Since 2015, I've been recording Shareholder Loans in my books but not reporting them in my taxes. The total loan amount is now over $60K. Do I need to file amended returns to document these loans? Will this affect my ability to pay myself back later if I don't document them with my tax filings in addition to my books?

September 25th, 2024

Should the transfer of assets from personal ownership to an LLC be made solely in the LLC's name for legal protection, rather than jointly in both the LLC's and my personal name?

February 21st, 2024

Filling out a new W-4, I am married filing jointly with 2 kids (both under 8), but the worksheet seems different this year. Typically, isn't a 4 the normal allowances? My worksheet is currently at 17. What should I do?

December 6th, 2023

What are the tax deductions available for a sole proprietor in various business-related scenarios, including travel expenses, office supplies, equipment purchases, and state tax implications?

September 18th, 2023

How do I record the following two scenarios/transactions in QuickBooks for a sole proprietorship (Company A) and a sole member LLC (Company B) where the same owner and customers are involved, and different bank accounts are used for each entity? Scenario 1: I invoiced John Doe for $1,500 on December 31, 2018 with the QuickBooks of Company A. In January 25, 2019, he pays me back the full amount $1,500 but I deposit this money in the Bank Account of Company B. Scenario 2: I invoiced Paul Will for $2,500 on December 31, 2018 with the QuickBooks of Company A. Paul makes a down payment of $1500 of that amount in December 31st, 2018. In December 31, 2018 I deposit the $1,500 in the Bank Account of Company A. In January 31, 2019, he pays off the $1,000 but I deposit this money in Company B.

October 14th, 2023