Month

May 2017
Ever filled out a tax form and wondered what the heck an NAICS (North American Industry Classification System) code was? Here are instructions on how to select the right NAICS code as a jeweler that manufactures a finished product and sells both wholesale and retail.
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2 Step. 2 Step. 2 Step. Now that we have you moving to a beat, thanks to Chromeo, please go enable 2 Step Authentication in Xero.
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Shera asks: Q: So the owner’s draw doesn’t have any tax consequences like a salary would, correct? A: Correct – the owner’s draw account does not have any tax consequences like a salary. As a Sole Proprietorship or single member LLC (seen as the same as a Sole proprietor to the IRS), the Net Income (the...
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Sherie asks: Q: Before realizing I should have been putting everything to owner’s investment, I repaid our joint account for approximately $2500 last year. I wouldn’t have if I had used my personal account, but this wasn’t all my money! Can I just do an owner’s draw? Or would I have to set up and...
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