If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax money you save! When you arrive at your appointment fully prepared, you’ll have more time to: Consider every possible … [Read more...] about It’s Tax Time! Are You Ready?
January 2012 Business Due Dates
January 17 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, January 17 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December 2011. This is also the due date for the nonpayroll withholding deposit for December 2011 if the monthly deposit rule applies. Generally, this due date is … [Read more...] about January 2012 Business Due Dates
January 2012 Individual Due Dates
January 3 - Time to Call For Your Tax Appointment January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you do so before the calendar becomes too crowded. January 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during December, you are required to report … [Read more...] about January 2012 Individual Due Dates
Independent Contractor versus Employee Status – A New Focus of the IRS
If you are a small business owner, whether you hire people as independent contractors or as employees will impact the amount of taxes you withhold from their paychecks, as well as how much and what types of taxes you pay. Furthermore, it will affect how much additional cost your business must bear, what documents and information must be provided to you, and what tax documents … [Read more...] about Independent Contractor versus Employee Status – A New Focus of the IRS
Game Show Winners and Taxes
If you like to watch game shows and enjoy all the excitement that goes with watching contestants win prizes, then you can add another element to your viewing pleasure by considering how the contestants will handle the IRS Form 1099 they receive for the value of the items they won. You may not have thought much about it, but the contestants must pay federal and applicable state … [Read more...] about Game Show Winners and Taxes