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W-2 AND FORM 1099 FILING DEADLINE IS JANUARY 31ST 2019.
| Posted on January 9, 2019 at 5:47 PM |
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 W-2 AND FORM 1099 FILING DEADLINE IS JANUARY 31ST 2019; Employers & Business Owners Take Note. Happy New Year. This is to remind All Business Owners/ Employers that the Deadline for filing W-2 and Form 1099 Tax Report with the IRS is January 31st, 2019. This means that you need to ensure that your Employees and 1099 Contractors receive and review their W-2 and 1099s before January 31st, 2019. It is important to remember that this Act is from The Protecting Americans from Tax Hikes (PATH) Act of 2015 that was passed by Congress in 2015 and became effective since 2016. We had published a Detailed Article on this - https://www.linkedin.com/…/new-w-2-deadline-2017-business-…/
By this New Act, Employers and Small Businesses have January 31st Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically). This New Date also applies to certain Forms 1099-MISC reporting Non-Employee Compensation such as Payments to Independent Contractors.
As a Result of this, the filing deadline for filing W-2s and 1099 forms (including Form 1099-MISC) is Every January 31st. Note to Employers: It is important that Employers become adequately prepared to complete the Year-End Tasks. This means: • Ensuring that All Independent Contractors fill out a Correct and Updated Form W-9. • Verifying Accuracy of Employee Information. • Reporting/Submitting Any Year-End Adjustments as soon as possible. • Reviewing Year-End Totals for any Discrepancies. There are penalties for Failure to file these Returns or Furnish Correct Statements and these Penalties are not palatable. The Penalty amounts are reflected below: • $50/Return – If you file after 30 Days of the Due Date. • $100/Return – If you file more than 30 days after the Due Date. • $260/Return – If you do not file corrections or Do not file Required Forms. At Rosyan Bookkeeping Services, We are committed to helping you with your W-2s, W-3s and 1099 Filings, as well as furnishing you with helpful information regarding your Tax Filings. Feel Free to Call and Let us know how we can help you. |
RENEW YOUR ITINS.
| Posted on August 17, 2018 at 5:36 PM |
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 More than 2 Million Individual Tax Payer Identification Numbers( ITINs) are set to expire at the end of 2018. * Tax Payers whose ITIN is expiring and needs to file a Tax Return in 2019 must submit a Renewal Application. * ITINs that are affected are the ones with the middle digits 73,74,75, 76, 77, 81 or 82. ( For Example: 9NN-73-NNNN) needs to be renewed even if the Tax Payer has used it in the last 3 Years. *ITINS with middle digits of 70,71,72,78,79 or 80 have previously expired. Tax Payers with these ITINs can still renew at anytime. * Acting Now to renew ITIN Numbers will help Taxpayers avoid delays, that could affect their Tax Filing and Refunds in 2019. * As a Reminder, the IRS no longer accepts passports that do not have a Date of Entry into the US as a Stand Alone Identification Document for dependents from a country other than Canada, Mexico or dependents of US Military Personnel Overseas. * The Dependents passports must have a Date of Entry Stamp, otherwise Additional Documents to prove US Residency will be required. Read on and Be Enlightened. Feel Free to Share. |
Tax Season is Still On.
| Posted on February 19, 2018 at 11:55 PM |
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 Do you have all your
required Tax Filing Documents? * Form W2 * Form 1099 - MISC (If
you are a Contractor or Independent Employee) * Form 1099 - G (To
show Payment received from Government Agencies, Unemployment Benefits, Alimony,
Child Support). * Form 1095 - To show
that you are enrolled in a Qualified Health Plan, which will allow you to get
your Premium Tax Credit). * Form 1098 - To show
Payment Received from Interest (Interest Income). * Profit & Loss
Financial Statements (If you are a Business Entity or Corporation) * Property Taxes paid
on Principal Properties. *Charitable Contribution Statements.( To show
Tithes, Offerings and Donations given to Religious Organization) * All Receipts of
Purchases Made during the 2017 Year. Additional Forms, that
you may receive: a) 1099- INT - To Show
Payments received on Interest. b) 1099- DIV - To Show
Payments received on Dividends. c) 1099- R - To show
Pensions and Payouts from Individual Retirements Accounts. d) 1099-B - To show
Broker Transactions and Barter Exchanges. e) 1099-S - To show
Real Estate Transactions. Businesses may not
like sending out Forms 109, but they are required by law to send them out.
