Posts Tagged ‘LLC’


Where’s My K-1?

 

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 will delay tax preparers.


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 »


4 Reasons All Employers Should Offer a Roth 401(k) Plan

 

1) The Roth 401(k) Plan Has a Higher Contribution Limit that a Roth IRA

Taxpayers can contribute up to $5,000 per year into a Roth IRA. Taxpayers over age 50 can contribute an additional ‘catch-up’ contribution of $1,000 for a total of $6,000.  To contribute to a Roth IRA you need to have earned income at least up to the amount of the contribution. Earned income is from wages as an employee (Form W-2) or … Continue reading »


4 Reasons to Get IRS Form W-9

 

1) Two Simple Questions That Taxpayers Will Need to Answer Carefully This Year

Two simple questions were added to the income tax returns last year.  These were:

“Did you make any payments in 2011 that would require you to file Form(s) 1099?”

“If “Yes,” did you or will you file all required Forms 1099?”