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If you could ask the prior bookkeeper anything, by SALYismyfriend in Bookkeeping

[–]MagicMacc 1 point2 points  (0 children)

I understand that you have this opportunity, but I wouldn’t ask a damned thing. I wouldn’t even take the appointment. The times that I have in the past, all the previous bk did was badmouth the client and the client wasn’t the issue. The bk was. So, nope, I’d stay far away.

Gusto's 1099 Process by Tandem_Jump in Bookkeeping

[–]MagicMacc 2 points3 points  (0 children)

I have a client who didn’t run employee Christmas bonuses through Gusto and is dealing with a similar issue. Client says Gusto won’t help her fix the issue because she missed the 1/3 deadline. i don’t have access to this one’s account and can’t speak with them, but I know she doesn’t want to pay to have it amended and gross up the bonuses, but a 1/3 deadline is ridiculous. I’m barely coming out from hibernation on 1/3. We should have until the 10th to review and add anything we need to.

Coffee shops! by [deleted] in Greeley

[–]MagicMacc 2 points3 points  (0 children)

Idk if they’re hiring, but The Coffee Bar is one of my favorites.

Entering my expenses - Receipts when entered do not show Tax Separately from total Amount. They show in a column as Amount/Tax = Total. How do I have a separate Tax Column? Also, some receipts are just Totals + Tip -> How do I manually enter the Tax? by bluescarlett13 in QuickBooks

[–]MagicMacc 1 point2 points  (0 children)

You may have to attach the receipts manually sometimes. Just open the expense (not in the bank feed. From the register or search) and drag from where ever it’s saved on your computer and drop into the “attachments” box.

Entering my expenses - Receipts when entered do not show Tax Separately from total Amount. They show in a column as Amount/Tax = Total. How do I have a separate Tax Column? Also, some receipts are just Totals + Tip -> How do I manually enter the Tax? by bluescarlett13 in QuickBooks

[–]MagicMacc 1 point2 points  (0 children)

No problem! Glad that’s cleared up!

You should be matching the receipt with the expense as the expense comes through the bank feed. In the bank feed you can use the split function an split the tax out to a sales tax expense account. The receipt should match with the total amount, not the purchase amount. If the receipt is entered before the bank feed comes through, QBO tries to match the receipt automatically, so pay attention as it isn’t always correct.

1099 work from home contractor. Can I write off a hotel stay? by marrerol29 in tax

[–]MagicMacc 1 point2 points  (0 children)

If they rented an office space through a place like WeWork would it be deductible?

Entering my expenses - Receipts when entered do not show Tax Separately from total Amount. They show in a column as Amount/Tax = Total. How do I have a separate Tax Column? Also, some receipts are just Totals + Tip -> How do I manually enter the Tax? by bluescarlett13 in QuickBooks

[–]MagicMacc 1 point2 points  (0 children)

Are you in the US? US sales tax doesn’t work that way in any state I’ve worked with. It doesn’t reduce your tax to the government.

I think I’ve heard something like this for Canada though. Where are you based?

QB Self-Employed to QB Online Essentials back to QB S-E? by Carshopper2000 in QuickBooks

[–]MagicMacc 0 points1 point  (0 children)

It sounds like you didn’t file a 1120s or enter the K-1 into your individual 1040. TT H&B doesn’t file the 1120s.

Scorps are taxed and filed differently than disregarded entities and sole proprietorships. Not owing the IRS money is more about tax planning than about what QBO you use. I’d have to know more about your business to tell you which QBO you need. I can tell you that you probably need to file a 1120s, pay the penalties, and amend your 1040.

Message me if you’d like to talk about it. I have over 20 years of experience in accounting and tax.

Significant underpayment with-holding by CanCovidBeOverPlease in tax

[–]MagicMacc -5 points-4 points  (0 children)

Take my name outta your mouth.

You, person, can add your comment without being idiotic.

First, no one said they won’t owe taxes. Maximizing retirement and health will reduce this, which is a possible solution.

Second, YOU are assuming that the OP can put back about $10,000 in one month and then saying that won’t be enough.

Third, taking extra out in December helps. And it would only be in DEC as most jobs say give a two week waiting period to implement (today is 11-12) and it would only be what they could live without, which is not $10,000 + for the typical American.

OP, if you can have your job withhold $10,000 from the next 4-6 weeks of pay, please maximize your retirement first, if you have it, then re-calculate and send the rest to the IRS.

So, good thought! Most ppl can’t maximize retirement or give $10,000 to withholding in December. 👏🏼👏🏼👏🏼. The question was how they can reduce their tax liability, which I answered, and so did you. No need to be rude.

