Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 In Quicken, there is a category called " Gift Received. " By default, it will not roll up as taxable. This is correct, as gifts are not taxable to the recipient. Bonuses, however, are. Look in the income section of Quicken, and you should see it. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Rennie My Home Page: http://www.renesue.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Gift recording Rennie and anyone else who might use Quicken home and business software. Where does one enter a gift payment from a client? My doc, as I mentioned before, gave me a gift with her payment due. Unfortunately she gave it as one check. How do I separate it and where do I enter a gift? I could not find it in the menu. Thanks. Aliceanne Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 Rennie still questioning this gift I received. I billed doc that day 60.12 and in one check she paid me 260.12. So I would I guess enter 200 into the life event planner section but can I split the check on record? Thanks you are really an expert on this stuff (as well as a lot of other stuff. Yes you can let your head swell, you deserve it.) Aliceanne At 09:42 AM 12/29/2002 -0600, §Rennie§ wrote: >In Quicken, there is a category called " Gift Received. " By default, it >will not roll up as taxable. This is correct, as gifts are not taxable to >the recipient. Bonuses, however, are. Look in the income section of >Quicken, and you should see it. > >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ >Rennie >My Home Page: <http://www.renesue.com>http://www.renesue.com >~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ > > Gift recording > > >Rennie and anyone else who might use Quicken home and business >software. Where does one enter a gift payment from a client? My doc, as I >mentioned before, gave me a gift with her payment due. Unfortunately she >gave it as one check. How do I separate it and where do I enter a gift? I >could not find it in the menu. Thanks. >Aliceanne > > > > > >TO UNSUBSCRIBE send a blank email to NMTC-unsubscribe > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 Well, we don't want my brains to blow up, do we? *G* In reality, the bottom line on this is going to be whether your doc includes this in your 1099. It would be awkward to ask about that, I think. If it were me, I'd probably wait for my 1099 and see if the total on the 1099 matched my total with or without the bonus/gift. My gut instinct says it will be included because the doc is going to want the tax deduction. Why don't you classify it as income for now (in Quicken), and then if you find out it's not, then it will be like getting a gift all over again. You can either put it in with your other income or you can make another income category called " Bonuses. " Check first to see if there already is one though. I can't remember off hand. Gift recording > > >Rennie and anyone else who might use Quicken home and business >software. Where does one enter a gift payment from a client? My doc, as I >mentioned before, gave me a gift with her payment due. Unfortunately she >gave it as one check. How do I separate it and where do I enter a gift? I >could not find it in the menu. Thanks. >Aliceanne > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 Last year I did not get a 1099. Believe it?!. I asked her about it and she said she " forgot to tell her accountant about me " . She asked me what I was declaring as paid by her and I told her. She never got back to me. I sent in my paperwork, electronically actually including everything she paid me. I never heard again from her on it nor did I ask her. This year however, I worked a full year with her. I had better get on her tail. Thanks for the reminder. " Yes there is and I did see it. I went back and edited it to include gift. It means splitting it however as part was work and I had a problem doing that. I think I am just plain tired. Will walk away from it tonight and try again tomorrow. Thanks. Aliceanne At 04:53 PM 12/29/2002 -0600, §Rennie§ wrote: >Well, we don't want my brains to blow up, do we? *G* > >In reality, the bottom line on this is going to be whether your doc >includes this in your 1099. It would be awkward to ask about that, I >think. If it were me, I'd probably wait for my 1099 and see if the total >on the 1099 matched my total with or without the bonus/gift. My gut >instinct says it will be included because the doc is going to want the tax >deduction. > >Why don't you classify it as income for now (in Quicken), and then if you >find out it's not, then it will be like getting a gift all over >again. You can either put it in with your other income or you can >make another income category called " Bonuses. " Check first to see if >there already is one though. I can't remember off hand. > > Gift recording > > > > > >Rennie and anyone else who might use Quicken home and business > >software. Where does one enter a gift payment from a client? My doc, as I > >mentioned before, gave me a gift with her payment due. Unfortunately she > >gave it as one check. How do I separate it and where do I enter a gift? I > >could not find it in the menu. Thanks. > >Aliceanne > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 hee hee I love it, I never get a 10-99 cause my tax man said he never wanted to see another one the first time he saw it. So we incorporated. Val Gift recording > > > > > >Rennie and anyone else who might use Quicken home and business > >software. Where does one enter a gift payment from a client? My doc, as I > >mentioned before, gave me a gift with her payment due. Unfortunately she > >gave it as one check. How do I separate it and where do I enter a gift? I > >could not find it in the