5 Lessons Learned From Tax Season

May 5, 2013 Tax News 0 Comments Print this page Share

  

Another Tax Season has come and gone.  Here are the 5 Lessons Learned from this Tax Season.

 

1) Don’t Pass Tax Legislation on December 31

Congress passed the American Taxpayer Relief Act on December 31, 2012.  It’s clear that no one voting on it read it, much less understood it. The timing of this legislation was not good.  Due to the late passage of this bill the IRS was … Continue reading »

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Where’s My K-1?

March 10, 2013 Tax News 0 Comments Print this page Share

This question is asked frequently during tax season.

I suspect it will be asked even more this tax season.

There will likely be even more delays this year than in past years. Congress passed The American Taxpayer Relief Act of 2012 on the last day of 2012. President Obama signed this legislation on January 2, 2013. This has delayed the IRS, which … Continue reading »

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4 Easy Ways to Start Your 2013 Tax Planning and Save Money

January 20, 2013 Tax News 0 Comments Print this page Share

The New Year’s celebrations are over.

 

The New Year’s Resolutions are starting. We’ll see how long they last.

 

Many people feel income taxes are going up. I’m confident they are for the higher income earners.

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5 Easy Steps to File Your 1099′s….Guaranteed

January 6, 2013 Tax News 0 Comments Print this page Share

 

It’s time for business owners to file their 1099′s.

 

Here are 5 Easy Steps to do this:

 

 

1) Determine who you will be Required to File a 1099 For

Form 1099 is due to any independent contractor who is unincorporated and you pay $600 or more to in a year.  Additionally all payments for legal services must be issued a 1099 regardless of whether the … Continue reading »

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6 Reasons Small Business Owners Should Meet With Their CPA Before Year-End

December 17, 2012 Tax News 0 Comments Print this page Share

There are a host of reasons small business owners should meet with their CPA.  Here are 6 of them:

 

1) Method of Accounting

Smaller business can usually file their tax returns on the cash basis of accounting.  The taxable income is based on the revenue received less the deductible expenses. Larger companies must prepare their tax return using the accrual basis of accounting.  The accrual basis matches the … Continue reading »

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