The way you organize your tax information can be extremely beneficial. It helps your tax preparer, makes the whole process run more quickly, and can mean you receive your return sooner. Keep in mind some of the items listed below may not affect you or your tax return, however if you see something that you have, but has not been a part of your tax return in the past, you should discuss it with your preparer. If you receive an organizer from your preparer make sure to sign the engagement … [Read more...]
Tax Forms to Gather Now
It's time to get to work collecting tax forms! As you know your accountant will be needing all the information coming in the mail saying "tax documentation." There are the basic tax forms the W-2s for employees, 1099s for those that are or have been self employed during the year, 1099s or K-1s for investment income, and 1098s for mortgage interest. In addition to those tax forms don't forget your personal property and real estate tax receipts these are used to help you get more deductions. … [Read more...]
W-2 Forms Need to be Filed in January
As a business owner there are tax forms you need to be concerned with getting prepared and to recipients by the end of January. The forms that affect most business owners are: 1. W-2 forms for your employees. 2. 1099-Misc - these forms go to people or companies that you paid for services or rent in the amount of $600 or more. If the businesses are incorporated you do not need to send them. Keep in mind that an LLC does not mean the company is incorporated. You should ask each person or … [Read more...]
