Trusted Advisors

IRS doesn’t do e-mail.

Bookmark It

It’s the first week of January, and I already have my December bank statement.  If you have online account access, your statements are waiting for you.  That means it’s time to start preparing your business tax return – or preparing the information for your tax accountant.  As soon as your December bank statement is reconciled, you’re ready to run your trial balance and gather all the other information needed to prepare your returns.  If you’re working with an outside tax preparer, sending in your information early means faster and more personalized service.

So add one more resolution to your New Year’s list:  reconcile your business bank account and start your tax return preparation today!

Bookmark It

The media is playing up the “Buffett Rule” in this proposal – a tax increase for taxpayers with incomes in excess of $1 million.  However, the proposal also eliminates some deductions for taxpayers with AGIs as low as $200,000.  Of course, this is just the opening offer in what is sure to be a contentious debate.  Stay tuned.

Bookmark It

Recent market volatility leads many to consider tax loss harvesting.  Consider this before selling.

Bookmark It

On April 14, President Obama signed into law a bill to repeal controversial expanded information reporting on Form 1099 for certain business payments and rental property expense payments.   This means:

Only payments to service providers in excess of $600 must be reported on Form 1099.  (Requirement to issue to all vendors has been repealed.)

There is no requirement to send a Form 1099 to a corporation (unless the payment is for medical or legal services.)

Landlords have fewer 1099 reporting requirements.

Want more information?  Contact me to discuss your situation.

Bookmark It