by cdaaccounting | Jun 1, 2022 | Business
Tax law refers to your individual net income as “adjusted gross income (AGI).” If you operate your Coeur d’Alene business as an S corporation, your AGI includes your net gain or loss from your S corporation. If you operate your Coeur d’Alene business as a...
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 doing your Coeur d’Alene business bookkeeping its vital that you document taxes and license fees and expenses in the right category. Do not include federal income or self-employment taxes, which are not deductible. Do not include sales taxes on goods and...
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...
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