Hi Everyone Im having some trouble navigating the proper way of setting up my taxes. Im a youtube personality and I have been self employed for a number of years. I've recently hit over the 6 figure annual income mark. My wife works along with me and up until this point, I've been paying her a small annual salary. She takes care of some marketing, advertising, book keeping etc. We're going to register for a parternship now so I can split the income with her and we'll hopefully owe less in taxes each year. Up until this point, I would send my accountant all of my yearly expenses and he would file my return accordingly. Im getting confused with this partnership thing. When I get paid, before I pay ANY expenses should we divide up the % money and deposit it into seperate accounts and THEN use our seperate accounts for all expenses? OR Do we have the money deposited into our business account, use some for business expenses and whatever is left over after expenses THEN move the rest % wise to our personal accounts? Where Im a youtube personality, Im having trouble deciding whats business and whats personal expenses. Our mortgage ( We both work from home (allowable home expense) Does that payment come from our business account OR personal? Cosmetic services where I appear on camera (business or personal?) Cell Phones (business or personal) I know meals and entertainment would be business for the most part but Im having some troubles navigating this new structure. I think my biggest question is divide the money up as SOON as it goes into the business account or AFTER some BUSINESS expenses are paid? And if AFTER, then what would consist of the business expenses? Im very confused given the line of work where there are many eligible expenses. Thanks
Submitted June 14, 2017 at 07:00PM by JayDE82 http://ift.tt/2sqve9f
