Taxes? What's your process? Specifically USA

[user3657]

So yeah I'm really behind in the game. I have hired a CPA for the first time. But I'm wondering if I went with the wrong firm. I'm trying to learn QuickBooks and it's just too complicated for me. I was hoping just to give the firm my data but they're telling me to give them numbers. So I'm wondering what your process is? How do you handle accounting and taxes?

[agent006140]

How much did you sell for the year ?
Do you sell enough to get a 1099K from the sales venue
are you going to use schedule C for small business ,get a copy from IRS website,it will tell you all the data you need to enter.

[user3657]

Originally Posted by agent006140

How much did you sell for the year ?
Do you sell enough to get a 1099K from the sales venue
are you going to use schedule C for small business ,get a copy from IRS website,it will tell you all the data you need to enter.

That's not my question really. I just wanna know everyone's process. I'm already had 5k transactions this year so this isn't really a normal process. It's way to large for me to handle.

[agent006140]

what do you mean by 'process'?
5K is nothing,some sold $1 millions and went bankrupt.
If you are a beginner,buy a spiral bound notebook from drugstore and use it as a sales ledger,record every sale you made,sale amount,cost of good sold,shipping fee received,shipping fee spent,insurance $,add them all up at the end of the month,12 months make a year so now you have annual sales,COGS,fees etc.
You would need it in case of an IRS audit.
Your 1099K is gross sales,so you have to deduct any refund,fees to get net sales.
Your accountant cannot prepare your return without detail information,besides sales ,COGS,there are also other expenses like mileage,home office,supplies.
But if all you sold is 5K,you may not need schedule C,just tell your accountant you sold $5k and clear $xyz,he would just add it to your misc income on 1040.

[yobar]

I think that -------- agent006140 ------'s explanation is the best that can be explained to you here.
Take note of that and start doing each of the things

[yobar]

I think that -------- agent006140 ------ explanation is the best that can be explained to you here.
Take note of that and start doing each of the things

[quantum]

IRS won't accept a handwritten ledger in a notebook. Use excel if you don't have any fancy accounting software. Retain your receipts, invoices, etc. Add expenses and COGS and run it against your income statement on Amazon. Payments > Reports Repository > Report type summary and then date range. Everything from Amazon's side will be in there.

[Phd]

Originally Posted by user3657

So yeah I'm really behind in the game. I have hired a CPA for the first time. But I'm wondering if I went with the wrong firm. I'm trying to learn QuickBooks and it's just too complicated for me. I was hoping just to give the firm my data but they're telling me to give them numbers. So I'm wondering what your process is? How do you handle accounting and taxes?

Look for a "little" guy. Don't use a firm, but one person that does accounting for a living. I used a firm once and than ran away from them. Treated me like a large corp. Found a guy who works out of his house and have used him for 17 years. He taught me how to post each transaction in Simply, and at end of year he verifies postings and does taxes. $700 that's it

PhD