For this week’s post, we’ve linked up with AccuPay to provide you with some important updates for Part-Time Workers. Classification of a worker as an employee or a “1099 person” has nothing to do with whether they are full-time, part-time, or seasonal. The number of hours worked is not a factor at all in determining [...]
The world today is very fast-paced with everything at our fingertips and all of the technology that makes this possible. It’s easy to forget when we are all so busy with our everyday lives that patience is still required, especially when the unexpected happens. It seems like the topic of patience has come up multiple [...]
Did you ever notice that when you put the words “The” and “IRS” together, it spells “THEIRS.” -author unknown No one I know enjoys paying taxes. However, most of us dutifully pay our taxes — both to abide by our nation’s laws and out of respect for the nation we live in — despite what [...]
We’re often asked about extending a tax return and the pros and cons that go along with doing so. Here are five things you should know about extending a business and/or personal income tax return (Form 1120, Form 1065, Form 1040): An extension only extends the deadline for when you have to file. It [...]
We get lots of questions from clients about what is deductible with regard to business use of their vehicle. Here is a recap of some of the rules of what is deductible and what is not. When it comes to your automobile, first understand that the IRS allows you to choose one of two methods. [...]
Since the brokerage houses are now starting to release their Forms 1099B for 2011, investors are noticing they look a little different than in past years. The change in the Form 1099B is the result of a requirement that brokerage houses report cost basis of certain securities to the IRS. Investors will discover significant changes [...]
Tax season is upon us and as you are gathering all of your tax documents together, please read this if you have children who have earned income (received a W-2) in 2011. They may be anxious to file their return to “get their money back.” However, please make them aware of the impact if they [...]
Congratulations! You’ve been selected to be audited by the IRS! What should you expect? How bad will it be? What are your chances of being looked at? Here are some random thoughts and observations I have related to IRS audits. Although statistics don’t show it (and most audits are about two-years-old), it seems as though [...]
When you decide the time is right to outsource an administrative function for your business (after performing a cost/benefit analysis – see my recent article in our newsletter), you’ve then got to choose the right vendor to get the job done. This of course can be time consuming and in some cases, it should be. [...]
Do you know what use tax is? Are you familiar with the items on which use tax is required to be filed? In a very unscientific poll (taken by me), I found about half have heard of it but not many know much about it. Well, you should. States are aggressively looking for revenue these [...]
