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IT'S TAX SEASON.

Posted on January 31, 2019 at 3:59 PM Comments comments (0)
    
  IRS Begins Accepting Tax Returns on Monday, January 28th 2019.
  It's Official; Tax Payers should not worry about their Refund Status being affected by any Happenings within the Government.
  It is also important to note that Monday, April 15, 2019 still remains the Individual Filing Deadline for the majority of the Country, though the Deadline in Maine and Massachusetts is April 17 due to the Emancipation Day Holiday.

     Important Points to Note:

  • The First Refunds will go out in the First Week of February and Many Refunds will be paid by Mid- to Late February.
  • The IRS expects about 90 Percent of the Tax Refunds to be filed electronically. Choosing E-File and Direct Deposit remains the fastest and safest way to file an accurate Income Tax Return and Receive a Refund.
  • The Form 1040 has been re-designed for the Tax Year 2018. The Revised Form consolidates Forms 1040, 1040A and 1040- EZ into one Form, that All Individual Tax Payers will use to file their 2018 Federal Income Tax Return.

  We are Here to Help you with Organizing your Documents and Getting all your Business Expenses correctly and accurately deducted. This will help to reduce your Tax Liability.
 
 Keep Checking for Weekly Updates and Important Information, regarding your Tax Filing.

  Let the Tax Season Begin ......................................................
 

Tax Season is Still On.

Posted on February 19, 2018 at 11:55 PM Comments comments (3)
  

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 Comments comments (5)


W-2 Form; 1099 Form Filing.

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:

  • 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.

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:

  •  $50/Return – If you file within 30 Days of the Due Date.
  •  $100/Return – If you file more than 30 days after the Due Date but by  August 1.
  •  $260/Return – If you file after August 1, do not file corrections or do not file Required Forms.

 
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 Comments comments (2)
 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.

Tax Season Still On................Time Running Out

Posted on March 12, 2017 at 10:24 PM Comments comments (2)


















Tax Season is still On........ We have few more days to go; If you are a Calendar Year Partnership or an LLC with more than one member, you must file a Partnership Return, Form 1065 as soon as possible, the Due Date is March 15th 2017. 

This same Deadline applies to Calendar Year S Corporations ( Where Shareholders are taxed for Profits), you must file your Form 1120S by March 15th 2017. These Forms were previously due on the same date as the Owner's Form 1040, but from this Year 2017, the Date was marked up.

However For C Corporations (This is where Shareholders are taxed separately from the Business-; Subject to Double Taxation); Your 2016 Form 1120 is not due until April 18th 2017.

If you are not ready to file yet and know that you cannot meet the Due Date. You will have to file for an extension as soon as possible. But Remember you will have 6 months, up till September 15th 2017 to file the 2016 Returns. You would not want to pay heavy Penalties for not doing this.

However For Individuals and Sole Proprietors, Your Form 1040 is not due until April 18th 2017. 
You have to act fast and ensure that your Accounting Records and Books are updated,so that you will not miss any Tax Deduction.

Have a Stress Free Tax Season.