It?s a shame, really, that we have to interrupt our joyous year-end holidays with gut-wrenching year-end tax prep? So to minimize the pain, I?ve put together a quick list of the 6 things I think you should know this year. ?Put down the fruitcake and eggnog for just a second, and be sure your business is ready to wrap up the year.
- Forms 1099-MISC? Businesses are required to send a 1099 to?any vendor, subcontractor, etc. paid $600 or more in a calendar year, unless the recipient is a corporation (and attorneys even if they are a corporation).? There are other exceptions, so a good rule is to send one to everyone. ?QuickBooks makes this pretty easy.
- Deduct Medical insurance payments for S-Corporation owners? ?In order to deduct medical and disability premiums paid on behalf of S-corp owners, the amount of the premiums must be included on the business owners? W-2, in Box 1 for the year they are paid.? They are NOT included in Box 3 or Box 5 and are not subject to FICA, Medicare or unemployment taxes.
- Don?t forget?Business Property Tax?listings? If your state or county taxes your business assets, the reporting deadline often coincides with year end. ?File online in North Carolina, before January 31.
- Mileage Logs?are now required by the IRS to substantiate business mileage.? They are?disallowing all mileage that is not substantiated. ?CPAs are no longer allowed to use estimates or ?round? mileage numbers?so you shouldn?t either.
- Use Tax. ?In most states, businesses that purchase materials, supplies, etc. from out of state or otherwise don?t pay sales tax on the purchases (and do not re-sell the products), must pay use tax to the state in which they do business.
- If you pay for some or all of your?employees? health insurance premiums, be sure to let your CPA know.? You might be eligible for a tax credit. ?Read the linked IRS page for more.
OK. That?s enough gut-wrenching and tax-planning. I?m going back to my eggnogg now.
Dedicated to your (holiday) profits, ?David
photo credit: ViaMoi via photopin cc
Source: http://rocksolidfinance.com/year_end_tax_plan_2012/
robin roberts Democratic National Convention 2012 myocardial infarction What Is Labor Day jersey shore Pasquale Rotella Michael Clark Duncan
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন