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Accounting/tax filing software

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cloneBaby
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Accounting/tax filing software  Reply with quote  

q1. What's the best software to use to do accounting and file tax for the sole proprietor?

q1.2. Is there any software that I can do both or I should get two different software? If so, which ones?

q2. What's the best software to use to do accounting and file tax for LLC?

q2.2. Is there any software that I can do both or I should get two different software? If so, which ones?

I'm sure that a bunch of people ask these questions all the time, but I'm finally looking into this now. I know I'm late in the game, but I have not been able to take time to look into this for the last couple of months for variety of reasons. I'd greatly appreciate any help on this.
Post Sat Oct 28, 2006 6:21 am
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coaster
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Actually, it's the first time I've seen it asked here. I wish I had a ready answer. I used TurboTax to do my taxes when I was filing Schedule C as self-employed. I think if you get the "Home & Business" version that should do just fine for scenario #1. As far as the accounting, I just did that in a spreadsheet. Intuit's Quicken "Home & Business" version might be enough, or their "QuickBooks" but I don't have any personal experience with them. Hopefully, someone else will be along to give you a better answer, but weekends are slow around here, so please be patient. Smile

~Tim~
Post Sat Oct 28, 2006 1:08 pm
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cloneBaby
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quote:
Originally posted by coaster
I think if you get the "Home & Business" version that should do just fine for scenario #1. As far as the accounting, I just did that in a spreadsheet.

How did you do this? Do you use some kind of template? If so, is it available for download?
Post Mon Nov 13, 2006 5:53 am
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cloneBaby
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Ok, I found several excel templates at the following page:

http://www.dotxls.com/free-templates/16/free-excel-templates---finance-and-accounting-templates

The following templates are available:

# Accounts Receivable Aging Workbook
# Asset Depreciation Schedule
# Billing Statement (Invoice)
# Expense Report
# Payroll Calculator
# Product Sales Sample
# Year-End Tax Plan

q1. You need to use "Asset Depreciation Schedule" only if you have an asset, whatever that is, right?

q2. Do you need to make use of "Product Sales Sample" if you are just providing services like legal service, IT service, etc.?
Post Mon Nov 13, 2006 6:11 am
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coaster
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I didn't look at the spreadsheet, but I'm assuming the asset depreciation schedule refers to tax treatment of things you buy for use in your business that are expected to last for a while: office equipment and so forth. Usually the expense is spread over several years. Check the IRS website and search "business depreciation"

~Tim~
Post Mon Nov 13, 2006 11:06 pm
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cloneBaby
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quote:
Originally posted by coaster
I didn't look at the spreadsheet, but I'm assuming the asset depreciation schedule refers to tax treatment of things you buy for use in your business that are expected to last for a while: office equipment and so forth. Usually the expense is spread over several years. Check the IRS website and search "business depreciation"

Yeah, you can get 100% deductions for some things, but you can only get partial deductions for other things, though you can do that in the coming years until you get 100% deductions. Yeah, I got it now ... Tx.

Another question.

q3. Should I just use a modified version of "# Product Sales Sample" if I provide service and generate income that way?
Post Mon Nov 13, 2006 11:18 pm
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coaster
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IMO if you're comfortable with spreadsheeting is to just develop your own. I suppose you can use that for a guideline, but IME by the time you're done modifying it to your own needs it's completely different.

~Tim~
Post Tue Nov 14, 2006 12:45 am
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cloneBaby
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BTW, how many spread sheets did you create for yourself? Also how many did you submit to IRS?
Post Tue Nov 14, 2006 12:54 am
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coaster
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You mean for a self-employed business? I don't know, that was over 10 years ago. I think I might have submitted one for a Section 179 recapture. I don't even have those files any more; the printed records are in a box in the basement. The spreadsheets you create are mainly for your own record-keeping; the IRS only sees them if you're audited, or if you need to provide supplemental documentation to support what you entered on a form.

~Tim~
Post Tue Nov 14, 2006 1:16 am
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cloneBaby
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quote:
Originally posted by coaster
... the IRS only sees them if you're audited, or if you need to provide supplemental documentation to support what you entered on a form.

... that's what I thought. I was just checking a couple of documents explaining about Gross Receipts Tax and form LQ2 9501 (Delaware Gross Receipts Tax form) yesterday, but it didn't say anything about providing additional information.
Post Tue Nov 14, 2006 1:22 am
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