Here we are in our QuickBooks Online test company file using the account view as opposed to the business view. You can toggle between the two views by going to the cog up top and switching the view down below. We're going to duplicate some tabs to put our major reports in them. The financial statement reports, the balance sheet and the income statement. To do so, right-click in the tab up top and we're going to duplicate it as that is thinking. I'm just going to right-click on it again and duplicate it as the new tab is thinking. I'm going to go back to the middle tab. We duplicated reports on the left-hand side and open up the balance sheet. One of the favorites. These are like the default favorite reports because of course they are the financial statements. Let's tab to the right down to the reports on the left-hand side. This time the other one that's there, the profit and loss, the income statement, the P and the L. We're going to close up the hamburger up top. I'm going to scroll up and change the range for the year of 010123 tab 123123. That's January to December 2023. Run it to refresh it and then we're going to tab to the left. Do the same thing. Closing up the ham, burger and change the range to the same 010123 tab 123123 January to December 2023. Run it. Support accounting instruction by clicking the link below giving you a and there's our major financial statement reports so our general concept will be we will do the data input on the left and then populate see how that populates and adjusts our major financial statement reports on the right. We now want to think about the home office expense or deduction for the federal income taxes in the United States. Our goal being to put our financial statements together have a bookkeeping system which will help us out for tax preparation as easily and efficiently as possible at the end of the year. Now, normally with our bookkeeping system for a small sole proprietor type of business that's going to be reporting their taxes with the help and use of the schedule C. We might be able to enter a lot of transactions with the use of the bank feeds. We might have our bank feeds connected in essence on a cash based system for many of the transactions and as the transactions clear our bank feeds coming in from our bank increases decreases to the checking account. We're assigning them to a category or an account constructing our financial statements balance sheet and income statement as we add this data into the system. However, and that's great because we can we can basically build the main report that we need for taxes for sole proprietor, which is the profit and loss using a system like that oftentimes, although there are a lot of instances where we could have a more complex kind of accounting system. We talked about bank feeds in general in a prior course or section. But now we want to focus in on the complexities just with the tax code. We talked about in prior presentations, one of the complexities that almost always comes up with small businesses, which is the use of the automobile, because if you with the automobile use, you might be able to use a mileage method or the direct write off method. And obviously when we are recording the taxes, we are recording the actual expenses as they clear the bank when we pay the gas station. We are then recording it as an expense. But if we use the mileage method, we can't take both the actual and the mileage method, so we need a tax adjustment that that has to happen. As we do the tax adjustment, we would also like to have a nice little reconciliation showing us what the bookkeeping number is, and what the tax adjustment was to get to the tax adjustment which should tie out to the net income or bottom line of the schedule C. We have a similar kind of issue with a home office situation, although slightly different with a home office, you've got some expenses oftentimes which you can't easily break out on a payment by payment system between the business portion and the personal portion. So you typically have to have this adjusting process or as you enter the expense, you might be able to break them out as you do the data input. So those are the two methods we'll kind of look at. What are these kind of expenses? Well typically if you are a renter, that's going to be the rent you pay for your home because if you have a home office in your home, you would think it would be reasonable then to be able to deduct part of the rent that is related to your home office. But obviously when you pay the rent, you're not paying two separate checks. One for the home office, one for the rest of your house, you're paying one check so as that money goes through your bank feeds, then you're only going to allocate it to one account typically. You could try to break it out by the way between two accounts or you could use class tracking. So that's one of the methods as you do the data input that we'll look at but we'll talk about that in a second. And then if you own the home, then you're going to have no rent but you do have to pay the mortgage interest so you're not talking about the full mortgage payment because part of that's financed that's the loan but the interest represents the kind of rent of the purchasing power of the money. So you would think that part of the mortgage interest might be deductible and you're going to have property taxes so you think the amount related to the home office might be deductible there and that gets even a little bit more confusing because you might be able to


Hi everyone, Joe for jaspeyscasebrakes.com coming at you with a box of 2022 Phoenix football H2 hybrid edition, let's say a one box break with five of those 11 box mixer spots being given away. We're also giving away five Phoenix spots. So we only sold 27 spots outright and we're going to randomize those names right now with our first of three dice rolls. Five times, top five after five, we'll get extra spots, one, two, three, four, and five. After five, there you go, Chad, Hao Chun, Eric, Chris, and James, congrats to you. Top five after five, extra spots going your way, you get a little buy one, get one, a little buy one, get one, start a scenario here. Now second dice roll, let's gather all the names and let's do the break itself. All 32 teams are in, there are the names there, roll it, randomize it, two and a one, three times for names and teams, one, two, and three. Now we're going to hustle a little bit because I think we've got a good chance to maybe get that break credit promo done tonight, we're going to do one more filler, five full spots in the mixer, two and a one, three times, one, two, and three. All right, so here's the first half of the list right here, no trades in these things and it's the second half of the list right over here. All right, let's sort, alphabetized by team and print and rip. All right, there's the final printout, caught off the presses. I don't remember where I put it. Oh, there it is, I was cutting down boxes out there. I don't know what's special on hybrid, maybe some, I guess we'll find, we'll find something, oh H2 exclusive parallels, maybe that bubbly disco-y refractor, perhaps. Thanks everyone for making it happen. Speaking of football ladies and gentlemen, now obviously we want to get that mixer done tonight, but we also have some pre-orders you can get into as well. Coming out tomorrow, 2023, Panini Immaculate Collegiate Football. Got some flamethrowers, Patra Mahomes, I think that's the, that's the exclusive parallel. We got a Jalen Wiedemeyer to 75 and we got a Sam, the Wiedemeyer goes to the Patriots, that's going to go to Jason and there's Rookie Sam Howell, he's QB1. So, definitely a big boost in value there, that goes to James and the Commanders. And the Relic is an autograph, Traylin Burks, RPA, Dual Relic and Auto for How Chun and the Titans. We had an all right year last year I think, let's see him continue to build upon that. Kavon Tibidot to 99 for the Giants, it's for Hans, we got Johan Dotson, 30 out of 150. James and the Commanders, got a Desmond Ritter, another QB looking to build upon things. Raymond and the Falcons, I think he had a nice end to last year. I want to keep building on that, there's Rashad Bateman for the Ravens, that's for Chad. Here's another Desmond Ritter, but this time in the Hybrid Exclusive pattern, more for Raymond, we're rooting for him, we want him to do well. We got a Tide Chandler, 50 out of 50 for the Vikings, got Davis Mills to 75, Fire Forge, Joe Namath and we got a Christian McCaffrey to 25, nice. James Winston back there and the CMC goes to Sal and the Niners. All right now, let's see who's going to get those Mixer spots, so let's gather everybody's names here, let's get our third and final dice roll going, so it's going to be the top five after six, one and a five, one, two, oh sorry, got too excited there, all right, so sorry, the dice roll right there, you can see we're at the 16 minute mark, wherever you are in the world, thankfully there's time, so one and a five, six times, and I already did three right there, 16 minute mark right there, so we got to go six times, we already got three, here's four, here's five, and then once more, six and final time, so it's top five after six, so from six on down, it's going to be sad times, sorry Chad, but six through thirty-two, thanks for giving it a shot, but only the top five can get in after six, and that's going to be Sean Maddock, Sal, Chris, Chad, you did get in and Raymond, all right, so there you have it, ladies and gentlemen, top five after six, we'll see in that football mixer, jasmiescasebrakes.com