Denise Posted January 8, 2008 Report Share Posted January 8, 2008 Hi, Just a quick question on bookkeeping....I need to do my end of year taxes and wondering if anyone has any advice on whether I can do it myself or need a professional or is there a good computer program out there that is quick...thanks alot!! Denise Link to comment Share on other sites More sharing options...
Mary Beth Posted January 8, 2008 Report Share Posted January 8, 2008 yuk....do we need to talk about this now?? Link to comment Share on other sites More sharing options...
quiltmonkey Posted January 8, 2008 Report Share Posted January 8, 2008 MaryBeth, I know...yuck! Time to let Mr. Tax man keep 30% of my wages! Well, maybe with the biz write offs, that will reduce the rate of my tax table. Anywhooo... I have Quickbooks. It\'s easy and it automatically does the double entry for you. You can make it as simple or as detailed as you want. Link to comment Share on other sites More sharing options...
JenMcManus Posted January 9, 2008 Report Share Posted January 9, 2008 Shana, What is a double entry? My 15 YEAR OLD SON!!!!!!! helped me set up QuickBooks last week and I basically have not a clue how to use it!!!!!! I know how to enter what I spend with my credit card and that\'s it. :mad: Jen Link to comment Share on other sites More sharing options...
quiltmonkey Posted January 9, 2008 Report Share Posted January 9, 2008 That\'s an accounting term where debits have to equal credits, But with the Quickbook software you just enter it once and it plugs it in for you in the other part of the accounting equation for you. Now, I do not have an accounting background and what I just said may be totally wrong, but I think that is right... We have several people here who are CPAs, even got some teachers, lawyers and cops... someone here in the mix should know how to explain it better than me! PS: Quickbooks has an excellent tutorial with the program (CD) and you can follow that to learn. Super simple...even a dork like me can use it! Link to comment Share on other sites More sharing options...
Denise Posted January 10, 2008 Author Report Share Posted January 10, 2008 Hey Shana, Thanks alot...I\'ll look up Quick books and see if it is what I want or need...! Denise Link to comment Share on other sites More sharing options...
kusmaulk Posted January 10, 2008 Report Share Posted January 10, 2008 I just want to know about depreciation on the machine. I purchased it in April, and haven\'t a clue how to handle the depreciation part. (I\'ll admit, I haven\'t looked it up yet.) I would like to try and do my taxes myself. I am stubborn that way. Link to comment Share on other sites More sharing options...
kusmaulk Posted January 11, 2008 Report Share Posted January 11, 2008 Oh, come on, now. Somebody here must know about depreciating a machine. Nobody wants to talk about taxes yet? I\'d like to get it out of the way as soon as I can. Link to comment Share on other sites More sharing options...
quiltmonkey Posted January 11, 2008 Report Share Posted January 11, 2008 Sorry, Karol I don\'t know but I think (and I might be wrong) but I believe you depreciate it over a 5 year span. Is that correct, you seasoned quilters??? Link to comment Share on other sites More sharing options...
juliagraves Posted January 11, 2008 Report Share Posted January 11, 2008 It should be depreciated over a 7 year span as general machinery. If you put it into business use the year you bought it, you can take a Section 179 deduction, which lets you depreciate more up front. Other rules apply as well. Go to irs.gov and type in depreciation and you\'ll get the form and instructions. Link to comment Share on other sites More sharing options...
kusmaulk Posted January 12, 2008 Report Share Posted January 12, 2008 Thanks Julia. That does sound familiar now. When I bought the machine in April, I spoke with a CPA about the taxes. He mentioned Section 179. Now it\'s time to figure out how to actually do the forms! It\'s a good thing I\'m getting started now. IRS instructions can take you for a ride. A long one. Link to comment Share on other sites More sharing options...
love2qlt4u Posted January 12, 2008 Report Share Posted January 12, 2008 I have a question for the Calif. ladies out there, or anyone else who can help me. In Calif. when someone brings you a quilt to quilt, is this considered taxable or nontaxable labor. I always thought it was nontaxable, but looking at the State and local sales tax forms, I\'m confused. Thanks for any help. Barbara Link to comment Share on other sites More sharing options...
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