There are also penalties for failing to issue these Forms. No one wants trouble
from the IRS. Generally, Businesses
must issue these forms to any Payee (Other than a Corporation), that receives
$600 or more during the financial Year. This is the basic threshold. Do you need more
clarification on any of these Required Documents? Feel Free to reach out to us and
we will educate you more, help you reduce your Tax Liabilities and guarantee
your Maximum Tax Refund. |
W-2 and Form 1099 Form Tax Report Deadline for 2018.
| Posted on December 18, 2017 at 7:15 PM |
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 As the Year is coming to an end and Tax Season is drawing closer, it is important to remember The Protecting Americans from Tax Hikes (PATH) Act of 2015 that was passed by Congress in 2015, which became effective last year. We had published a Detailed Article - https://www.linkedin.com/pulse/new-w-2-deadline-2017-business-owners-employers-take-note/ With this New Act, Employers and Small Businesses have January 31 Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically). This New Date also applies to certain Forms 1099-MISC reporting Non-Employee Compensation such as Payments to Independent Contractors. As a Result of this, the filing deadline for 2017 W-2s and 1099 forms (including Form 1099-MISC) is January 31, 2018. The deadline for providing W-2 forms to employees and 1099-MISC forms to Independent Contractors for 2017 has not changed. This deadline is still January 31, 2018. Note to Employers: It is important that Employers become adequately prepared to complete the Year-End Tasks. This means:
Please remember, that Extension of Time to file these Forms is no longer automatic. You can only request for One 30- Day Extension and this extension is NOT AUTOMATIC. You will have to submit a complete application on Form 8809, Application for Extension of Time to File Information Returns. This Form should be completed as soon as you notice that as Extension is necessary, but no later than JANUARY 31. This Extension does not affect extensions of Time to furnish Forms W-2 and Forms 1099 to your Employees and Independent Contractors. There are penalties for Failure to file these Returns or Furnish Correct Statements and these Penalties are not palatable. The Penalty amounts shown below apply for filings due after December 31, 2017:
The IRS urges Tax Payers to still plan to file their Returns as they normally would do, but prepare to exercise some patience, as we have noticed that these changes have brought some delays in getting Tax Refunds. The Refund Delay is an added way to help the IRS combat Tax Fraud by beefing up its effort to authenticate Tax Payer Filings. At Rosyan Bookkeeping Services, We are committed to helping you with your W-2s, W-3s and 1099 Filings, as well as furnishing you with helpful information regarding your Tax Filings. Let us know how we can help you. The IRS issued technical guidance detailing this information in https://www.irs.gov/pub/irs-pdf/iw2w3.pdf |
Tax Credits & Tax Deductions.
| Posted on April 6, 2017 at 10:42 AM |
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We have only Few Days left to the end of Tax Season; Many of Our Clients ask if a Tax Credit is better than a Deduction. Just to enlighten us, A Tax Credit is a Dollar -For-Dollar Reduction of the Taxes you owe; For instance, A $100 Credit means you pay $100 less in Taxes. A Deduction reduces the Taxes, you owe by a Percent of every Dollar, you're allowed to deduct. You Calculate the worth of your Deduction by multiplying your marginal (Or Top) Tax Rate by the amount of the deduction. If you're in the 25% Tax Bracket, a $100 Deduction means you will pay $25 less in Taxes (0.25 times $100). Need More Clarification on Getting the Best of your Tax Deduction and Credits? Contact Us Today and We will be Glad to help you out. |
Lowering Your Tax Bill For 2017 ( Day 4)
| Posted on December 30, 2016 at 11:22 PM |
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 YES, 2017 is just Few Hours away......The Clock is Ticking. We can still chip in One more Challenge to lower Our Tax Bill before the Year Ends. And this is...... Further Your Education Do you know that if you take a Course to advance your Career or build your Business, It can be used as a Tax Deduction? If you are enrolled or taking classes at an eligible educational institution, you might qualify for the Lifetime Learning Credit(LLC). More so, If you or your Child is already in college or a Trade School, You can get up to $2,500 per student for the Year. So make sure you have paid college expenses before the end of the year to qualify for 2016. You should be able to claim the credit again next year, if the individual is still a student. In fact, you can claim the credit on up to three students a year, for a total of $7,500 in credits. Also, If you are done with College and paying Student Loan interest, you can deduct some or all of it, so make sure you are up to date paying off your loans. Either Parents or Students can claim this deduction, depending on the Payments.With this Advice, This is a Great time to enroll in a College or Trade School, so that you can still claim this in subsequent Tax Returns. Here is wishing you a Happy, Healthy, Prosperous and Tax- Savvy New Year. |
Lowering Your Tax Bill For 2017( Day 1)
| Posted on December 21, 2016 at 12:47 AM |
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 The Year 2016 is fast coming to an end; As we Close out the Year, We would like to thank all our Clients, Customers and Fans for your Business and Referrals. We look forward to your continued patronage in 2017; As the Year comes to a Close, So does the period for Tax Planning. For Each Remaining Day of the Year, We would share some Tax-Saving Strategies to consider before the Year 2016 closes Out. CLUE 1: Make Charitable Contributions - Charitable Donations are an easy way to get a Tax Deduction; The Most Obvious way to make a Donation is to write a Check to your local Church or Non- Profit Organizations. At the End of the Year, the Organization would give you a record of all the Donations, you have been making for the year and you can use this to make your Claims. Both Ways, you are giving to God ( A worthy cause) as well as lowering your Tax Bill. According to the IRS, A Donor claiming a deduction of $250 or more is required to obtain and keep a written acknowledgement for a charitable contribution, so be sure to get a donation receipt. It's also a good idea to take a picture of your Contribution, just as a Back-up. Also , making a Donation with your credit card this month means you don't have to pay it off until January- and you still get the deduction. BeSure to check out our website each day till the End of 2016 for more updates on how to lower your Tax Bill. #loweryourTaxBill |
Top 10 Overlooked Tax Deductions.
