by cdaaccounting | Jun 1, 2022 | Business
For recordkeeping and taxes, you must distinguish between “your Coeur d’Alene business” income and “non-business” income. Business income is what you earn from selling a product or providing a service. Only your business income is included on your income...
by cdaaccounting | Jun 1, 2022 | Business
A tax year is an annual accounting period that an Idaho taxpayer uses to determine their tax liability. A calendar year is January 1st through December 31st. Individuals, including an Idaho sole proprietorship, always use the calendar year. A fiscal year is a tax year...
by cdaaccounting | Jun 1, 2022 | Business
When you extend direct credit, you need to set up a record of each credit consumer, purchases made, payments made, and balanced owed. This credit record is in addition to your business income records. Post Credit Sales Credit sales are posted to your Coeur...
by cdaaccounting | Jun 1, 2022 | Business
Accepting that you have to keep track of your Coeur d’Alene business accounting is half the battle. Next you need to decide how you will do it. How and when you record your business transactions make a difference not only to your accountant but also to agencies...
by cdaaccounting | May 6, 2022 | Business
If you’re a Coeur d’Alene LLC taxed as a partnership or sole proprietor, your fringe benefits are generally considered guaranteed payments or other compensation for income and self-employment tax purposes. Naturally, there are exceptions to the general rules....
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