Hi Guys… I’m not the farmer… Im the Accountant. Lets do the numbers.
This month in Ask the Accountant:
An Introduction and a Disclaimer
Hi everyone, my name is Mike and I’m the accountant (well, more like I’m Austin’s friend who happens to be an accountant). Apparently I’m going to be doing a blog on here about things like farming, accounting, economics, etc.
That’s all well and good, but I guess you should know something about me first.
How do I introduce myself on a blog? When I am not neck-deep in paperwork during tax season, I am a regular podcast listener, I enjoy architecture, modern art (mostly) and good food. I aspire to play the banjo and I never let my wife win when we play cards (sorry babe). Like every good accountant, I wear a bow-tie and I need glasses (the stereotypes are true).
I work at a small CPA firm in Connecticut (it’s not as much of a city as Austin makes it sound!) and I spend most of my time doing typical accountant things: preparing tax returns, processing payroll, doing write up (bookkeeping), etc. I also dabble in economics on the side, but not in any professional capacity.
Which brings me to my primary point. Even though it may sound like I’m giving tax, financial, or economic advice, I’M NOT. I’m not an economist and I’m not YOUR accountant. At most what I’m trying to do is get you to think about your situation from a different perspective, to do the numbers and ask if what you love to do makes any financial sense, or to think about your decisions from an economic standpoint. If you want real advice, talk to your CFA or CPA, someone who knows the details of your specific situation and can actually give helpful advice.
Besides, I’m just some guy on the internet.
Want to ask me a question? Join the Email list to find out when I’m taking questions!
I’m struggling with a journal entry. Needing assistance.
I want to use $35,000 from a 403b account (has to be paid back with interest over 5 years) to jointly purchase an income property with my son. We will use rent to pay back the loan (as an expense of the business). Is the taxable net rental income (after the repayment) or do I have to claim the repayment $$ as taxable personal income?
Hi! I am an independent contractor massage therapist. The company owner has a policy in place that if people pay in cash and add a tip, she puts the money in her cash drawer and adds the cash tip to our paycheck. If we pay all of our own taxes individually, shouldn’t we get that money as it’s received? Why does she get to keep the cash and we have to wait?
Hello Mike,
I set up my home tutoring business as an s-corp. I have a fleet corporate gas card. I do pick up students from school and bring them to my home. I take kids to the library and field trips. Can i deduct the gas I purchase on this card?
I’d like to take advantage of the Self-Employed Health Insurance Deduction on my individual tax return by having my S-Corporation reimburse me for my health insurance premiums. I know that this requires the corporation to include the amount of the premiums reimbursed on my W-2 gross wages. Currently, the corporation doesn’t pay me any wages, so I haven’t dealt with a W-2 in the past. What are the tax implications of having my corporation pay me wages that are reported on a W-2? What additional paperwork will I need to file with the IRS if the corporation starts reporting wages to me on a W-2? I’m in Texas, so there is no state income tax to worry about, just federal.
Hi. I’m wondering if I were to add my spouse as a dependent would the amount of taxes they take out of my bi-monthly paycheck decrease?
I am on my domestic partners health insurance through her company. They are covering me like a spouse, except that we are paying the taxes on what her company is covering. If we are married before the end of the year, would we get this back in our returns?
Me and my partner of 16 years recently broke up, he is buying out my half of the house in a partition lawsuit. He is paying me to remove myself off title, and trying to figure out if this taxable income or not. My lawyer believes it is not (I am in Philadelphia).
Jonathan, sorry, this is meant for more agricultural questions!
Looking for suggestions to non-profit accounting