4 ms·
1. Wildly overpay someone now and save yourself some learning curve and errors. There is a reason we pay for tuition when we go to school. 2. Failing that, mak
by philiphodgen 10y ago
1. Wildly overpay someone now and save yourself some learning curve and errors. There is a reason we pay for tuition when we go to school.
2. Failing that, make your chart of accounts in Quickbooks be exactly equal to the tax return you are filing. If there is a line item on your tax return for "Rabbits" then make a "Rabbits" account in Quickbooks.
3. Only make accounts to match the expenses you have. Don't try to guess the future and pre-populate the chart of accounts.
4. Be willing to have 5% - 10% of your expenses fall into "Misc." It isn't worth being anal-retentive.
5. All of this advice is based on the assumption that you are tracking expenses for the purpose of preparing a tax return, not gratifying your inner MBA with all sorts of management-related financial reports.
- kogir 10y ago> make your chart of accounts in Quickbooks be exactly equal to the tax return you are filing. This seems obvious in retrospect but is actually super helpful. Since I'm trying to do the minimal work required to do taxes, it makes sense I should work backward from there. 2016 was all pre-revenue, and hopefully in 2017 it'll be worth taking option (1) :)
- philiphodgen 10y agoThe "don't spend money before you have to" rule is in effect! Good work. Seriously, you don't need to be really good with this tax return. Say you wildly miscategorize expenses. The net profit is the same, so the tax is unchanged. And an auditor can swiftly go through 100 transactions to put them in the "right" buckets. Greetings from TUS.
- deleted 10y ago[deleted]