January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded.
As part of its COVID relief efforts Congress is allowing businesses to deduct 100% of business meals during 2021 and 2022, provided the meals are provided by a restaurant.
Every business must file annual wage reports. But whether to use a W-2 or 1099-NEC depends on which earners are employees & which are independent contractors.
This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2020 must be provided to workers no later than February 1, 2021. The forms are normally due January 31, but since it falls on a Sunday in 2021, the due date is extended until February 1.
Individual Planning Opportunities Did You Collect Unemployment Income This Year? If you did, you should be aware that it is taxable for federal purposes and that most states also tax unemployment benefits. Even if you had … Read More
There are six new schedules some taxpayers will file with the new 2018 IRS Form 1040. This new Form 1040 replaces the prior year Forms 1040, 1040A and 1040EZ. The 2018 IRS Form 1040 uses a cornerstone approach. This means that taxpayers only file the schedules they need with their federal tax return. The expectation is that numerous individuals will not need to file schedules, and only file the Form 1040.
It’s true, a professional accountant can provide powerful tax strategies with limited tax obigation, which results in saving money for your small business. One of the most positive qualities that many small business owners share is a burning desire – an insatiable willingness – to “do it all.” It’s what separates entrepreneurs from employees in the first place. An employee is more than willing to set out on the path that someone else has carved for them. An entrepreneur has a need to carve a path for themselves.
Are you the owner of a growing business, chances are you have business growing pains. You know that you need to wear many hats. Imagine your business has grown to the point that you can expand your services beyond the boundaries of your home state, Massachusetts in our case. You may need to file tax returns in the states you are doing business in. Here are a few things to look out for.
When you interview an accountant it can seem like a daunting task. However, can be as simple as asking the right questions. At Worthtax, we have reviewed thousands of tax returns over our history. You want an organized, accurate accountant with good communication skills. Someone who will explain the tax breaks to you accurately and in a language you can understand as a real estate investor. Ideally, you want someone with an excellent education and training, who is easy to work with, and most of all, someone who knows the tax breaks and will save you money.
Broncos win of Super Bowl 50 was a surprise to some. Not to me, they had a tight defense. I just hope their defense was just as good when planning to pay the Jock Tax. Superbowl … Read More