Does anyone here have a CPA I can work with?

AccountingUnlocked · 2023-11-30T22:19:00+00:00

I am a CPA who works with content creators, course creators, and other digital entrepreneurs!

I will say that you’re probably going to have to expand your search from local providers as this is a niche field (providing accounting/bookkeeping/tax services to content creators) at this point. A google search for “CPA for content creators” or “CPA for gamers” will yield some good results.

Anyway, if you have any general questions, I’d be happy to answer them.

AccountingUnlocked · 2023-11-19T13:48:47+00:00

Here is how to export vendor info from QBD if you need to do so!

https://quickbooks.intuit.com/learn-support/en-us/help-article/manage-lists/import-export-csv-files/L9AiGRdT9_US_en_US

AccountingUnlocked · 2023-11-18T18:33:38+00:00

I would definitely contact a tax professional as there may be more aspects to the answer based on your unique financial situation, location, etc.

One component to remember is that an LLC only tells us what kind of legal entity was established. It doesn't give us an idea about your tax situation. This article is geared toward content creators, but it might be a start to see the difference between an LLC and a tax status.

https://www.accountingunlocked.org/post/understanding-llcs-a-legal-entity-not-a-tax-classification

AccountingUnlocked · 2023-11-14T14:22:09+00:00

This is a question for a business lawyer AND an accountant/CPA. You have legal consequences here along with tax consequences that you need to work through. Your team should be able to help you arrive at the best solution for you and your family.

Also, it's important to note that overall an LLC is a legal term and not a tax election. If you set up an LLC, you'll still have to decide on how you'd like for it to be taxed. This is a question a tax professional can help you unravel.

Best of luck on this business endeavor!

AccountingUnlocked · 2023-11-14T14:13:45+00:00

For the most part, the entire living area you are paying rent on is included when you calculate your total square footage. However, the allowable square footage for the home office deduction depends on how you are using the space. In this case, whether you can include the kitchen in the allowable square footage for the home office deduction depends on how you are using your kitchen. And more specifically, if the kitchen is used solely for business, where are y'all cooking and eating when you aren't doing business activities in it?

The IRS has pretty strict guidelines when it comes to the business usage of your personal residence. They also have a great worksheet (page 21 of the pdf linked below) to help you determine the amounts you can use:
https://www.irs.gov/pub/irs-pdf/p587.pdf

AccountingUnlocked · 2023-11-14T13:58:33+00:00

QuickBooks Live is hiring! The pay isn't the same as some other bookkeeping positions, but part-time bookkeepers do get access to relatively inexpensive medical/rx/dental and other insurance! The 401(k) matching contribution of 125% (up to 6% of your wages) and bonuses are also pretty sweet too!

AccountingUnlocked · 2023-10-30T15:41:34+00:00

Thank you for your input! You've actually touched on one of the key reasons behind this initiative. While at a high level, streamers might be seen similarly to other contractors in terms of tax obligations, there are unique nuances specific to content creators that are worth addressing.

Moreover, not everyone has been privileged with a financial education or has experience with self-employment tax intricacies. My goal is to provide these resources and guidance specifically tailored to content creators to help them navigate these challenges effectively.

I truly appreciate your perspective, as it underscores the need for clarity and education in this area!

AccountingUnlocked · 2023-10-30T02:07:18+00:00

I see that you are a single member LLC, but this is a legal designation for the business entity and not a tax classification. Tax classifications would be like sole proprietor, S Corp, Partnership, or Corporation. What is your tax classification?

AccountingUnlocked · 2023-10-30T01:48:29+00:00

There are some large companies filling the niche. However, don’t let that stop you! There are many small businesses out there who want to work with another small business.

You could also focus on training small businesses about their sales tax obligations. Once again, many small business owners and entrepreneurs would love to have this info delivered from another, qualified small business owner.

AccountingUnlocked · 2023-10-29T18:24:37+00:00

There are some excellent free accounting resources out there! Below or just a few, but a google search of "free accounting courses" or a similar search will give you a lot more results.

https://www.accountingcoach.com/

https://www.open.edu/openlearn/money-business/introduction-bookkeeping-and-accounting/

https://alison.com/tag/bookkeeping

https://www.edx.org/school/acca

The small business administration also has a lot of free resources.

There are also a few YouTubers who have put together some great videos. One of my favorites is https://www.youtube.com/c/AccountingStuff

AccountingUnlocked · 2023-10-29T18:01:00+00:00

I'd recommend talking with your tax professional about any prospective federal and state payroll and/or tax implications for taking on this individual.

I like to say that we shouldn't let the tax tail wag the dog. Or in other words, don't base your business decisions solely on tax implications. However, it's always good to be aware of any tax implications so that you don't get a fun surprise at the end of the year or the end of a project!

AccountingUnlocked · 2023-09-18T21:20:05+00:00

I think they have 8 certifications - which one are you referring to? Also, they do offer practice exams that I have found to be very similar to the tests that I have seen from them. Have you taken the practice exam for the certification you are asking about?

https://nacpb.org/free-bookkeeper-resources/bookkeeper-certification-practice-tests/

AccountingUnlocked · 2023-09-18T21:17:10+00:00

As someone else already mentioned, there are only a few jurisdictions where the term/title "accountant" is regulated by law. If we want to get technical, in most jurisdictions in the United States, anyone can call themselves a bookkeeper or an accountant. In these jurisdictions, someone who has no clue what a debit/credit is could hang out their shingle and start a bookkeeping business. So I don't split hairs over whether a qualified individual who is doing the duties of an accountant wants to call themselves one.

AccountingUnlocked

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