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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If you claim business mileage, remember to provide your business mileage split between Jan through June, and July through December. Also total mileage for the entire year needs to . . . → Read More: Important Mileage Information 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 Most small businesses do not file the required 1099-MISC forms. It would only make sense, that if you want to deduct the cost of using non-employee services, that the IRS wants to know who received the income. Don’t let yourself be penalized for reporting legitimate expenses. You are required to file . . . → Read More: 1099-MISC is Due Jan 31, 2012 – Do You Know The New Requirements? Don’t Forget to Log Your Year End Mileage 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 The Internal Revenue Service announced on September 1, 2011, that it is granting taxpayers whose preparers were affected by Hurricane Irene, a one week extension from September 15th until September 22nd to file returns. The preparer must be located in an area that was under an evacuation order or a severe weather warning, but does not need to be . . . → Read More: IRS Grants One Week Extension for Preparers Located in Areas Affected by Hurricane Irene 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 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 13 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 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 |
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