Wow this video was so helpful and well broke down ! Thank you 😅

This is perfect. Thank you very much.

@fixyourfreshbooks

Жыл бұрын

Glad it was helpful! Tell me more about your business. And are you a FreshBooks user for your bookkeeping?

Thank you so much for this great walk through and example! Much appreciated. ....a fellow BLer :)

@fixyourfreshbooks

Жыл бұрын

My pleasure!

Nice video. Can you/would you use an Accountable Plan to reimburse for startup costs prior to the business making money?

thank you, this was good info. i would love a copy of your accountable plan as well as the template you had there. i am just getting started and its a bit overwhelming. i want to get it right from the get go. :-)

@fixyourfreshbooks

Жыл бұрын

Of course! I am glad you found it helpful! If you email Kate AT heritagebusinessservices.com I can send you the che kout link. Also, what bookkeeping software are you using? If you are a Freshbooks user, you can get it for free if you join my office hours community.

Hi! Loved your video and your spreadsheet in the video. I'd love a template or your accountable plan and spreadsheet if that's possible! Thank you!

@fixyourfreshbooks

Жыл бұрын

I think you also sent me a msg to my website, right? I replied with the instructions to get it. Let me know how else I can help!

Thank You! How and where is that incorporated on 1120S? Line 19 Other deductions "Accountable Plan - Travel" etc? Do you submit a worksheet?

@fixyourfreshbooks

Жыл бұрын

I don't do taxes, so I can't really comment on that. And I did my own taxes until the year I made my S-corp election. I don't do my own 1120s, but leave it to my pro. And everytime I see the final copy, I think "whoa, I could not have done all that on my own". My tax pro trusts my books, though. And my accountable plan expenses is on my books and reconciled to the reimbursement I paid myself.

@shawncollins6039

Жыл бұрын

@@fixyourfreshbooks Thank You! my acc't just put "travel" as "other expense" and is leaving it to me to defend with the plan. does that sound about right to you?

Thank you so much. I like your explanation. By the way, ... Waveaccounting is free, you don't have to pay a monthly fee. I been using it for the last two years. Good info is good to pass around. Blessings

I appreciate your informative video. This is exactly what I needed. I am interested in receiving your template. How can I get it?

@fixyourfreshbooks

4 ай бұрын

So glad you found it helpful. If you email me at kate@ heritagebusinessservices Dot com I can send you the link to get the templates.

Where do we find the template at?

@fixyourfreshbooks

10 ай бұрын

You can email me at Kate @ HeritageBusinessServices.com and I will give you this purchase link to pay and then receive the documents (template and written instruction document and the official company policy document you can adopt). It is $69 for all the resources.

I thought the deduction for S-Corp will be same as LLC so I didn't set up accting plan and reimbursement. Now its already 2024, I just realized this after watching your video, can I still deduct home office for the 2023 year with one reimbursement?

@fixyourfreshbooks

5 ай бұрын

This is a question for your tax pro, but I know that some people basically journal entry at to take it away from your owner's distributions. So if your total expenses that should have been on an accountable plan where $2,000, they would pretend like $2,000 of the dollars that you took as distributions were really just reimbursements for your accountable plan expenses. But this is not tax advice and you need to ask a tax professional.

Are business loans from 3rd party lenders to the SCorp considered contributions from me as a 100% shareholder of my SCorp?

@fixyourfreshbooks

5 ай бұрын

Are you (the owner), the lender? If yes, it is not a loan. It is a contribution. If it is a 3rd party, it is an increase in cash (ultimately a debit to checking) and an increase in the new loan account (ultimately a credit to that liability account). When money comes into checking, reconcile it as a transfer and then do your JE to Debit Petty Cash and Credit the Loan Acct.

@CryptoQueen8888

4 ай бұрын

Wow!!! Thank you for your response!!

How can I get that template??

@fixyourfreshbooks

Жыл бұрын

Can you go to www.heritagebusinessservices dot com /contact and reach out that way and I will get you the info. Just mention Accountable Plan so I remember what this was about. Thanks! Do glad you found it helpful. Can't wait to learn more about your business.

where can i find a template

@fixyourfreshbooks

3 ай бұрын

Hey there! So glad you asked! heritagebusinessservices.com/accountable-plan/

If you didn't realize you were supposed to do this, and have records going back to the beginning of the year, how do you show this retroactively?

@fixyourfreshbooks

Жыл бұрын

What I would do, is just do an accountable plan for the entire year. If you want to divide it up, you could do one for each month and then just do all the transfers right now. So, if you had $200 of expenses in January, you can build your template for January make sure all the receipts are attached, and then transfer that money. And in the memo and your bookkeeping software, right January accountable plan expenses. And then do the same thing for february. And then try to do it quarterly, if not monthly, for 2023. Does that help answer your question? Let me know if you would like to purchase the template. I'd be happy to send you a link.

@fixyourfreshbooks

Жыл бұрын

Also, are you a FreshBooks User? I'm offering 3 different year end Q&A sessions with me. Totally free. I just sent out the email to my email list. I can get you the info if you are interested. Dec 21, 22, and 28.

@zlcju

Жыл бұрын

@@fixyourfreshbooks I'm considering it after watching your other video, I've been using QBO this year