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Started By
Message
DIY accounting for single member s corp
Posted on 6/23/21 at 1:53 pm
Posted on 6/23/21 at 1:53 pm
This is in California. Wife is starting a single member s-corp for a clinical therapy practice. We are trying to decide how we should handle the administrative side of things (accounting/bookkeeping/taxes and s-crop fees/payroll).
By chance does anyone have something similar and handle all of the admin tasks on their own? Im trying to figure out how much time and hassle this would be.
thanks
By chance does anyone have something similar and handle all of the admin tasks on their own? Im trying to figure out how much time and hassle this would be.
thanks
4
Posted on 6/23/21 at 2:18 pm to audioaxes1
Yep... I don't do the K-1 on my own, nor do I do the bookkeeping. I do all my own payroll through a company called Medlin Medlin.com
I think it's $65/yr. Then I have everything I need in a list that I run through once a month... only thing that is monthly is my fed tax deposit.
Then quarterly is my Louisiana deposit, which I don't know about California... and state unemployment
Annually is just FUTA, and W-2's for Fed & State. All of which the Medlin program will provide the numbers for.
Good luck!
eta. all of the work I do on this takes maybe 1 hour per year. 2 tops.
I think it's $65/yr. Then I have everything I need in a list that I run through once a month... only thing that is monthly is my fed tax deposit.
Then quarterly is my Louisiana deposit, which I don't know about California... and state unemployment
Annually is just FUTA, and W-2's for Fed & State. All of which the Medlin program will provide the numbers for.
Good luck!
eta. all of the work I do on this takes maybe 1 hour per year. 2 tops.
This post was edited on 6/23/21 at 2:20 pm
Posted on 6/23/21 at 2:58 pm to audioaxes1
Easiest thing to do would be Quickbooks Online and using the payroll add-on. She can link QB to her company bank account and credit card and just code out her expenses once they post. Invoicing is really easy through their and so is cutting checks.
Payroll can be added on pretty cheaply and she can get the subscription level to have QB handle all of the tax filings for her.
Depending on the number of transactions, my firm does virtual bookkeeping that is fairly cheap.
Payroll can be added on pretty cheaply and she can get the subscription level to have QB handle all of the tax filings for her.
Depending on the number of transactions, my firm does virtual bookkeeping that is fairly cheap.
Posted on 6/25/21 at 9:20 am to LigerFan
thanks for the responses
so by subscription level there is a way to easily produce your scorp tax filings out of quickbooks?
so by subscription level there is a way to easily produce your scorp tax filings out of quickbooks?
Posted on 6/25/21 at 9:59 am to audioaxes1
If you can't do the operational accounting then don't start the business.
Simply find a good business accountant to hand the in house stuff over too so he can do the tax stuff.
Simply find a good business accountant to hand the in house stuff over too so he can do the tax stuff.
Posted on 6/25/21 at 10:01 am to LigerFan
quote:
Quickbooks Online
The devil.
Desktop QB is way better and easier.
Posted on 6/25/21 at 10:03 am to BallsEleven
You can pry my 2013 desktop version away from my dead hands
Posted on 6/25/21 at 10:52 pm to audioaxes1
quote:
thanks for the responses so by subscription level there is a way to easily produce your scorp tax filings out of quickbooks?
No but you’ll have your books for a CPA to at least close out annually and do the tax return preparation. I suppose there may be small businesses filing their own s corp returns but definitely pay a professional that does this for a living and not create potential issues down the road.
I’d find one when you get started if y’all don’t have a CPA already, help pick your accounting software (desktop > online for a lot of businesses IMO, and Depending on the version, I’m not sure you will save money with online), some bookkeeping training, go over payroll tax reporting, etc. if you’re not familiar with all of this already. it’s worth the cost up front to do it right than have to hire a CPA to fix problems, on top of penalties and interest.
This post was edited on 6/25/21 at 10:56 pm
Posted on 6/26/21 at 7:32 am to audioaxes1
quote:
Wife is starting a single member s-corp for a clinical therapy practice. We are trying to decide how we should handle the administrative side of things (accounting/bookkeeping/taxes and s-crop fees/payroll).
Where did you get this idea from without consulting a CPA? Anyone with an S Corp should absolutely be consulting with a trusted CPA, go from there.
ETA: the hardest thing is payroll taxes and quarterly taxes. Need to make sure you have that all set up, and the only one that will know your local taxes properly is a local CPA.
Eta2: yes, the reality is a cpa for this is going to cost probably $2000/ year. Maybe more. But you are much better off having a professional handle this for you, and have your wife concentrate her time on increasing her revenue/ top line of the business.
This post was edited on 6/26/21 at 7:36 am
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