Brooke asks, Q: I’ve seen a lot of people getting hacked on FB and I’m scared it’s going to release my credit card info. I tried to cancel payment and I’m not sure how to disconnect my credit card from these socials? Any idea?
Brandy asks: Q: I am in the process of setting up our Shopify POS. I’ve had two sales on it. Is there anything I need to do to document these sales or are they all going to be registered on Shopify? Can I run reports for retail/shop sales in Xero or do I need to…
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.
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…
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…
Melinda asks: Q: So um… what’s the deal with sales tax? When my customer buys something from my SquareSpace website, are they paying taxes? What about wholesale orders? If I am creating invoices to stores who are buying wholesale from me within the same state as me (California), should I be charging them sales tax? Where…