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

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

Nov 14, 2023 232 likes •376 views

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

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SLIDE 1

Going Beyond the Basics of Accounting

Brad Garland, CPA

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SLIDE 2

Beyond the Basics of Accounting

The Basics of Accounting

  • Small Shop
  • <3 employees
  • <$500k budget
  • Checkbook accounting
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SLIDE 3

Beyond the Basics of Accounting

Going

  • Real Accounting
  • Taxes
  • Sales Tax
  • Payroll
  • Tax Returns
  • Software
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SLIDE 4

Beyond the Basics of Accounting

Real Accounting

  • Revenue & Expenditures
  • Assets & Liabilities & Net Assets
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SLIDE 5

Beyond the Basics of Accounting

Tax

  • Sales Tax
  • Payroll
  • W-2 vs 1099
  • Tax Returns
  • Attorney General
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SLIDE 6

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
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SLIDE 7

Beyond the Basics of Accounting

Payroll

  • Employee vs Contractor
  • W-2 vs 1099
  • W-4/A-4 vs W-9
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SLIDE 8

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!
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SLIDE 9

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
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SLIDE 10

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
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Beyond the Basics of Accounting

Software

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

Questions?

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Beyond the Basics of Accounting

Brad Garland, CPA

brad@brandblackwell.com· @TaxPoetic brandblackwell.com · @BrandBlackwell