Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 10-20-2016, 12:24 AM
Junior Member
 
Join Date: Oct 2016
Posts: 4
New Business income record keeping

I've been running a guitar teaching business for a while now and have been doing it under the table (I know that's really bad) but I take a mixture of checks and cash, most of which I put on my personal bank account and use the debit card to buy things like all of my personal online shopping and things for the business, I do not yet have a tax ID and I have not made it an LLC. My question is how do I start showing income and not be penalized for my past? If I setup a business bank account and keep my personal account, where does the money come from to put into my personal account? Do I take it out of the business account or do I take some of the unreported cash I get and put it into the personal account? Do they audit your personal account and ask where that money came from? Do you recommend quickbooks self employed? Everything is so overwhelming, sorry for the lengthy question, any info will help greatly, thanks



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How to record sales Chernandez1230 Income 3 09-25-2016 08:42 AM
How to record Sec 179 on 1120S and K-1 fencewalker7 S-Corporation 6 03-14-2014 02:15 PM
2 LLCs, transfer money to the other for business expense - how to record for tax purposes? olimits7 For 2013 0 03-11-2014 11:47 AM
Five Tips for Great Record-Keeping Samatg For 2009 0 04-12-2010 05:17 PM
Help With 1099 Sole Proprietor Tax Deductions and Record Keeping Keezee Income 1 09-28-2007 09:22 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.