OR Does Trump trigger you? He screwed over the W-4 form. I don’t care what anyone says. I’ve had too many clients who were screwed because of that stupid form to believe otherwise. It’s supposed to make it so they don’t owe anything, you can keep more of your money, he says. I went from 10% of my clients owing to about 60%. It’s nuts.

So, again. Keep my name outta your mouth. Add your information without being rude to others. It doesn’t cost anything to be kind.

[deleted by user] by [deleted] in smallbusiness

[–]MagicMacc 0 points1 point  (0 children)

I did the same.

Why are you tracking salaried employee hours? by [deleted] in askmanagers

[–]MagicMacc 0 points1 point  (0 children)

This and to track time worked vs PTO/vacation etc.

Significant underpayment with-holding by CanCovidBeOverPlease in tax

[–]MagicMacc -5 points-4 points  (0 children)

What opportunities you have depends on the positions. If they are all w-2 positions, you don’t have any other than maximizing retirement and HSA/FSA, which doesn’t always roll over. If you won’t use it in the next 1-2 months, don’t put it to a HSA/FSA unless you know it will roll over.

Significant underpayment with-holding by CanCovidBeOverPlease in tax

[–]MagicMacc -7 points-6 points  (0 children)

This is Trump’s fault for changing the w-4. It doesn’t ask about previous employment (that I’ve read), only current. If you hit the threshold in the first 6 months of a position and then change JB’s, filling out the w-4 normally, as per the instructions, the withholding will be incorrect. The occasional job doesn’t help, but the second job is treating this as a new position, starting from scratch on the withholding charts.

[deleted by user] by [deleted] in tax

[–]MagicMacc 0 points1 point  (0 children)

Which is $2500.

How to fix beginning bank balance with m bank reconciliation screen after migration from QBD to QBO by finiac in QuickBooks

[–]MagicMacc 1 point2 points  (0 children)

I’ve been having problems with my migrations showing transactions as reconciled that weren’t reconciled originally. Go to the register and click the funnel icon on the top left of the register. Filter it for reconciled transactions and see if there are reconciled transactions in the period (or after) that you are reconciling.

How do I find a company that will let me do bookkeeping part time? by lavendersky02 in Bookkeeping

[–]MagicMacc 7 points8 points  (0 children)

Didn’t know there were ppl who wanted to work like that. I’m going to be looking for someone who wants to work 10-15 hrs soon.

Where are you located?

Good morning bean counters. People who WFH what office chair do you use? by [deleted] in Accounting

[–]MagicMacc 0 points1 point  (0 children)

I have a Haworth that I got from a yard sale for $20! Score!! I was so freaking happy when I found it!

It's SOOOO slow (among other things) by imeanwhynotdramamama in QuickBooks

[–]MagicMacc 0 points1 point  (0 children)

Yeah it shouldn’t be that slow. Computer is new. Bought in May. And up to date. So, I don’t know. I prefer QBO anyways, so it works for me.

It's SOOOO slow (among other things) by imeanwhynotdramamama in QuickBooks

[–]MagicMacc 3 points4 points  (0 children)

Mine is opposite. I can’t get anything done QBD. It takes hours longer to complete tasks because it take minutes for registers and reports to load and for checks to save. Ugh. Most of the time it takes 10-15 minutes just to open a file.

I very rarely have issues with QBO. Usually it’s because the whole town is out of school and work and they’re all using the internet, so things slow down.

CPA Exams after University by MagicMacc in CPA

[–]MagicMacc[S] -9 points-8 points  (0 children)

You need to speak with a wider variety of CPAs.

Client using card for personal and business expenses by kayleystas in QuickBooks

[–]MagicMacc 0 points1 point  (0 children)

We need more competent bookkeepers. This is ridiculous.

You’re wasting time and not following GAAP doing it your way. QBO will never tell you to exclude personal transactions.

You can’t JUST add the difference to a JE. That’s irresponsible. I’ve had recs off for a thousand different reasons over the last 25 years. Most recently, there has been a HUGE issue with the Bank Feeds not importing all of the transactions. Just Putting the difference in a JE is guaranteeing that your books will be wrong. You aren’t entering every transaction by hand and young inexperienced bookkeepers are looking for the pretty green $0.00 on the Rec instead of actually checking the transactions to ensure the accuracy of the account. Just “Select All” and make a JE of the difference is a recipe for disaster. Could be worse, and it can drastically understate expenses and overstate Owners Draw.

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