Me and my brother own a music business. We help musicians get bookings at night clubs and other venues. Since I am a piano player too I have used the business to book myself for gigs and have the business pay me for those gigs. At the end of the year I issue myself a 1099-MISC. Is this a proper accounting and tax practice? I’ve looked on the IRS website and I can’t seem to find a definitive answer on this. Thanks for the answers!

No, money you take out of the business is treated as a distribution of equity rather than an expense that you invoice the company

Some of the inventory is left over but not much.. I guess my question is could I account for the inventory as a parts expense instead of having to use a inventory account and a cost of goods sold account, the businesss is a Lock smith company that only buys goods when needed but the quantity that is bought sometimes comes with more than that is needed.. would writing this off as parts expense comply with GAPP

It is a really a matter of judgment..

According to GAAP, there is constraint called Materiality, which concern an item’s (or Items) impact on a company’s overall financial operations. An item is material if its inclusion or omission would influence or change the judgment of a reasonable person.

To apply the constraints to your case, you have to judge for yourself. is the amount of the inventory can change the financial operations of the company or not.

if the amount of the inventory is relatively small that will not make any big difference in your monthly or yearly financial statements, like decreasing your assets dramatically, then do it. if not then you have to use inventory account and use methods of cost of good sold and the rest of it…

…for the free market to handle?

State police, city police, county police, fire, road building, road repair, street cleaning, snow plowing, Water, sewer, garbage pickup, building inspectors, Soc Sec, Medicare, Medicaid, animal control, parks and wildlife, DMV/DPS, CIA, NSA, FBI, FAA, FDA, CDC, DCFS, EPA, FDIC, DOT, DHS, BEA, FBOP, FHA, NTSB, NHTSA, IRS, NASA, NOAA, USDA, ATF, DEA, DHA, TSA, US Air Force, US Navy, US Marine Corp, US Army, US National Guard, US Coast Guard, US Army Crop of Engineers, Census Bureau, etc are all services essentially run "socially" by the federal, state, and local governments. These are only a handful of the hundreds of departments and services run by the federal, state, and local governments. There are hundreds, if not thousands.

Now, if you look in the yellow pages, there are thousands upon thousands of goods and services offered by the free market, from accountants to Joe the plumber to yoga instructors.

So what determines which services should be socialized and which should be left to the free market?

well I have a belief that corner markets(markets that effect every thing) need to be stable and cheap to the mass. So if that means socializing so be it, but it does not have to be

i purchase Domains name with Yahoo, and i had old Credit Card infor not up to date in yahoo account, but surpricely yahoo charge me without my CC information to my CC! please away your CC information in yahoo, either you cancel yahoo account or use other domains provider!!!! i naver have this kind of think happening in my domains name register with other company! away yahoo.com away yahoo.com away yahoo.com away yahoo.com !

I’m having exactly the same problem – a $50(AUD) charge for a single .com, now cancelled, was charged to an expired card and somehow shows up on my current credit card bill!! :-[

And actually, there is no way to call yahoo from outside USA, the only way to "contact" them seems to be to choose from a list of questions that other people have already asked.

i also want to know if services are taxable…then which services provided by such professional are exempt

The tax that you appear to be speaking of would depend on the location (state or country) the service was performed.

try this site

http://www.futureaccountant.com/

I should do the service tax related job. Kindly brief m

Don’t know what you mean, so I’ll give you some possibilities:

When you pay your peeps, this is what you enter:

wages expense…1000 (dr)
fica tax payable…77 (cr)
fed withholding…100 (cr)
cash in bank…….823 (cr)

payroll tax expense…277 (dr)
futa tax payable…80 (cr)
suta tax payable…120 (cr)
fica tax payable…77 (cr)

The first entry pays out your cash, the second entry records employer taxes.

(Damn, you’re in India. I should have looked first. The first answer looks right.)

I found several accountants that offer payroll services but I do not know how much to expect to be charged. I have about 10 employees.

My company would charge the following for our on-line product (iPAY – you enter pay info online & print your own checks): $30 per month plus $1.50 per check. $4 per W-2 at year end.

We would charge the following for our fully outsourced payroll product (Platinum Pay – you call us & we do everything):

Weekly: $25 plus $1.50 per check; OR
Bi-weekly/Semi-Monthly: $35 plus $1.50 per check: OR
Monthly: $45 plus $1.50 per check
Plus: $10 per delivery and $4 per W-2 at year end

I am trying to find out if you can fund the yahoo web hosting service for small business by any other means than a credit card account such as pay pal or direct deposit

A credit card assures Yahoo that they’re dealing with an adult, which is always a concern. Howeverm there is a way to use your PayPal account, which is to apply for and get the PayPal debit card and use that to pay for the Small Business site. It takes money directly from your PayPal account.

My current major is Financial Services, but I am thinking to change my major to Accounting because I’ve heard that it is easier to get job if graduate as a accounting major since they can get CPA licenses and things like that to have a better advantage compared to others. Is that true? Should I stick with Financial Services or change my major to accounting in order to have more job opportunities in the future?

Accounting is a steadier career. In this economy, steady is in demand. Most layoffs are found in finance than accounting. Even when a company bankrupts, the last to go are the accountants… somebody has to close the books.

When a finance company recruits new hires, candidates with CPA are moved up the list for understanding cash flows and financial statements. Everything the finance candidate knows, the accountant can easily pick up with experience. Harder for finance worker to pick up accounting.