menu. Thanks. > >Aliceanne > > TO UNSUBSCRIBE send a blank email to NMTC-unsubscribe Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 Val, My husband thinks I should incorporate. He is concerned about the liability issues and with the changes with HIPAA I am thinking he has the right idea. Are there differences in the tax structure, or maybe I should say, advantages :-) ? Dawn C. §(ºoº)§ M-TEC Student IC, Ortho - 1+ years, IM AIM: fasthands47 Gift recording > > > > > >Rennie and anyone else who might use Quicken home and business > >software. Where does one enter a gift payment from a client? My doc, as I > >mentioned before, gave me a gift with her payment due. Unfortunately she > >gave it as one check. How do I separate it and where do I enter a gift? I > >could not find it in the menu. Thanks. > >Aliceanne > > TO UNSUBSCRIBE send a blank email to NMTC-unsubscribe Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 Val, I'm also curious about the cost of incorporating. Is it horribly expensive to hire a lawyer to do this? Thanks! Trachea On Sun, 29 Dec 2002 18:25:07 -0600 writes: > Val, > > My husband thinks I should incorporate. He is concerned about the > liability issues and with the changes with HIPAA I am thinking he > has the right idea. Are there differences in the tax structure, or > maybe I should say, advantages :-) ? > > Dawn C. §(ºoº)§ > M-TEC Student > IC, Ortho - 1+ years, IM > AIM: fasthands47 > > Gift recording > > > > > > > > >Rennie and anyone else who might use Quicken home and business > > >software. Where does one enter a gift payment from a client? > My doc, as I > > >mentioned before, gave me a gift with her payment due. > Unfortunately she > > >gave it as one check. How do I separate it and where do I enter > a gift? I > > >could not find it in the menu. Thanks. > > >Aliceanne > > > > > > > TO UNSUBSCRIBE send a blank email to > NMTC-unsubscribe > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 LOLOLOL Trachea. LOL ~Trisha~ Happy New Year!! ~~~~~oOo~~~~~oOo~~~~~oOo~~~~~oOo~~~~~ " You laugh because I am different. I laugh because you are all the same. " ~~~~~oOo~~~~~oOo~~~~~oOo~~~~~oOo~~~~~ -------Original Message------- Val, I'm also curious about the cost of incorporating. Is it horribly expensive to hire a lawyer to do this? Thanks! Trachea On Sun, 29 Dec 2002 18:25:07 -0600 writes: > Val, > > My husband thinks I should incorporate. He is concerned about the > liability issues and with the changes with HIPAA I am thinking he > has the right idea. Are there differences in the tax structure, or > maybe I should say, advantages :-) ? > > Dawn C. §(ºoº)§ > M-TEC Student > IC, Ortho - 1+ years, IM > AIM: fasthands47 > > Gift recording > > > > > > > > >Rennie and anyone else who might use Quicken home and business > > >software. Where does one enter a gift payment from a client? > My doc, as I > > >mentioned before, gave me a gift with her payment due. > Unfortunately she > > >gave it as one check. How do I separate it and where do I enter > a gift? I > > >could not find it in the menu. Thanks. > > >Aliceanne > > > > > > > TO UNSUBSCRIBE send a blank email to > NMTC-unsubscribe > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 >I'm also curious about the cost of incorporating. Is it horribly >expensive to hire a lawyer to do this? I don't know if the fees, etc. would vary by state, but everything else seems to... My husband incorporated, but he did an S corporation, I think... I forget what all the different corporations are... anyway, he saves a fortune in taxes every year now. He pays an accountant a monthly fee for handling all his regular stuff, and then he also pays the accountant a different fee for maintaining the corporation. I insisted he hire an accountant after the blue streak that came out of his office while trying to use Turbo Tax a few years ago. The program is fine for most things, I understand, but it did not have enough of one thing or had too much of something else and we couldn't use it. The accountant, by setting up the corporation stuff and saving me huge headaches from dealing with a grumpy husband, is more than worth every penny. (: -Allie Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 Also, when you incorporate....and lets say you get sued....You are not personally liable. In otherwords, how our taxman explained it to us was...there was a guy who was inc. He got sued, actually because he had the business, his business got sued. He was sued for thousands of dollars.....bottom line...he only had $700 in his business acct....his business paid the $700...case closed....and nothing about him was touched personally. Meaning they could not sue him personally, touch his personal acct., home, car, etc. So it really is worth it in so many ways to be an S-corp. Val, who really does have the BEST taxman in the world and he is licensed in all 50 states if any of you want use him. Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 Oh, and here in AZ our tax man handled everything and it was $500 total. I'm sure it does vary from state to state. Gift recording > > > > > > > > >Rennie and anyone else who might use Quicken home and business > > >software. Where does one enter a gift payment from a client? > My doc, as I > > >mentioned before, gave me a gift with her payment due. > Unfortunately she > > >gave it as one check. How do I separate it and where do I enter > a gift? I > > >could not find it in the menu. Thanks. > > >Aliceanne > > > > > > > TO UNSUBSCRIBE send a blank email to > NMTC-unsubscribe > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 I was trying not to bring that up, but since you did....LOLOLOL I'm joining in. I've done the same thing more times than I can remember. Dawn C. Gift recording > > > > > > > > >Rennie and anyone else who might use Quicken home and business > > >software. Where does one enter a gift payment from a client? > My doc, as I > > >mentioned before, gave me a gift with her payment due. > Unfortunately she > > >gave it as one check. How do I separate it and where do I enter > a gift? I > > >could not find it in the menu. Thanks. > > >Aliceanne > > > > > > > TO UNSUBSCRIBE send a blank email to > NMTC-unsubscribe > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 Val That's $500 to incorporate, not annually, right? And that's also a deductible expense? Dawn C. Gift recording > > > > > > > > >Rennie and anyone else who might use Quicken home and business > > >software. Where does one enter a gift payment from a client? > My doc, as I > > >mentioned before, gave me a gift with her payment due. > Unfortunately she > > >gave it as one check. How do I separate it and where do I enter > a gift? I > > >could not find it in the menu. Thanks. > > >Aliceanne > > > > > > > TO UNSUBSCRIBE send a blank email to > NMTC-unsubscribe > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 29, 2002 Report Share Posted December 29, 2002 right...just a one time fee....we do pay our taxman to do our business and personal taxes...it's around $3-400, but our tax refund is so good, we don't mind and the fee is tax deductible too. Val Gift recording > > > > > > > > >Rennie and anyone else who might use Quicken home and business > > >software. Where does one enter a gift payment from a client? > My doc, as I > > >mentioned before, gave me a gift with her payment due. > Unfortunately she > > >gave it as one check. How do I separate it and where do I enter > a gift? I > > >could not find it in the menu. Thanks. > > >Aliceanne > > > > > > > TO UNSUBSCRIBE send a blank email to > NMTC-unsubscribe > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 30, 2002 Report Share Posted December 30, 2002 We all thought it was a cool nic name. LOL! Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 30, 2002 Report Share Posted December 30, 2002 Oh, HOW FUNNY!!! I had Shorthand still turned on....and trac ends up trachea! So, just sign me, Trachea :-) On Sun, 29 Dec 2002 19:36:10 -0600 (Central Standard Time) " sandlewood " writes: LOLOLOL Trachea. LOL ~Trisha~ Happy New Year!! ~~~~~oOo~~~~~oOo~~~~~oOo~~~~~oOo~~~~~ " You laugh because I am different. I laugh because you are all the same. " ~~~~~oOo~~~~~oOo~~~~~oOo~~~~~oOo~~~~~ -------Original Message------- Val, I'm also curious about the cost of incorporating. Is it horribly expensive to hire a lawyer to do this? Thanks! Trachea On Sun, 29 Dec 2002 18:25:07 -0600 writes: > Val, > > My husband thinks I should incorporate. He is concerned about the > liability issues and with the changes with HIPAA I am thinking he > has the right idea. Are there differences in the tax structure, or > maybe I should say, advantages :-) ? > > Dawn C. §(ºoº)§ > M-TEC Student > IC, Ortho - 1+ years, IM > AIM: fasthands47 > > Gift recording > > > > > > > > >Rennie and anyone else who might use Quicken home and business > > >software. Where does one enter a gift payment from a client? > My doc, as I > > >mentioned before, gave me a gift with her payment due. > Unfortunately she > > >gave it as one check. How do I separate it and where do I enter > a gift? I > > >could not find it in the menu. Thanks. > > >Aliceanne > > > > > > > TO UNSUBSCRIBE send a blank email to > NMTC-unsubscribe > > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 30, 2002 Report Share Posted December 30, 2002 Val, Trachea (LOL) here would love to have your tax man's contact information! Thanks :-). TracY (see the " Y " on the end?!) On Sun, 29 Dec 2002 18:41:05 -0700 " valpie " writes: > Also, when you incorporate....and lets say you get sued....You are > not personally liable. In otherwords, how our taxman explained it to > us was...there was a guy who was inc. He got sued, actually because > he had the business, his business got sued. He was sued for > thousands of dollars.....bottom line...he only had $700 in his > business acct....his business paid the $700...case closed....and > nothing about him was touched personally. Meaning they could not sue > him personally, touch his personal acct., home, car, etc. So it > really is worth it in so many ways to be an S-corp. > > Val, who really does have the BEST taxman in the world and he is > licensed in all 50 states if any of you want use him. > > Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 30, 2002 Report Share Posted December 30, 2002 And a new nickname is born.................. LOLOL! ----- Original Message ----- Oh, HOW FUNNY!!! I had Shorthand still turned on....and trac ends up trachea! So, just sign me, Trachea :-) -------Original Message------- Val, I'm also curious about the cost of incorporating. Is it horribly expensive to hire a lawyer to do this? Thanks! Trachea Quote Link to comment Share on other sites More sharing options...
Guest guest Posted December 30, 2002 Report Share Posted December 30, 2002 I've been called worse, so trachea is just fine by me! *G* On Mon, 30 Dec 2002 07:02:03 -0600 " =?iso-8859-1?B?p1Jlbm5pZac=?= " writes: > And a new nickname is born.................. > > LOLOL! > > ----- Original Message ----- > > > > Oh, HOW FUNNY!!! > > I had Shorthand still turned on....and trac ends up trachea! > > So, just sign me, > > Trachea > > :-) > > -------Original Message------- > > > Val, > > I'm also curious about the cost of incorporating. Is it horribly > expensive to hire a lawyer to do this? > > Thanks! > > Trachea > > > > > TO UNSUBSCRIBE send a blank email to > NMTC-unsubscribe > > > Quote Link to comment Share on other sites More sharing options...
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