Basics of Accounting Brad Garland, CPA The Basics of Accounting - PowerPoint PPT Presentation

Going Beyond the Basics of Accounting Brad Garland, CPA

The Basics of Accounting • Small Shop • <3 employees • <$500k budget • Checkbook accounting Beyond the Basics of Accounting

Going • Real Accounting • Taxes • Sales Tax • Payroll • Tax Returns • Software Beyond the Basics of Accounting

Real Accounting • Revenue & Expenditures • Assets & Liabilities & Net Assets Beyond the Basics of Accounting

Tax • Sales Tax • Payroll • W-2 vs 1099 • Tax Returns • Attorney General Beyond the Basics of Accounting

Sales Tax • Tax-Exempt does NOT mean Sales Tax Exempt • Sales are subject to sales tax • Purchases are probably also subject to sales tax Beyond the Basics of Accounting

Payroll • Employee vs Contractor • W-2 vs 1099 • W-4/A-4 vs W-9 Beyond the Basics of Accounting

Employee or Contractor? • “Common law” tests • Why is this important? • IRS and Department of Revenue will seek back payroll taxes • Can come after YOU personally • Payroll tax setup • Ultimately you are responsible… so be careful ! Beyond the Basics of Accounting

Tax Returns • 990: Gross receipts $500k+, Assets $200k+ • 990-EZ: Gross receipts $50k-$200k, Assets <$500k • 990-N: Gross receipts <$50k • State Filing Requirements • Alabama – Attorney General Beyond the Basics of Accounting

Registering with the Attorney General’s Office: • Register with the Alabama Attorney General • Initial filing and annual renewal + $25 annual fee • Copy of 990 • Exemption Beyond the Basics of Accounting

Software • Desktop • Quickbooks Pro • Cloud • Quickbooks Online • Wave • Freshbooks • MileIQ Beyond the Basics of Accounting

Questions? Beyond the Basics of Accounting

Brad Garland, CPA brad@brandblackwell.com· @TaxPoetic brandblackwell.com · @BrandBlackwell Beyond the Basics of Accounting