| Posted on March 16, 2016 at 10:11 AM |
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Every Year, Business Owners across
the Nation sit down with their Tax Accountants to come up with as many Legal
Tax Deductions as possible. As a Business Owner, knowing which Business Tax
Deductions that you qualify for can help:
It is unfortunate that many Business Tax
Deductions are misunderstood and underutilized. Some Business Owners make the
mistake of claiming the wrong deductions or claiming the wrong amounts. Most
Business Owners overlook the most important Deductions that can help reduce
their Tax Liability. As you file your Taxes this Year, We have compiled the Top
10 Overlooked Tax Deductions that most Business Owners ignore during Tax
Period. Our Aim us to help you remember to claim these deductions as you file
your Taxes. 1.
Software: A Software Deduction is more than the traditional idea of
Software in a Box or Download. If you use any Cloud Based Tools such as Online
Accounting Software or Other Productivity Tools, your Subscription Fees are
deductible as well as these Software- as- a- service (SaaS)
options. 2.
Education:
Did you spend money to attend a
Trade Show, Industry Seminar, Training or Conference relating to your Business
or Career in the Past Year? Did you Buy Books, CDs or Online Tutorials related
to your Business? These Tools help you get smarter at running your Business and
are all Tax Deductible. 3.
Licensing
& Regulatory Fees: Do
you know that the Regulatory and License Fees that you pay each year to keep
your Business Operating and in Good Standing are Tax Deductible? 4.
Bad Debts: When a Client owes you money and they are not paying
their Bills, It is possible to deduct the Uncollectible Bad Debt from
your Taxable Income. 5.
Student
Loan Interest: Student Loan Interest is a Tax Deduction
that is commonly missed. If you have Student Loan Debt and you are
still paying for it- Either for yourself or for your Children, you have to
ensure that the Loan Interest is deducted for Tax Purposes .Note: The
Person who gets to deduct the Loan Interest is the person who is legally
obligated to pay back the Loan. This means that if the Loan is under your Name,
you can take the Tax Deduction; If the Loan is under your Adult Child's Name,
then your Child will be the one to claim the deduction on their Tax
Return. 6.
Medical
Costs: These include Health
Insurance Premiums, Dental Care, Glasses, Counselling, Therapy and Miles driven
to Medical Appointments. Weight- Loss Programs are also deductible if
undertaken as treatment for a Disease diagnosed by a Physician. 7.
Retirement
Plan Expenses: Whether you are a Solo Entrepreneur
or Business Owner with many Employees, Any Contribution (up to a certain limit
each year) made to a Qualified Tax-advantaged Retirement Plans such as SEP IRA,
SIMPLE IRA, 401(K) or Other Retirement Accounts are Deductible. It is important
to note that some People with IRAs miss the opportunity to contribute to their
Plan and don't realize that it's a deduction that does not need to be funded by
December 31st of the Tax Year. Tax Payers have until April 14th of every
following Year to fund their IRAs. 8.
Depreciation:
Depreciation can mean large Tax
Savings for most Business Owners and is usually complex enough to intimidate or
confuse many Business Owners. Certain Fixed Assets Purchases that you
buy for your Business cannot have the entire cost deducted in the same year
that you purchase it, instead you need to spread the cost across a few Tax Years
and deduct part of it each year. 9.
