Sign Arizona Profit Sharing Agreement Template Fast

Document type sign profit sharing agreement template arizona fast

hi there I'm Julie Griffin and I am in the state of Arizona and if you are watching this video you probably already know that in the state of Arizona photography related business transactions are all a taxable activity which means that us photographers need to collect what's called transaction privilege tax or TPT on all of our photography related transactions this includes session fees or tangible product um so um hopefully you already have your application submitted and you already have an account with AZ taxes gov if you haven't already applied for your TPT license we'll talk about that in another video or one on one this video is just how to file and pay your TPT that you've collected every month or every quarter depending how often how often you're going to be filing so without further ado we're gonna go to AZ texas.gov AZ texas.gov and hit enter there's my face come on what's going on here here we go my face wants to take over let's see here how do I make this smaller sorry guys there we go much better there I am dumb in the corner alright here we are easy taxes gov we're going to log in here and a bit of advice if you are like me and you have a hard time remembering your passwords you're going to definitely want to keep track of your easy taxes off passwords somewhere because they do require you to update or change your password on a regular basis so make sure that you have somewhere that you keep track of what your current password is because you are going to have to change it pretty regularly alright so what we have here is the kind of dashboard for your business page here's my business Julia Griffin photography LLC and I'm gonna click over here on the right hand side I'm going to click on View now it's going to show that I have one location and over here on the left hand side I'm gonna go to file transaction privilege and use tax return so I do this every month I'm going to use the drop down here to choose my license the year of the month that I'm filing for or the quarter that I'm filing for I choose to file um monthly and these checkboxes here amended return no gross receipts to report or close your account this will be your final return chances are you are not going to check these boxes um like on a regular month or a regular quarter you would not check any of these boxes amended return would be if you made a mistake when you filed and you need to correct that mistake for something you've already filed and/or paid no gross receipts to report would be that whatever your filing period was if you actually did not have any transactions at all you still need to go into the system and file that you had no gross receipts to report for that period for example when I had my last baby I went on maternity leave and I didn't shoot for a little over a month and I had no gross receipts to report for that month I still needed to go in and file here and then close your account obviously means that you're all done it was your last month of business and you don't you're not going to do any more after this so I'm not going to click any of those today I'm going to click on continue and now it's going to take me to my details my location was I have one location that's over here my guess is that most of you also have only one location because you are operating your business out of whatever your home city is that's your headquarters that's where all your paperwork is filed most of you it's probably out of your home so that's gonna be one location I'm gonna go over to the right hand side and go view line items these two line items are gonna be one for the county and one for the city that I'm in so right here I see Gilbert and I see Maricopa retail is my business description category and it should be yours as well if you are also a portrait photographer and over here all the way under actions I'm going to click on edit now this is where we're gonna plug in our gross income gross income means everything that you collect before taxes before expenses before payroll if you have any employees so I'm gonna go over here to my handy-dandy spreadsheet and if you are like me and you like to keep track of things manually and I don't like to pay for things I don't need so I don't use QuickBooks I don't use any sort of CRM or invoicing system I do it all on this simple spreadsheet I do have this available in my resource shop so and I do give a a video tour of the spreadsheet and how to use it so I would love to provide that to you if that's something that would be useful to you in your business but anyway this is my spreadsheet here we are in March 2020 all these things that I've blacked out are simply things that I've blacked out because they're not relevant to today or they're private information that I don't want to put in a video such as my I am my login credentials and my bank account information but we're going to look specifically at this month which is March 2020 here we go so the only column that I care about is gonna be my fees which is the total fees I collected that's my gross income and then of course I'm going to want to reference the tax collected which is in Gilbert it's 7.8% but it's gonna be different in every city that you're in and then my total payments for those sessions now I only have two transactions for the month of March of this year because of everything that's going on so this was kind of a simple month before I stopped shooting and collecting and seeing any clients really so anyway my I have seven hundred fifty dollars in gross receipts to report so I'm going to put that right here over at AZ taxes above 750 I'm gonna hit enter and it's automatically gonna populate the rest deductions would be if you have something in this income that would be a deduction which would mean that it was not a taxable activity if you are just talking about session fees or a product that you