Accounting

I am considering implementing credit/debit card payments for all my students’ monthly tuition and materials fees and have a few questions for those who are already doing this. I only have a few students right now and have had no problems with payment by check…

• Last updated 3 years ago
• 30 day notice, accepting payment, ACH, automatic payments, collecting payment, collecting tuition, credit cards, debit cards, discontinuation, discontinuation notice, discontinuation policy, discontinuing, discontinuing lessons, dwolla, EFT, fee, fees, final month tuition, first month fees, lesson fees, no notice ending lessons, notice, payment fees, payment methods, payments, PayPal, recurring payment, recurring payments, Square, tuition, tuition policies

[question author="Joan H.,  Canada"] Greetings all – how do you provide receipts to students?  ie. to all, or by request only? 2ndly, is there any suggested format or type of receipt protocol to be aware of to use?  If you use a soft copy format,…

• Last updated 4 years ago
• income tax, Microsoft Office, MYOB, payment receipt, receipt, receipts, sending payment receipt, tax, tax deductible, tax deductible lessons, tax deduction, tax deductions, tax return, tax returns, taxes

About the email Scam that keeps popping up. About SCAM Emails https://www.youtube.com/watch?v=l9iD4jWcA6o&list=PL3o0aF_9qHn4F2sy8QRuPb_jf_r4D9823&index=10 I get these occasionally. The first time, I ended up calling my local police. They explained that there are versions of this scam that target all kinds of service providers. They want to…

• Last updated 2 years ago
• hoax, hoax email, hoax emails, hoax inquiries, hoax inquiry, Neil Moore, Neil's Responses (YouTube Videos), scam, scam email, scam emails, scam inquiries, scam inquiry

I’m a new teacher since September and have been charging my families monthly for their tuition and then invoicing separately for materials costs as they arise. As I look ahead to next year I’ve been wondering if there are other ways of doing this so…

• Last updated 4 years ago
• adjusting tuition, breaking down the costs of lessons, collecting tuition, cost, cost of materials, cost of SHMs, flat fee tuition, inquiries about price, material cost, materials, new material, price, prices, purchasing SHMs, setting prices, SHM, SHM costs, SHMs, student home material, Student Home Materials, talking about cost, tuition, tuition policies, tuition policy, tuition rate, tuition rates, value of materials, value of SHM

I’d seen someone talk about handling materials expenses by just upping the monthly fee to include a contribution toward materials, avoiding lots of separate administrative stuff with separate orders and such. I realized that I like this idea a lot, and I’ve run it by…

• Last updated 4 years ago
• breaking down the costs of lessons, cost, cost of materials, cost of SHMs, inquiries about price, Laurie Richards, material cost, materials, new material, price, prices, purchasing SHMs, setting prices, SHM, SHM costs, SHMs, student home material, Student Home Materials, talking about cost, value of materials, value of SHM

I went to pay my royalties and I was charged in US dollars instead of my preferred currency. What can I do to fix this? When paying royalties, or purchasing any product from the store, you’ll always want to make sure you are paying in…

• Last updated 4 years ago
• fee, fees, payment methods, payments, purchasing SHMs, royalties, royalty protocol

Has anyone used Zelle for payment/money transfers? I’ve heard it’s free, easy, and the transactions are made by phone number verification so parents don’t have to enter a lot of personal information to use it. Many of my families use this to do transfers for…

• Last updated 4 years ago
• accepting money transfer, accepting payment, banking, collecting payment, collecting tuition, money transfer, payment methods, payments, PayPal, Popmoney, transfer, transfer money, Venmo, Zelle

I have a parent of a student doing their taxes, and they asked me if I have a tax number. I don’t think so? Then they asked if Simply Music has a tax number. Why do you need a tax number for piano lessons? Maybe…

• Last updated 4 years ago
• business entity, business expense, child care, child care expense, coaches, education expense, educational expense, expense, expenses, income tax, social security number, SSN, tax, tax deductible, tax deductible lessons, tax deduction, tax deductions, tax id, tax return, tax returns, taxes

Has anyone discovered any way to (legally!) pay less taxes on piano teaching income? Deduct everything you possibly can. Keep your income in a tax bracket you’re more happy to live with. Have a company put you on payroll. Though that last really doesn’t work…

• Last updated 4 years ago
• corporation, deductible, deduction, deductions, expense, expenses, home studio, in-home studio, income tax, Laurie Richards, limited liability company, LLC, S-Corp, Schedule C, self-employed, self-employment, self-employment tax, sole proprietor, sole proprietorship, tax, tax deductible, tax deduction, tax deductions, tax return, tax returns, taxes

Do you have written in your policies, fees that are late incur extra charges? If so, how much extra do you charge? $20 late fee, no exceptions. My invoice says no places held without payment. I charge $25 if an invoice is more than 5…

• Last updated 4 years ago
• answering questions about fees, automatic payments, changing studio policies, charging late fees, claiming territory, collecting payment, communication, discount for paying early, discounted fees, enforcing your policy, fees, fees for late payment, how much do you charge, how much to charge, invoicing, late fees, lesson fees, payment fees, payment methods, payments, policies, policy, requirements, setting fees, setting policies, stating fees, studio policies, studio policy, studio policy regarding late fees, when to charge a late fee