Business
Transportation (Vehicle Mileage & Maintenance) : Using your Personal Vehicle or Business Owned Vehicle
for Business Related Travel allows you to deduct the Value of
Depreciation on the Vehicle's Value by deducting your mileage with the IRS
standard mileage rate per mile of Business Travel, or ( If the Number is Greater)
by deducting the Total Value of Gas and Maintenance on the Vehicle. 10. Charitable Contributions & Non-Cash Charitable Donations:
The IRS likes to encourage and
reward People who donate and volunteer for charitable causes. Any Money that
you give to a Tax- Exempt Charitable Organization can be deducted from your Taxable
Income. You can also deduct certain out - of - pocket expenses incurred while volunteering
for a charitable organization. Deducting a Cash Contribution to a Charity is
easy, but too often People don't accurately value Non- Cash Contributions such
as Clothes. You will have to determine the fair market value. It is important to take note of these overlooked Tax Deductions and remember to list them during your Tax Filing. It has been reported that Most Business Owners give lots of extra money to the IRS due to lack of record keeping of these overlooked Deductions. This is why it is compulsory to keep accurate record of all your Expenses during the Year and have them categorized properly, so that you can reduce your Tax Liability to the minimum. We know that the Tax Filing Season is not fun and will like to take the stress off you, so that you can concentrate on building your Business, If you have not been keeping accurate records of your Income and Expenses, We are available to help you. Please Free to give us a Call on 202.422.4586. You will be glad you did. To your Business Success, Rosemary Anyanwu, CFE. Certified QuickBooks ProAdvisor, Professional Bookkeeper & Accountant. Rosyan Bookkeeping Services. |
Getting Ready for Year End Accounting.
| Posted on December 22, 2015 at 10:49 AM |
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Merry
Christmas and A Prosperous New Year 2016 to all our Current and Prospective
Clients. We want our Clients and Fans to know that we appreciate them and continually look forward to a great working relationship. The Year is almost coming to an end and It's a Busy Season for
everyone. As you make your Holiday Plans, Remember to close your Books and
Accounting Records for the Year 2015. We have listed some Tips to help you close the year properly, so that you can make great plans for the upcoming year:
1) Ensure that the Bank and Credit Card Accounts
have been reconciled. 2) Ensure that the Loan Interest has been separated from the Principal Amount and is accurately entered into your Books. 3) Check for the Accuracy of Accounts Receivable and Accounts Payable. 4) Write Off Bad Debts for Customers who are Noncollectable.
Another Tax Season is about to start; Filing
your Taxes will probably never be fun, but being proactive when you are not
under a Deadline can help ease some of the burden and save you time and
frustration when April Comes around. If you need help with getting your Books
ready for Taxes, We are available to help you. Please Free to give us a Call on
202.422.4586. You will be glad you did. |
Have you Filed your Taxes Yet?
| Posted on April 4, 2015 at 5:17 PM |
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It's the month of April and We're counting down to the final days of Tax Time. Have you filed your Taxes yet? Do you know that you have a few days left, to file your Taxes? Here are some quick ideas, to help you organize and get your documents ready for Tax Filing:
Here is a list of the common Tax Records, that we all need to have, for an effective Tax Filing: 1. Informational Tax Forms( W-2, 1099, 1098, 1095-A, Plus Others) that disclose Wages, Interest Income, Dividends and Capital Gain/Loss Activity. 2. Other Forms, that disclose Possible Income ( Jury Duty, Unemployment, IRA Distributions and Similar Items). 3. Business K-1 Forms 4. Bank and Investment Statements 5. Mortgage Interest Statements. 6. Business Expenses. 7. Property Tax Statements. 8. Mileage Logs for Business, Moving, Medical and Charitable Giving. 9. Medical, Dental and Vision Expenses. 10. Tuition Paid Statements. 11. Records of Any Asset Purchases and Sales. 12. Health Insurance Records( Including Medicare and Medicaid). 13. Charitable Receipts and Documentation. 14. Social Security Records. 15. Credit Card Statements. 16. Records of Any Out of State Purchases, that may require Sales Tax. 17. Records of Any Estimated Tax Payments. 18. Contribution Records 19. Educational Expenses( Including Student Loan Interest Expenses). 20. Casualty and Theft Loss Documentation. 21. Moving Expenses. 22. Home Sales Records. If you are not sure whether any of your Documents are important for Tax Purposes, Retain the Documentation. It is better to save unnecessary documentation , than regret that you did not present the document to support your Tax Deductions. If you need assistance in organizing your Documents and getting them ready for Tax Purposes, as well as setting up your record keeping system, so that you don't miss any Tax Deductions, Feel Free to call us on 202.422.4586 to help you out. You will be glad you did. |