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How a Net Profit exists with Debt
Q: How can I show a Net Profit and owe on Credit Cards (and / or Loans)? I had to pay tax on my Net Profit, but I don’t even have that cash in the bank to pay off debt. A: Explanation of how you can show a Net Profit, while having debt: Taxes don’t…
Best Alternative to Jewelry Design Manager
We send our regards to the JDM family at Bejeweled Software. Greetings this holiday season and thank you for serving our industry for so long. We look forward to hearing about the next chapter of your journey. An option to replace JDM for ongoing support and updates is our online inventory app for makers, BenchWorks….
How to Handle Use Tax in Xero
The best way to record Use Tax in Xero is to create a Sales Tax Rate with 0{f4f1c227a9297829d6c2f0b223ad0188fddc4ac1a871d87b426e6cec743bfd5b} rate. Apply this Use Tax Rate to transactions where you are owe Use Tax. In Xero the Sales Tax Rates are allocated to the Sales Tax Payable (aka Sales Tax Collected) Liability account. If you created a…
Gifts and Taxes
Gifts cards, cash, employee discounts and inventory are always taxable to the employee. One $25 business gift deduction per year per recipient is not included in pay as a bonus. This can be for employees or outside of business. Exception: gift amount is not limited if giving a gift that benefits a company as a whole,…
12 Small Business Sales Tax Tips
A4J Quick Tip to Understand Sales and Use Tax: Sales and Use Tax are different perspectives of the same thing. A seller collects and remits Sales Tax to their tax authority, while a buyer who wasn’t charged sales tax owes Use Tax. You are the buyer when you buy things for your business that are…
