Quote:
Originally Posted by notorious
Do not have.
Seriously, you CPA's perform voodoo black magic. I sit down with my CPA every early December, ask him how much equipment I have to buy to not get raped by the man, and he figures it out within about 5-6 minutes.
I choke back tears, he tells me to stop being a bitch and start shopping.
Incredible.
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First, don't lump me in with those psychos. I'd eat a bullet if that was my life. ****.
Your books must be in good order.
I've just accepted the rape. I needed to retain earnings and improve my cash position. So rape it is.
Quote:
Originally Posted by O.city
Dumb question, but will my accountant determine that or?
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There are rules for different treatments. The equipment I think will be 5 or 7 years. If you bought a building it will be like 29 years I think. Then there is Bonus and 179 available, so there are levers to pull. I'm not very good on the depreciation shit, I just believe the software and carry forward as much depreciation as I can.
Quote:
Originally Posted by Rain Man
Because I have an apartment attached to my house, I have to go through every credit card transaction, electronic payment, and written check to see what expenses apply to the house, to the apartment, or to an apportioned combination of the two. It's roughly 1,200 transactions this year.
Now, you may ask if I could do it as I go and not have to do it all at once at the end of the year, and the answer to that question is yes. Yes, I could, and every year I think I should, and then I don't.
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Dude. Get a different credit card for business only expenses. Then put all the non-deductable shit in a big pile that no one cares about, and light that shit on fire.
Or just **** your credit card statements alltogether and calculate them off your receipts. You have to keep them anyway.
Quote:
Originally Posted by Ming the Merciless
quickbooks makes this very easy.. you can even split receipts in case a percent of a receipt can be written off...
I rarely endorse things, but quickbooks has really changed my life with the automated connection between my various accounts and tracking expenses / income..
is it still a chore? yes. Do i procrastinate and wait too long and let transactions "build up" in the queue.. my god yes. But , its SOOO much better now.
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I'm dumping QB. Hopefully next winter. They've got a bad case of the suck.