are selling regular photography business activities none of that is going to be deductible if you want to talk about what might go into duck shion's we can take that offline or I would recommend that you perhaps talk to a CPA or a certified bookkeeper to talk about those things but um not pertinent to regular photography business activity then I'm going to click Save and close and we'll see that it's automatically populated that taxable amount here and it's automatically calculated my total tax due for my city now I'm also gonna do the same for my County maricopa over here on the right I'm gonna go to edit I'm going to put that same gross amount here hit enter it's automatically gonna put it in you see the tax rate right there and then I'm going to click Save and close this down I'm going to click Save and close and here I am I have the total tax which I collected for Gilbert and the total tax which I clip collected for Maricopa County and those two hopefully if I did my math right should add up to the actual tax that I charged my clients because we know that we don't pay the tax we simply collect it from the consumer and then we turn it over to the government tax is not part of our income this is our income this is the text that we collect because we have the privilege of doing a transaction in the state of Arizona that is a taxable event and then we simply just turn this over so here I am let's see about my city my County and I'm gonna go to return to location list here here's my dollar amount total tax do perfect it matches up with what I collected from my clients I'm going to click continue do I want to do any of these no no excess tax no excess tax and no excess credit easy-peasy now it's telling me okay I don't owe anything I don't know any interest because I do this diligently every period that I need to do it and then I'm gonna put in my you signature pin which is something that you'll set when you make your account with AZ taxes daca and this box would only be if you are having somebody else file this for you on your behalf which I do not do and then at the bottom here we're gonna click Submit and this is completing the filing portion of what we need to do every month so we're gonna submit this and here we are we have a confirmation number what I like to do is actually copy and paste this confirmation number into my little spreadsheet so I'm going to go command C to copy or if you're on a PC that's gonna be option C or control C I think I forget I don't usually you see very much for this but over here I put it how do I make this oh sorry guys okay over here I put my file date which was and my confirmation number I'm gonna put this here simply because if there's ever an issue and people do mistake make mistakes and the government does make mistakes if there's ever an issue it's really nice to be able to just go in reference that confirmation when you have to call AZ taxes on the phone now the next step that we need to do is actually pay the money that we collected so we're going to click right here on make a payment and it's gonna tell you right away but you need to make sure that you smile making a payment is not the same as filing and they want to make sure because sometimes people I guess we'll just send in the money but they didn't actually file but we just did that so anyway that's what this red text is here at the top um we're going to leave all this as populated the payment amount should already populate and we're going to choose here to use either an a check or credit card I use an a check because I don't like to pay extra fees or percentages if I don't have to if you do it by credit card you are going to pay a percentage and then I'm gonna choose a settlement date for whatever reason the settlement date can't be the same day as the day that you're opting to pay it has to be the next business day so today is the 18th I'm gonna do this on the 28th and then you do have to check this box saying that you understand this and you agree to it and you're gonna keep this as a note because you're probably not using a bank account outside of the u.s. then we click continue oops next business day or a future this I say okay we'll do it Tuesday okay just kidding alright and then the next step is that I'm gonna be putting in my routing number and my account number for my checking account and for obvious reasons I'm not gonna do that in this video but after I click continue it's going to ask me if I want to process this payment amount and that it is going to pull it out of my bank account I'm going to check yes and then it's gonna give me another confirmation screen where I am going to copy and paste the confirmation number and put it here in my cell with the payment settlement date that I elected which was going to be the try first and I would copy and paste that confirmation number here and then that's it that's all you have to do now of course recording this video took me a little bit longer because I'm talking through it but literally if you haven't organized a spreadsheet or whatever way that you're using to keep track of your gross income and the tax that you've collected the actual process of filing and turning that over to the government it takes about three minutes every month so I hope that this was super helpful to you and again if you need a spreadsheet I hope you'll look at mine because I think it's really great and like I said I do do I have a video like this where I walk through um all three parts of my all-in-one spreadsheet that I offer to other photographers so if that's something you've been looking for I hope you'll check into it at Julie Griffin photography.com slash resources or Julie Griffin photography.com slash slash education or slash learn which is going to take you here and anyway I hope that this video was super helpful to you and I hope that you have a great day if you have any questions at all you can always reach out to me at Julie Griffin photography at gmail.com