Would you like to avoid IRS penalties in your business? Do you engage the services of an individual also known as an independent contractor? We mean, other than one who meets the definition of an employee. Did you pay him or her $600 or more for the calendar year? The IRS requires you to issue the sub-contractor a Form 1099-MISC to avoid penalties and the prospect of losing the deduction for the independent contractor’s labor and expenses in an audit?
Are you ready for your mid-year tax check up? No, we are not talking about at your doctor’s office. We are talking about at your tax preparer’s office. You would think July would give you some vacation time from tax deadlines. These tax due dates are fast approaching for July.
Even after your taxes are filed, there are still due dates to meet for you as an individual or a as a business owner. Your tax filing was for 2015, now we are well into 2016 and there are May due dates. You may want to start gathering this information now, so you do not fall behind.