Posts Tagged ‘Partnership’

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

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.

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

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 provider is incorporated or not. An unincorporated business includes sole proprietorships, general partnerships and limited … Continue reading »

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

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 »

Why You Should Not Discard Your Form 1099-K


If you get a Form 1099-K in 2013, don’t ignore it. The new form records payments received in 2012 by credit card companies or through third-party networks such as Amazon, PayPal, and Google. This added income reporting mechanism was created as part of the Housing Assistance Tax Act of 2008 and is finally taking effect for the 2012 tax year. This form was issued in 2012 for income received in 2011; but taxpayers were not required to report the … Continue reading »

How (Almost) Everyone Can Have a Roth IRA


What’s the Benefit of a Roth IRA?

The benefit of having a Roth IRA is that if the account is open for at least 5 years and the account owner is at least 59 1/2, then all of the distributions from the Roth IRA are tax-free.  Additionally, unlike IRA’s, Roth IRA’s are not subject to the Required Minimum Distribution Rules (“RMD”) for either the taxpayer or the surviving spouse.  This allows for the account to grow … Continue reading »

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