Category: Taxes
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The tax madness has begun
Yesterday, still a few days before the IRS officially begins accepting 2016 tax returns, an accountant shared this advertisement found by a client: Of course, the tax client wanted to know how to double their tax refund.
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Tip for 1099-MISC processing
I just finished the required 1099-MISC year end processing work for my on businesses because the new due date is January 31 this year. This task is pretty easy within QuickBooks. It took less than 15 minutes and cost less than $15. But I noticed one snag: it is difficult to tell which vendors are…
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Taxation of S corporation shareholder health insurance
Taxation of health insurance for S corporation shareholders is one of the most discussed and convoluted topics in the accounting industry. This article by Shaw and Associates in Colorado presents the topic in a useful format for setting up a payroll system that I’ve not seen in other presentations: http://www.kevinshawcpa.com/s-corporation-shareholder-health-insurance-instructions/
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Scammy tax advsertisement
A client sent me a scammy advertisement that read, in part: URGENT for Anyone Who Bought ANYTHING in 2016: Congress Passes $42.4 BILLION “Consumer Rebate Program”! 119 Million Taxpaying Americans Can Now Get a Cash Rebate on Virtually EVERY SINGLE PURCHASE Made in 2016… But You Must Act Between January 1 and April 17 to…
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Free tax return preparation services
Some independent tax preparers are in a panic this month that the largest national tax preparation firm is offering to do tax returns for free through its network of retail stores. The big company has been losing money, its stock price is down, and consumer reviews have been terrible. The free service deal is apparently…
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Tax tip to prevent identiy theft
If you are a small business person operating as a sole proprietor, LLC or partnership then the IRS requires you to provide your business name and address and tax ID along with an attestation statement to anyone who pays you more than $600 during the year. The tax form used to provide this information of…
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Beware ‘house flipping’ sellers
I read an accountant’s story of a client who purchased a $40,000 “house flipper plan” through a seminar buy hasn’t flipped a house yet. I’m guessing that 2017 isn’t looking too good for that strategy. The business has no income, only losses. Now it it time to file the first tax return and the client…
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Warning to small businesses about 1099 filing requirements
Facebook Live video added. Based on a handful of disturbing conversations and online exchanges over the past two days, I feel compelled to send this message to my small business clients: “This year the Internal Revenue Service has moved forward the deadline for filing information returns for payments that businesses made in 2016 to its contractors. Form…
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Have you outgrown your tax preparer?
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Two important small business tax changes for 2017
The good news this year is that the majority small businesses are affected by only two tax changes for the year ahead. Both changes are effective January 1. The first change will increase stress and the risk of automatic tax penalties. The second offers big potential tax savings. It makes sense for small business owners…