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Education

Common 1099 Mistakes – Frequently Asked Questions

1099’s were due to contractors on February 1st and are due to the IRS by March 1st when paper filing and March 31st when e-filing. We’ve mined our team of experts at the Outright Community to find the most common 1099-related mistakes and how you can prevent them. (Or, oops, rectify them!)
It’s February 3rd. What [...]

Posted by: Jennifer Escalona, February 3, 2010

How do I record ’salary’ payments to myself?

From Kevin:
"I'm not sure how best to record 'salary' payments to myself in Outright. Any suggestions?"
Our response:
"If you are a sole proprietor, it's called an owner's draw and doesn't technically impact your profit or loss, so wouldn't be recorded in Outright.com. Now, if you happen to be an S-Corp and have placed yourself on salary, [...]

Posted by: admin, April 28, 2009

What expense category would be best?

From Bill:
"What expense category would be best for software and hosted software services like MS Office and Freshbooks, for example?"
Our response:
"As a matter of fact, we wrote a guest blog post about this not too long ago, based on examples just like these:
http://www.business-opportunities.biz/2009/03/10/top-9-confusing-business-deductions/
The short answer is, for MS Office, put it under "Depreciation" - why? [...]

Posted by: admin, April 18, 2009

How do I handle depreciation for my computer purchase?

Another great support question recently came in, this time from Alexia at ARRRT!
From Alexia:
"How do I deal with equipment and depreciation on [Outright]? I bought a new computer at the beginning of the year."
Our response:
You have a two ways you can deal with equipment and depreciation:
1. Unless you plan to spend more than $250,000 on [...]

Posted by: admin, April 3, 2009

Where do I put my Education expense deductions?

In the course of talking with customers of Outright, we often get really good questions. In addition to answering them for the person who asks, we thought we'd start sharing some with the broader group. Here's one we received this week:
From Jeff (@jeffreygarofalo):
"Can the Categories under Expenses be modified to mirror the Schedule C? I'm [...]

Posted by: admin,