Joe Payne is wreaking havoc on businesses left and right this time of year. Take Moe Money, for example. He had all of his year end transactions into QuickBooks, so he felt confident that he could get 1099s out to by the end of January. He sent his QuickBooks file to his accountant to get the . . . → Read More: You May File Forms Late and Face IRS Penalties
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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 The IRS now has a small business portal that provides several instructional videos for small businesses. Topics include, but are not limited to, starting or changing a business, audits, expenses, scams, employer topics, and a small business workshop. Check out the portal . . . → Read More: Visit the IRS Portal for instructional videos for small businesses Hello: Verification and set up of all accounts needed to track tax deductions 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 With the passing of the holidays, comes the necessary and dreaded task of preparing yourself and your documentation to report your earnings and deductions to the IRS. We will go into this a little further next month, but I wanted to give you some preliminary tips to help make the process easier. If you paid anyone acting as an independent . . . → Read More: Small Business Primer for Tax Season Leave a comment Accounting & Bookkeeping, Auto, Business Taxes, Home Office, Small Business, Tax Information  accounting, accounts payable, accounts receivable, asset, bookkeeping, depreciation, form 1099 misc, home office, independent contractor, inventory, IRS, nonemployee compensation, payroll, prepaid expenses, reconciliation, tax, vehicle, W-9, year end We posted this as a Hot News Flash in a separate newsletter that went out to our readers. I wanted to be sure to include it here on the site, for those of you that don’t subscribe to the newsletter. For tax year 2010 ONLY, you can reduce the amount of self employment tax by the amount . . . → Read More: Time is Running Out-2010 Only Self Employed Tax Savings 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 I know, you were expecting another informative article about taxes or accounting, but I think I will get a little personal with this post. I am hoping that some of the new business readers will get something out of it. Another year has come and is about gone. The time really flies when you are a business owner. . . . → Read More: How Seacoast Accountability Got To Its Third Year In Business |
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