Delaware does offer some tax advantages. B ... Read more