Good RecordKeeping = Good Business

Small business owners do everything from product design to janitorial work.  No wonder they sometimes struggle to keep up with recordkeeping.  Good records are vital to help business owners in the following: Monitor the progress of their business.  The decisions made daily in business can be instinctual or based on actual sales.  Those based on…

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Tax Tip for a Happier New Year in 2020

For a Happier New Year, Gather and Organize your business tax documents now. Waiting until taxes are due will only create added stress and delays. The IRS in a series of reminders wants small business owners to gather their business tax documents early and organize them now. Need help? come see us at BusinessTaxPrep.org for…

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Withholding Estimator Now Saves Headache in New Year

Planning to figure your taxes after the new year?  Why wait?  In the first of a series of tax filing reminders, the IRS urges individual taxpayers to use the Tax Withholding Estimator to find out whether more should be withheld or worse, how much will be due when the tax return is filed. If you…

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2 Million ITINs expire in 2019

By the end of 2019, 2 million ITINs will to expire.  If you, or someone you know were unable to get a social security number, and needed to get an ITIN instead, you may need to renew it to avoid a delayed refund.  Any ITIN with the middle digits 83,84,85,86,87 will expire as of December…

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E-file Oct 31 Payroll Tax Forms

The payroll tax return due date of October 31 is almost here.  But you don’t have to scramble to mail these returns.  The IRS is encouraging you to e-file forms 940,941,943,944 or 945.  The IRS in a new release stated e-filing payroll returns are more accurate, due to instant alerts on missing information.   Processing time…

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Watch for Fake Charities Donation Drives

We’re in the 4th quarter of 2019.  If that reminds you that you still need to get your donations made, you might want to check the list with the IRS.  This is International Charity Fraud Awareness Week (ICFAW).  Fake charities are one of the IRS’s worst tax scams for 2019.  These fake charities lure victims…

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Tuesday Tax Tip

Personaltaxprep.com asks: Have you filed for that personal tax extension?  Okay, are your taxes ready?  Then file them.  If your taxes are not ready, if your tax preparer needs anything, GET IT SUBMITTED To your tax preparer.  The October 15, 2019 deadline is around the corner and you are officially out of procrastination time. With…

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Tuesday Tax Tip

Remember: as you faithfully label and save every business entertainment receipt: Business Entertainment is reduced or eliminated from current business taxes.  The TCJA allows meal expenses incurred in connection with business entertainment (meals at games) and meal expenses to wine and dine prospects and customers are still 50 percent deductible, but many entertainment expenses acceptable…

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