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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,…
How to record a deposit with Credit Card fees in QB Online
Do you use QuickBooks Online? Do you wonder what in the world to do? Where to start, what steps to take and what process to do? You’re not alone; it’s not intuitive or self explanatory at all. I feel your pain. How to record a deposit with Credit Card fees in QB Online I’ve created…
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…
Show Business Use of Personal Money
True or False: 1. It is a fact of running a business that you will use your personal funds for business expenses. 2. It is a fact of running a business that you will use funds from your business for personal expenses. If you said the first statement is true and the 2nd is false,…
Q & A : What does Inventory Include
Inventory, oh Inventory! Alexia, Brooke, Karina and many others have asked: [quote ]”What is included in inventory? Is Inventory just my finished jewelry? Do I include metals and gemstones that haven’t been made into anything too?”[/quote] Short answer: yes, include the following: Raw Materials available for production Works in Process not yet ready for sale…
