Business acct.

[Trenton Hall]

Thank you, I'm in the U.S, NY to be exact..  I do/have done taxes, so no
problem there.
I thinking the simple Income:Notary in the personal file would be enough,
since expenses are taken care of in the separate program. This would give
me a total for the year and act as a double check to the other program.
Thank you so much for all the help.

On Fri, Apr 27, 2012 at 11:49 AM, Maf. King <maf at chilwell.net> wrote:

> On Fri 27 April 12 10:46:13 you wrote:
> > Thank you. You've got me thinking.
> >
> > 1. Dummy bank acct.in Notary books is good.
> >
> > 2. Instead of a Liability acct.Loaned by Trenton, (which sounds to me, as
> > something I have to 'pay back) what if I had a Payable acct. to Trenton
> and
> > a personal Notary Income from TPH
>
> Hi,
>
> I'm still a little confused about your set-up, I don't exactly know what a
> Notary does - AKAIK in the UK it is a type of lawyer, for witnessing or
> storing documents and legal matters - but I'm not sure where you are in the
> world, so it could be quite a different job where you are.
>
> If you are running this as a fully fledged business in its own right then
> you
> can't just allocate money from the business to yourself.  It depends on
> your
> circumstances/local laws how you should treat this, in the UK it could
> either
> be salary or owner's drawings.
>
> The reason I said liability account is that the business "loans" you the
> money
> for you to "look after" in your personal bank account - but the money still
> "belongs" to the business - until you use it to buy stuff, give some of it
> away as tax, and some as salary/drawings etc. As I said,exactly how you do
> it
> depends on local matters.
>
> > Yes, this is 2 separate entities that I have on my income tax.
> It sounds as though under UK tax law this probably would be one entity.
> A separate business or partnership etc. would do its own tax return, and
> the
> person would also do an income tax return (showing the income/drawings
> taken
> from the business), but a "freelance worker" type arrangement, (maybe you
> do
> this just as a sideline to a main job, or maybe you have retired from full-
> time work)  would be a couple of exta figures on the personal return.
>
> > The program
> > that I mentioned before does keep track of everything except, it works on
> > an accrual basis not cash, so it requires me to correct money income at
> the
> > beginning of the year, since I might not get paid for work in Nov.or Dec,
> > until Jan or Feb.  GC would be a more accurate accounting.  OR
> >                                                           3. Just record
> > Notary income in the Personal Income, period.and then to ck/sav.or cash.
> >
> Yep, I think that a simple Income:NotaryEarnings and possibly a handful of
> Expense:Notary:foo accounts might be enough for you, if this is a
> sideline...
> I suggest a quick chat with a tax professional in your area to establish
> how
> the authorities view your status might be a good idea, GC will work either
> way, but it will be a whole lot easier to start out on the right track...
>
> I'm not a tax professional in any jurisdiction!
>
> Have a good weekend,
> Maf,
>
>
>
>