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Things I didn't know about the IRS

by dorothyf / October 10, 2005 4:48 AM PDT

I highly advise anyone who's making money on the Internet today to take a good look at the information available at reliabletaxadvice.com

I'm a single mom who's working on launching a small online baby products exchange business, and although I'm not usually one to endorse other websites, I appreciated the fact that this was the only one that didn't attempt to draw me into any type of scheme, strategy, or offshore nonsense. I'm not exactly an accounting expert, but I know enough to know that much of the "tax planning" promoted on the Internet is either illegal or ineffective (or both!).

I've found out that even if you're just making a few bucks on eBay -- or you've got a well--established online business -- you still need to know how to stay out of trouble with the IRS (audits, fines, seizure of assets, and even jail time). Anyway, it's up to you to find out if you're at risk.

Also -- can anyone recommend a user-friendly but inexpensive book-keeping software?
I've come across several that were well advertised but I'd like to get some opinions from people that have actually used this kind of stuff.

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small business accounting software
by hickman71 / November 8, 2005 6:44 AM PST

For ease of use and setup, Quickbooks is a good choice for a small business. Most accountants can take your QB file to do your taxes. Peachtree is excellent, but takes a lot more to setup and is more expensive. It's my personal favorite for business (as MAS90 is TOO expensive). Download a trial of Quickbooks and see if it meets your needs.

Regards,

Michael

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Simply Accounting
by culture_of_one / November 10, 2005 11:44 AM PST

I've always found Simply Accounting to be great. I like it a bit better than Quickbooks.

Wink JDM

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I need help with simply accounting
by tomjonesjr / November 29, 2005 2:42 AM PST
In reply to: Simply Accounting

Based on your post, it sounds like you are knowledgeable about simply accounting. I need help. I am trying to change the opening balance back to zero in an account and I can't do it. It tells me that my accounts are out of balance. Help please, if you can.

Thanks
Tom

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Simply Accounting
by Stevezar / January 11, 2008 10:06 AM PST

I just purchased Simply Accounting , and cannot even start because I cannot deposit my starting account. Can anyone help me?

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I need help
by littleandie / May 25, 2008 2:17 AM PDT
In reply to: Simply Accounting

I took a course on simply last year, and have been able to review and remember enough to start doing accounting for my Dad and brother's business. However, i have hit a small bump in the road. Being that it is a new business and I am going back to October of last year with the books, the business didnt start making money until this month. So money had to be transferred from their personal accounts to keep the business afloat. So my question is, how do you input a funds transfer from a person account?

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by sandberg23 / June 9, 2008 7:07 AM PDT

I remember filing taxes as a contract worker and then finding out in the process that I was a small business. It doesn't take much, but it certainly makes things more complicated.

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