dg_enterprises
Level 2
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Thanks all for the replies.The bottom line for me is that I will no longer accept electronic payments.
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In my first post, I said I report all income.I report all cash income, checks, credit cards, PayPal, Venmo on my Schedule C.I also report all business expenses ...
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Why make extra work? I get paid back exactly what I pay for parts. The parts are a wash. I just report my labor as income because that's my profit.
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Good documentation in case I get audited? Or will the IRS/state want to see this up front? Thanks for the reply!
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Single member LLCs are not required to keep a balance sheet or list assets. This is the entire problem. Please read the questions more carefully.PS: When I orig...
Activity Feed for dg_enterprises
- Cheered Re: I'm a mechanic. I don't profit on parts, only labor. If a customer pays me with PayPal $1000 for a job, but $800 was parts reimbursement, what are the tax implications? for Critter-3. August 23, 2023 10:36 AM
- Cheered Re: I'm a mechanic. I don't profit on parts, only labor. If a customer pays me with PayPal $1000 for a job, but $800 was parts reimbursement, what are the tax implications? for NCperson. August 23, 2023 10:29 AM
- Cheered Re: I'm a mechanic. I don't profit on parts, only labor. If a customer pays me with PayPal $1000 for a job, but $800 was parts reimbursement, what are the tax implications? for NCperson. August 23, 2023 10:29 AM
- Posted Re: I'm a mechanic. I don't profit on parts, only labor. If a customer pays me with PayPal $1000 for a job, but $800 was parts reimbursement, what are the tax implications? on Get your taxes done using TurboTax. August 23, 2023 10:28 AM
- Cheered Re: I'm a mechanic. I don't profit on parts, only labor. If a customer pays me with PayPal $1000 for a job, but $800 was parts reimbursement, what are the tax implications? for Critter-3. August 23, 2023 10:27 AM
- Posted Re: I'm a mechanic. I don't profit on parts, only labor. If a customer pays me with PayPal $1000 for a job, but $800 was parts reimbursement, what are the tax implications? on Get your taxes done using TurboTax. August 23, 2023 7:53 AM
- Posted Re: I'm a mechanic. I don't profit on parts, only labor. If a customer pays me with PayPal $1000 for a job, but $800 was parts reimbursement, what are the tax implications? on Get your taxes done using TurboTax. August 23, 2023 6:29 AM
- Posted Re: I'm a mechanic. I don't profit on parts, only labor. If a customer pays me with PayPal $1000 for a job, but $800 was parts reimbursement, what are the tax implications? on Get your taxes done using TurboTax. August 22, 2023 8:55 PM
- Cheered Re: I'm a mechanic. I don't profit on parts, only labor. If a customer pays me with PayPal $1000 for a job, but $800 was parts reimbursement, what are the tax implications? for Bsch4477. August 22, 2023 8:53 PM
- Posted I'm a mechanic. I don't profit on parts, only labor. If a customer pays me with PayPal $1000 for a job, but $800 was parts reimbursement, what are the tax implications? on Get your taxes done using TurboTax. August 22, 2023 8:44 PM
- Got Cheered for Why is CA form 568 asking for my "total assets end of year?" I am a single member LLC. No Schedule L. No balance sheet. Can't get past this point.. February 26, 2022 8:15 PM
- Posted Re: Total assets for single member LLC on Business & farm. May 12, 2021 5:39 PM
- Got Cheered for Re: Why is CA form 568 asking for my "total assets end of year?" I am a single member LLC. No Sch.... February 6, 2021 6:31 PM
- Posted Re: Why is CA form 568 asking for my "total assets end of year?" I am a single member LLC. No Sch... on Business & farm. February 26, 2020 6:50 AM
- Posted Why is CA form 568 asking for my "total assets end of year?" I am a single member LLC. No Schedule L. No balance sheet. Can't get past this point. on Business & farm. February 25, 2020 12:36 PM
- Posted Re: Form 568 - Enter Total Assets at End of Year? on Deductions & credits. February 21, 2020 6:58 AM
- Cheered Re: Form 568 - Enter Total Assets at End of Year? for KurtL1. February 21, 2020 6:58 AM