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How Are You Keeping Your Books?

Discussion in 'Business & Tax Advice' started by ximscreamingx, Jan 23, 2009.

  1. ximscreamingx

    ximscreamingx Power Member

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    I'd like to hear how you guys are keeping your books for your income expenses, taxation etc.

    Any software recommendations?

    X
     
  2. The Giant Midget

    The Giant Midget Junior Member

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    turbo tax
     
  3. Belexandor

    Belexandor Junior Member

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    quickbooks pro

    I don't actually use it though, the secretary does.
     
  4. ximscreamingx

    ximscreamingx Power Member

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    I think that's what I'll end up getting. Was hoping for some random software (or some extremely well crated excel spreadsheets), but I'll give in to the man.

    Does it work for self employee tax estimation and such?
     
  5. joesomebody

    joesomebody Registered Member

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    I'm not very well...

    Working on improving my methods.
     
  6. caretaker2007

    caretaker2007 Power Member

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    That's a good answer joe.

    Non computerized double entry is my back up for a spreadsheet I designed for myself.
     
    • Thanks Thanks x 1
  7. Belexandor

    Belexandor Junior Member

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    I'm not really sure X. It damn well ought to for what it costs. As I understand it, QBs manges the data and prepares the forms but also steers you towards using turbo tax to file.

    I do know that Secretary (yes I actually call her that and she absolutely loves me for it) just takes the QB files to our CPA on a jump drive and thats that. Of course, those are for a business not a self employed individual.

    When I start doing five figures a month like you I'll probably be looking for the same solution.:D
     
  8. Sniper

    Sniper Jr. VIP Jr. VIP Premium Member

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    For me it's a well crafted spreadsheet, deposit books and wire transfer records, and a crap load of receipts for everything from a head of lettuce to utility bills. I used to use quicktax when I was a sole prop. but now I run everything through a corp. so I am going to go the accountant route and try to save some bux.

    I also scan every check I receive to back up my income I claim.
     
  9. ximscreamingx

    ximscreamingx Power Member

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    Well I own 2 S Corps, however I formed the first during last quarter of last year and the second just a week ago.

    I figured Quick Books will solicit you to use TurboTax. What I might need is a well crafted spread sheet to balance my P/L (that way I can take it to my Tax Attorney and have him really "balance" it).

    I'm doing close to 5 figures a day ; )

    X
     
    Last edited: Jan 23, 2009
  10. areyouserious

    areyouserious Registered Member

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    I have been using Simply Accounting Pro since 2004. Its like 100 bucks but it is the best money I have ever spent on software. This program is really simple to use and IMO blows quickbooks out of the water (I switched from quick books to Simply Accounting PRO).

    Seriously
     
  11. loclhero

    loclhero Supreme Member

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    quickbooks for running the biz and i haven't paid a fucking accountant in years. i do my own with turbotax.
     
  12. Sniper

    Sniper Jr. VIP Jr. VIP Premium Member

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    What about simply accounting? Do you think that might be overkill?
    -- shit I must learn to read.. When I worked in the "real" world we used simply, but I didn't think it would apply well to this industry. How well does it deal with multi-currency revenues?
     
  13. brill

    brill Newbie

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    I would say that lowering tax liability is as important as making the income unless you don't report...

    For Good Info I would say g00&le Scott Estill / tax tracker ..he knows his shit and was the head trial lawyer for the IRS he has a tax tracker that you just annotate and at the end of the month tally then at the end of the year give your monthly statements to your CPA or Tax guy and .....

    I believe he represents when people get audited and also on that note I don't think hes ever lost..

    Also Al Aiello was another TAX Expert about saving your income..

    Just my 2cents hope that helps
    B~
     
  14. Sniper

    Sniper Jr. VIP Jr. VIP Premium Member

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    My family went through a Revenue Canada audit. I believe that you pay what you owe, otherwise you have hell to pay for years and years. Hiding a couple grand is not worth it compared to paying the couple hundred that you rightfully owe to your country who provides the infrastructure and "freedoms" you have to live in it. Play straight and live stress free.
    -- i'll add this post is off topic and I'm sorry for that, but it is somewhat relevant. I'll shut up now because I am into the sauce and that usually gets me in shit ;)
     
  15. ximscreamingx

    ximscreamingx Power Member

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    I strongly recommend anyone filing their own tax returns to hire someone to do it for you. It's not that you may not know what you're doing, you just don't want the liability.
     
  16. Laser

    Laser Jr. VIP Jr. VIP Premium Member

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    anybody have the crack ?

    :lmao::lmao::lmao::lmao:
     
  17. innocent

    innocent Junior Member

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    I am a big fan of QuickBooks Pro and wouldn't switch. I think the correct solution for you might be different. It depends on how many different streams of income, expense types, etc, that your particular business has. For me, I have both online and offline income streams that is quite complicated so QB Pro does the heavy lifting. As far as taxes, the data easily integrates into most tax software but it is likely money well spent to have a professional do it for you. Good luck!
     
  18. helaughs

    helaughs Registered Member

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    In the US you are still liable unless, the person that does your taxes gives you some kind of guarantee that he will take responsibility for your return/audit. Even then if there is a criminal complaint you would still be responsible, although it certainly would help with your defense to be able to say that your accountant did your taxes.
     
  19. andrik95

    andrik95 Newbie

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    I've been using QuickBooks Pro for 10 years.
    There's no other software that can compare to QBks.
     
  20. jmhmedia

    jmhmedia Junior Member

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    If you make over 100k a year you should REALLY get an accountant! I learned the hard way, trust me.
    I filed my own taxes for years but once you start running your own business its a whole new game and the IRS has alot more practice.
    I found a really good accountant that I email my bank statments over to at the end of the month and she does all the accounting and tells me how much I need to put away for the end of the year.