margie's blog

Accounting for Time in QuickBooks

 

If you sell services to your customers, you'll need to understand how to use QuickBooks' time-tracking features.

Small businesses that sell products have to do a constant balancing act. Keep too much inventory on hand, and you're sitting on potential profits. If you don't order enough and you run out, your customers may go to a competitor. QuickBooks provides tools and reports that can help you manage this ongoing challenge.

Reasonable Comensation for Sub S Shareholders

 

 

This is a HOT button for the IRS. 

We want less compensation and more distributions to keep payroll taxes lower; the IRS wants the opposite. 

We have formulas and ideas to protect you.

First, get over yourself and take salary and it has to be different than $24,000 or $36,000.

This shows the number is a guess and not based on time spent, and replacement cost for your service.

Let's write it up and put it in the corporate minutes book.

THINGS GET LOST OR FORGOTTEN OVER TIME

THINGS GET LOST OR FORGOTTEN OVER TIME

 

Things get lost or forgotten over time.  Take a minute--

Make a list of all your assets and their beneficiaries--

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