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Helping Your Client With Their Numbers & Preparing Your Recommendations + Accounting, Human Resources, Taxes & Insurance CCL Monday Businesses and Students - Shared screen with speaker view - Recording 2/2
Ericka C
01:31:11
awesome Laurie
Sonya
01:53:27
Talking about Wachvia that does all that for you
Laurie DeWitt - Pure Light Images
01:53:32
I use QB self employed but am not thrilled with it. Lots of issues that make it not ideal. would love to know what others are using to track expenses and income and if they like them?
debbie
01:57:00
We use WaveApps. I absolutely love it because it is easy to understand. Links directly to your bank account.
Laurie DeWitt - Pure Light Images
02:02:23
There are penalties you pay at the end of the year if you don't do quarterly. I often will just send them a check each quarter without actually calculating what I truly owe so it's 'in the can' and based on what I owed the year before.
Laurie DeWitt - Pure Light Images
02:02:39
But the penalties in my case haven't been high, like $100 or so a year.
Sonya
02:04:48
he said Bore insurance for non profit
Sonya
02:04:58
that was a question
Sonya
02:08:57
Board insurance
Sonya
02:11:28
Thank you Jayson
Sonya
02:37:34
Can all talk about issues they have or have not experience with non profits
Rennard Brown
02:37:52
Got it Sonya!
Teddy The Tax Man
02:38:00
I'll be glad to, Sonya.
debbie
02:40:17
Hard to hear Garrett
jlgreen3GA - TGC Agency
02:47:34
443-393-3380 or jlgreen3@tgcagency.com
The Dotts
02:52:35
If your business is a home base business, what are some of the pros and cons of using the same insurance company for your home and your business.
Ericka C
02:56:11
what is the best way to go about separating vehicle expenses for tax purposes. When does it make sense for a vehicle under your business vs personal if you travel often for business related activities but not 100%
Laurie DeWitt - Pure Light Images
02:59:17
Ericka, if you're just talking about mileage taking standard mileage deduction there is an app that can track for you and integrates with QB.
Ericka C
03:03:11
i have mile q but its not been the best honestly
Laurie DeWitt - Pure Light Images
03:07:56
exactly rennard!
Laurie DeWitt - Pure Light Images
03:10:42
….but it's not very efficient for an irs agent earning 100k a year to burn daily salary for $300 for my business vs. a bigger business...sigh...
debbie
03:13:16
Could you define S-corp? What are the benefits of a S-corp?
Laurie DeWitt - Pure Light Images
03:16:48
teddy your kinda hard to hear? can you up your audio?
Laurie DeWitt - Pure Light Images
03:18:13
wow, that's good to know!
Laurie DeWitt - Pure Light Images
03:18:40
I didn't realize filing for extension would allow you to make your ira contributions late!
Laurie DeWitt - Pure Light Images
03:18:50
SEP vs SIMPLE?
Rennard Brown
03:19:40
https://www.irs.gov/retirement-plans/plan-sponsor/simplified-employee-pension-plan-sep
Laurie DeWitt - Pure Light Images
03:19:41
401k is only for llc and corps?
Laurie DeWitt - Pure Light Images
03:19:55
sole props can only do sep or simple right?
debbie
03:20:35
SEP max is 25% of net income?
Rennard Brown
03:21:36
"Simplified Employee Pension (SEP) plans can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee's pay." - irs.gov
debbie
03:23:53
what are the requirements to set up my business as a c corp?
Catherine Wright
03:31:02
Catherine wright@wrightwaytax,com 410-383-9575
Laurie DeWitt - Pure Light Images
03:32:32
thanks to the panel!
debbie
03:32:50
Great Night thus far! Thank you panelist!
jlgreen3GA - TGC Agency
03:32:56
Good luck everyone! Keep going no matter what