In the contemporary landscape of business operations, the utilization of independent contractors, commonly known as 1099 contractors, has become increasingly prevalent. Small businesses, in particular, often rely on these freelancers for their specialized skills, flexibility, and cost-effectiveness. However, with this reliance comes the crucial responsibility of properly managing and handling these contractors to ensure legal…
A news story from ABC7 in Sarasota, Florida reports a woman that operated a restaurant no faces sentencing for fraudulent reporting of income through the Point of Sale System. Apparantly, for years the credit card sales were run through the system. but cash sales were deleted and not reported. The IRS claims over $100,000 in…
In this YouTube video, you will learn how easy it is to send information from your QuickBooks Self-Employed file directly to TurboTax. It’s a good tutorial, and it demonstrates how easy it is to work within QuickBooks Self-Employed.
What it costs you to have a home office is a legitimate and deductible expense on your taxes. Many small businesses operate out of a home office – it’s quite vogue to do so. The IRS is not your enemy. They provide much free information about how you can take advantage of this deduction. To…
If you did not yet issue the required 1099s you still have time, but time is running out. The deadline is January 31 – which is less than two weeks away. It is clearly time to make this a top priority in your busy schedule. Not convinced you need to do this now? Here are…
Mary Your Calendar Here are two important tax dates for 2023 to keep in mind. The first is January 23. That’s the start of the tax season, and the first day the Internal Revenue Service will accept tax returns in 2023 for the tax year 2022. The second date announced by the IRS is April…
New Rates for 2023 Released The Internal Revenue Service Service has announced the new 2023 mileage rates. The optional 2023 standard mileage rate for business, medical, and other uses of an automobile is 65.5 cents per mile. This is a 3-cent increase from the 62.5-cent rate that was set during the second half of 2022….
The Internal Revenue Service today urged those “who paid too little tax in 2022 to make a fourth-quarter payment on or before January 17 to avoid an unexpected potential tax bill or penalty when they file in 2023.” The IRS statement added that “most income is taxable. This includes unemployment income, refund interest and income…
It’s time to get ready to issue 1099s. It’s one of those chores that need to be on your To Do list in January. For my clients, I am making sure the W-9s are being updated this month. The Request for Taxpayer Identification Number and Certification should be used to get the information you need…
The IRS has a document entitled “Charitable Contributions” which can be downloaded from this website here. This publication explains what you are required to do as far as reporting contributions, and covers receipts that you are required to issue as a non-profit. The document is also linked in the footer area of this website.
End of content
End of content