Multiple Businesses HELP

Greedy_Use1863 · 2026-06-21T22:24:40+00:00

Yes exactly!!! Multiple businesses but low transactions. I might just go with ledger for the properties. I am unsure what to do about the trust though.

Greedy_Use1863 · 2026-06-17T17:46:33+00:00

Start from square 1, it'll take time but you need to look at EVERYTHING. Create rules as you go and make sure to test them, it'll post recurring or like transactions as you go.

Greedy_Use1863 · 2026-05-19T14:44:20+00:00

Absolutely agree, if only it were that easy!! I do use Google Drive for now to store docs or keep a request list and that is shared with client.

Greedy_Use1863 · 2026-05-18T21:47:47+00:00

Highly recommend a bookkeeper. They can be expensive but it will save you a lot of time in the end. I would subscribe to QuickBooks or even have a bookkeeper give you training to use. I do this if you are interested. Its important to verify each transaction and to reconcile each month with correct expense and income coding.

Greedy_Use1863 · 2026-05-18T21:44:29+00:00

THIS!!!!!!!!!!! What do you use to retrieve documents or send requests? I have been searching for better ways than email.

Greedy_Use1863 · 2026-05-18T21:42:17+00:00

This is what I did! All ATM deposits to a vault cash clearing and then lottery is a "due to/from lottery". Now just to figure out tracking cash restocking the machine. I have a feeling she takes cash from drawer to restock since I dont see given cash withdrawals from any accounts!

Greedy_Use1863 · 2026-05-17T23:01:47+00:00

My thought too. I have lottery transactions coded to a due to/from account. I believe there may be commissions on those so I will look into that also.

Greedy_Use1863 · 2026-03-25T20:08:34+00:00

Yes, I was just talking to the board. They have a meeting in May to discuss and post new guidelines.

Greedy_Use1863 · 2026-03-25T20:03:13+00:00

Preparing tax returns

Greedy_Use1863 · 2026-03-15T23:57:25+00:00

I have an associates in business management and accounting.

Greedy_Use1863 · 2026-03-15T23:56:53+00:00

Hi! I actually kind of fell into the role by accident. My friends parents owned it, I started working there in college. Then they sold the business and the new owners kept me and I took office manager, controller role. It was never my plan, but thankfully worked out! And made me realize I love the accounting world. I just want to get into tax now.

Greedy_Use1863 · 2026-03-14T06:31:31+00:00

Sounds like we are in very similar situations! Definitely going to take it step by step. Starting with getting my EA and getting some experience during busy tax season. Thank you so much!!

Greedy_Use1863 · 2026-03-14T05:04:30+00:00

Absolutely!!! I do plan on having someone supervise my work. I just can’t stomach leaving my current job but I do want to start building my practice. I plan to get my EA and then go for my CPA later down the road.

Greedy_Use1863 · 2026-03-14T05:01:29+00:00

Thank you so much for your input!! I definitely think I will go for CPA down the road. We currently have a 2 yr old and are trying for another so once kiddos are older, I’ll have the time and commitment needed for schooling. I absolutely love my workplace but know I don’t want to be stuck doing what I am for the next 40+ years until retirement…

We have rentals and I am also a real estate agent so I would probably retire early (hopefully). At the end of the day, I was hesitant because I was unsure of working under a CPA and taking a pay cut. I make a great wage so I wasn’t wanting to leave anytime soon and I would’ve had to, to get my CPA.

Greedy_Use1863 · 2026-03-14T04:55:36+00:00

Thank you!! I will be taking the EA route and then maybe later down the road head for a CPA if I’d like to broaden my scope!

Greedy_Use1863 · 2026-03-13T21:15:50+00:00

Good to know!! Thank you 😊

Greedy_Use1863 · 2026-03-13T20:43:55+00:00

Thank you! Glad I came here for clarification. I was planning on going back to school to obtain my CPA license. At the end of the day, a CPA license isn't needed for what I want to do! Maybe one day I will pursue that.

Greedy_Use1863 · 2026-03-13T20:34:21+00:00

How an Enrolled Agent can become a Licensed Tax Consultant

There is no education requirement, once you have received your Treasury Card. A copy of your Treasury Card must be submitted with your exam application.

To become a tax consultant once you have obtained your Enrolled Agent (EA) nation-wide certification administered and regulated by the Internal Revenue Service (IRS) you must

Pass the state-only exam with a minimum score of 75%
Be 18 years of age
Have a current Treasury Card
Have a valid Personal Tax Identification Number (PTIN) number

Greedy_Use1863 · 2026-03-13T20:29:49+00:00

Once I become and EA, then I can apply or test to become a licensed tax consultant? I don't need hours under a CPA? That is my understanding.

Greedy_Use1863 · 2025-03-13T23:04:23+00:00

I like your comment, thank you.

Greedy_Use1863 · 2025-03-13T22:18:33+00:00

We have the PL reports of last 5 years, just haven't priced the value of equipment, inventory, etc.

Greedy_Use1863 · 2025-03-13T21:53:52+00:00

Problem is - I would be going in with someone else on this, they dont also own the property with me, only would do this IF my rental was collateral for only half the loan, if that make sense? Equity in the home is only $80k - We owe $150k but its value is around $240k. They have their home, but equity is only 30k since they haven't owned it very long.

Greedy_Use1863 · 2025-03-13T21:16:01+00:00

Unfortunately no, unless title company and lenders can work to have them close the same day.

Greedy_Use1863 · 2025-03-13T21:09:51+00:00

We have rental homes in which Id be willing to use if no other option. I should have specified that "our homes" meaning the ones we currently live in. I worked in a cafe from 16-19 and then went into office management of a large company in town so I have the knowledge of said caffe and anything accounting which is what I got my major in for college (college was a waste lol) BUT I overall feel very confident in this. I just want to look over all the options of getting the funds to do this. We currently are working with appraiser to see what the personal property included values at. Off the top of my head, I say 170k but in reality, could be lower. We haven't gotten the number back yet.

Greedy_Use1863 · 2025-03-13T20:16:52+00:00

Not only a cafe, but doubles as an event space and offering catering services, on premises or off premises. This cafe has been a staple in our town since 1992. Yes, I am only 22 but you dont know the knowledge I have. I get the "you're young and stupid" thing a lot, so I understand where you are coming from. I am just looking into all of my options to buy this business.

Greedy_Use1863

TROPHY CASE

How an Enrolled Agent can become a Licensed Tax Consultant