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
Instead of setting up a credit ledger for your Coeur d’Alene business, keep copies of your credit sales invoice s in an “unpaid” file. When you receive payment, pull the invoice from the unpaid fire, record the income, a file the invoice with your other paid...
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...
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