Payment processors, including PayPal, will submit payments you made to vendors using their services to both the merchant (you) and the IRS, on the new 2011 Form 1099-K. If you have not submitted your tax identification number (TIN) to the merchant service processor, you could be subject to 28% backup withholding tax. IRS has delayed the . . . → Read More: If you use merchant services to pay vendors, you could be subject to 28% backup withholding
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Don’t Forget to Log Your Year End Mileage Hello: Verification and set up of all accounts needed to track tax deductions Did you know that the IRS can refuse to issue you a refund? Even though you overpaid the tax out of your hard earned money, they can refuse to give the overpayment back to you, if you file the tax return more than three years from the original date that it was due. It is estimated that . . . → Read More: Get Your 2007 Refund, Before It’s Too Late Welcome to our blog about accounting, bookkeeping, payroll, tax and other issues. Feel free to leave a comment, or ask a question. We moderate comments on a daily basis. Please make your comment specific to the article, to avoid being . . . → Read More: Welcome to Our Blog!  Comments are closed  Accounting & Bookkeeping, Auto, Business Taxes, General, Home Office, Personal Taxes, Small Business, Tax Information Each year there is always someone who has moved and hasn’t received all of their W-2 forms. Before you file your return, be sure that you have all the needed documents to avoid having to amend the return in the future. Some other documents that may be slow to arrive in your mailbox include student loan interest . . . → Read More: Are You Missing a W-2? Due to the slow response of legislation to either extend or eliminate Bush era tax cuts, many taxpayers will have to wait to e-file their returns. IRS is currently scrambling to update the forms to comply with the recent Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act legislation. Those forms affected include: Schedule A, Itemized Deductions Form 3800, General . . . → Read More: Delays In E-Filing of Tax Returns 11 comments Business Taxes, Personal Taxes, Tax Information  2011, Alternative Vehicle Credits, Bush era tax cuts, Casualties and Thefts, E-File, educator expenses, First Time Homebuyer Credit, Form 4584, Form 5405, Form 8917, General Business Credit, IRS, itemized deductions, Schedule A, tax, Tax Relief, tax return filing, Tuition and Fees Deduction, Unemployment Insurance Reauthorization and Job Creation Act At Seacoast Accountability, we get asked all the time, “What is the easiest way for me to organize all of those receipts?” I am going to take you through the process of organizing that pile, checking for missed receipts, and how to file it all away so you can find it in the event of an audit. I . . . → Read More: From the Shoe Box to the Tax Return The details for deducting business vehicle expenses can be found in IRS Publication 463. Using most popular tax software programs, a worksheet is used to feed the deductible cost into the Schedule C vehicle expense line. This discussion is a general overview, focused on self-employed individuals that own or have financing on a car that they . . . → Read More: Seacoast Accountability’s Guide to Vehicle Expenses |
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