Seacoast Accountability

You May File Forms Late and Face IRS Penalties

admin — Thu, 26 Jan 2012 14:36:13 +0000

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

Important Mileage Information

admin — Mon, 23 Jan 2012 15:33:24 +0000

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

If you use merchant services to pay vendors, you could be subject to 28% backup withholding

admin — Tue, 17 Jan 2012 13:00:20 +0000

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

1099-MISC is Due Jan 31, 2012 – Do You Know The New Requirements?

admin — Thu, 05 Jan 2012 15:09:23 +0000

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?

Important Tax Information for 2012

admin — Wed, 28 Dec 2011 16:56:57 +0000

Don’t Forget to Log Your Year End Mileage If you deduct mileage, you will need to have the total mileage that the vehicle is driven, in addition to the various types of specific mileage: * Medical Mileage * Charity Mileage * Business Mileage For more information on vehicle expenses, see our Seacoast Accountability’s Guide to Vehicle Expenses. Don’t have . . . → Read More: Important Tax Information for 2012

Season’s Greetings!

admin — Wed, 21 Dec 2011 11:00:20 +0000

Wishing You and Your Loved Ones a Happy Holiday Season and a Prosperous . . . → Read More: Season’s Greetings!

You may owe the IRS more than you think.

admin — Mon, 05 Dec 2011 13:39:02 +0000

You may owe the IRS more than you think. Joe Payne hits another well meaning small business…

Meet Consuela Consultant. She runs a very busy information technology consulting firm. Like Woody, she bought QuickBooks and uses it to record her transactions faithfully every weekend. She likes the program because it is so easy to use. Every weekend, she . . . → Read More: You may owe the IRS more than you think.

We warned you in the last article, but now it’s time to meet Joe Payne…

admin — Fri, 18 Nov 2011 14:24:42 +0000

Woody started a very successful Widget business earlier this year. He was the best Widget maker in town, and business was booming. Things couldn’t be better. He decided to cut his overhead costs by doing his own bookkeeping. He went out and bought QuickBooks, and made an honest attempt to keep his books up to date. After . . . → Read More: We warned you in the last article, but now it’s time to meet Joe Payne…

You Are Probably Going to Lose Money This Year

admin — Thu, 06 Oct 2011 21:23:01 +0000

If not, you need to call Seacoast Accountability NOW for a ten point check up. Chances are that you may have overstated income and/or expenses, or are missing valuable deductions you could claim at tax time. Let us help you fine tune your financial information for a more accurate estimate of your tax situation for this year, . . . → Read More: You Are Probably Going to Lose Money This Year

Visit the IRS Portal for instructional videos for small businesses

admin — Fri, 16 Sep 2011 11:46:46 +0000

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