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-   -   how do you keep track of earnings (https://www.aspkin.com/forums/subscriber-discussions/36880-how-do-you-keep-track-earnings.html)

jbluntz 09-30-2011 02:41 AM

Yeah, same here, if I could only find that gum wrapper, it's gotta be somewhere around here.

Gamefreak 09-30-2011 04:13 AM

Paying someone good money to setup everything for me and teach me how to use it correctly.

She claims to be an accountant. So ill see how that goes tomorrow.

cardfelon 09-30-2011 08:59 AM

She claims to be a accountant?? Where did you meet this person. Don't tell me CL. I would make sure and verify her licensing information with the state before turning her loose. If she isn't licensed properly and screws your stuff up then you will be responsible when it is all said and done with the IRS.

Word of advice. You should set up a S corp as you will pay lower taxes. As a Sole Proprietor the self employment tax rate is much higher. As a S corp you can pay your dividends from the corp earnings and not have to pay tax on them because your corp has already paid the taxes. That is how my businesses are set up. Talk with a tax expert about that.

UnderBites08 09-30-2011 10:16 AM

Quote:

Originally Posted by GrannyT (Post 270547)
It looks very sweet if you do your homework first and have a good exit strategy. Think stealth

:pop2:

Maybe off shore banking type stuff??:pop2:

GrannyT 09-30-2011 11:34 AM

Maybe

:pop2:

MikeyD 10-01-2011 03:28 PM

If you have a simple business where you buy stuff for $5 and sell it for $20, you can use the bottom rung Quickbooks and the free Ebay Accounting Assistant. It saves a TON of time. It imports all of your Ebay transactions into Quickbooks.


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