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Wisconsin taxes
 
 
In a message dated 3/7/2012 7:49:16 P.M. Eastern Standard Time, sgrahamcook@gmail.com writes:
I am still in the trial period, but my club has committed to transferring our books (done by hand by me for the last 16 years) to online accounting through Bivio. I have entered last year's data, and so far everything matches what I did by hand very closely. However, I have two questions.

First, we have always taken our Better Investing club and individual dues through our books. Everyone has paid in, and then we have written a check for the whole amount to BI. I have since read that we should have each person write a check directly to BI and bypass our club account, so that they can just take their portion directly off of their taxes. However, since we have not done that this past year, how do I enter the money that came in? I have entered the money paid out and it shows up appropriately on the tax forms as an expense, but the money coming in is showing up as income for the club, which negates the expense deduction then.
Enter the money coming into the club as an additional deposit by each member, buying them units. Then enter the outflow as an expense, allocated equally.
 
Ira Smilovitz