Health Insurance
A client wants to start offering to cover 100% of health insurance for employees, are there any tax laws that would not allow the company to write off 100% of the cost?
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Theladycpa CPA
Hi health insurance coverage paid for by the employer for the employees is 100% deductible as a business expense. There are not any laws that I am aware of that ... Read more
E&O Insurance
How do i know i have the best plan for E&O Insurance?
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Theladycpa CPA
Hi, you should work with an insurance professional who can compare plans for you based on your needs and your industry. For example, a tax preparer may require ... Read more
Do I need to file wage return on EDD (CA) if using QB payroll?
Hi,
I am using QB payroll for my client which is supposed to take care of all forms and returns. For the 1st payroll taxes we had issues because he did not have employer ID so QB said that we have ...
How do you prepare tax returns for freelancers?
I am currently working through Upwork as my main source or income at this time as a freelancer. When I am going to prepare my taxes how should I be filing my taxes? Is this income counted as a regular ...
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Theladycpa CPA
Hi, when you registered for Upwork if you are a US Freelancer they usually request that you complete a W9. At the end of the year, they will provide you with 10 ... Read more
Catering still 50% off?
Client held an event and catered food for said event. Is the entire catering bill deductible or only 50%. This was a marketing event to get new clients.
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Theladycpa CPA
Hi there, meals for marketing purposes are 100% deductible. Any meals or recreational expenses for advertising and promotional reasons, office snacks provided t ... Read more
What is the journal entries for the following?
Share based compensation
I’m paid a $1,000 salary in addition to stock compensation:
Name: Nic Ferreira
Contract amount: $9,000, of which 90% is common stock and 10% is preferred stock
Par value: $.001
Contributed Capital (investor)
The capital was wired into our account last Thursday
Investor name: Henry D.
Amount: $10,000
Par value: $.001
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Theladycpa CPA
Hi there the entries are below: Share-Based Compensation DR: Salaries and wages $9,000 CR: Common Stock $8,100 CR: Preferred Stock $900 If this is monthly compe ... Read more
Can I claim storage for materials in addition to office tax credit?
I have an office but use space in the basement for storage. Is this deductible as well and where would I make this deduction?
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Theladycpa CPA
Hi, any portion of your home used for business purposes can be claimed on your tax return, based on the pro-rata share of the space used. So let's say that your ... Read more
What’s the best way to set up your business if you have multiple revenue sources out side of business?
Have multiple revenue streams and full time job? Need to know best way to set up businesses for best tax strategy.
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Theladycpa CPA
Hi there, I may need further information here. How the business should be set up depends on a lot of factors such as the nature of the business? Is it real esta ... Read more
401k Question
This was a question from a client today.
"I was wondering if you could advise me on a tax question:
I was considering setting up a solo 401k through Vanguard. ...
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Theladycpa CPA
Hi, there are definitely tax advantages in contributing to a 401K account. The contributions can reduce your tax liability. I'm not sure how opening the Vanguar ... Read more
What’s the best way to find a tax filer for your business?
I am a bookkeeper who has a lot of clients that wants quotes on what it would cost to file their taxes.
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Theladycpa CPA
Hi, there are you wanting to hire a tax preparer to work for your business to prepare taxes? Or are you wanting to refer your clients to a tax preparer? Looking ... Read more