|Posted on November 21, 2018 at 11:12 PM||comments (0)|
We are Proud to be part of a Part of the PGCC Innovation; Doing what we love to do best. Encouraging, Developing and Mentoring ; Providing Career and Internship Opportunity path. We love what we do and proud to be recognized for this Great Gesture.
Thanks to the Prince Georges Community for featuring us.
|Posted on August 17, 2018 at 5:36 PM||comments (5)|
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.
|Posted on July 4, 2018 at 2:14 AM||comments (7)|
|Posted on April 16, 2018 at 9:27 PM||comments (2)|
The deadline for filing your taxes is fast approaching — this year, The deadline is April 17, 2018.
We all know, that Life can be busy!!! Maybe your taxes are particularly complicated this year, or maybe you just don’t have the time to sit down and sift through the paperwork.
So, what happens if you don’t file your tax return on time?
If you’re getting a refund on your taxes this year, you don’t need to panic — you have until April 17, 2021 to claim your refund (or until October 17, 2021 if you filed an extension by the April 17 deadline). It’s best to file as soon as possible, however, because if you don’t file within that 3-year period, you’ll lose the refund.
If you owe taxes, things get complicated.
First, you’ll be charged a failure-to-file penalty. That penalty is 5 percent of your unpaid tax bill for every month after the April deadline that you fail to pay. The amount can grow to a maximum of 25 percent of your total unpaid bill.
In addition, you will be charged interest on whatever amount you did not pay. The interest rate is the federal short-term rate plus 3 percent with interest compounded daily. That can add up very quickly.
How to File for an Extension on your Taxes.
If you think you might be unable to file your tax return by the April 17 deadline, the best way to avoid fees and penalties is to file for an automatic six-month extension with the IRS using Form 4868. It’s free and pretty easy.
But if you owe taxes, you’ll still need to pay them by the April 17 deadline or penalties, fees and interest will start to accrue.
Form 4868 does not grant the taxpayer an extension of time to pay their tax.
If you owe the IRS money and are having trouble coming up with the money, you have a few options. You can file for an extension of time to pay your tax bill using Form 1127: Application for Extension of Time for Payment of Tax Due to Undue Hardship, but be aware that the laws are very strict about granting such extensions.
* The IRS must receive Form 1127 on or before the date that the tax is due.
* The taxpayer must include a complete statement of all their assets and liabilities at the end of the previous month, as well as an itemized list of money they received and spent the previous three months prior to submitting the extension request.
* The taxpayer must show that the payment of tax would result in “undue hardship.” That means more than inconvenience.
*The taxpayer must show that paying by the due date would result in a serious loss of money and that they don’t have the funds, nor can they raise them through borrowing.
When granted, these extensions usually last 6 months. For more information about extensions to pay tax, visit the IRS website at www.irs.gov.
(You can read more about payment plans and other options for what to do if you can’t pay your tax bill here.)
Ultimately, it is the best and safest idea to file your return by the April 17 deadline or file for an extension. That may be a hassle now, but it could save you a significant amount of financial harm in the future. If you need assistance, please call us as soon as possible.
|Posted on March 29, 2018 at 5:43 PM||comments (2)|
It was a pleasure offering Quickbooks Training Services to the finance Team of RCCG Mercy Court, Towson, MD. Great Pastor, Great Receptivity, Great People. When you have a great team, Training is a Breeze.
#quickbooks, #quickbookstraining, #quickbookstrainer, #quickbooksproadvisor, #quickbooksspecialist, #bookkeepingservices.
|Posted on February 19, 2018 at 11:55 PM||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.
|Posted on January 29, 2018 at 7:54 PM||comments (7)|
IRS Begins Accepting Tax Returns Today - Monday, January 29th 2018.
IRS begins accepting Tax Returns Today, Monday, January 29th 2018.
Highlights to Note:
NEW TAX LAWS:
Need a Hand with your Tax Returns? Need Help with Organizing your Financial Reports? Need Help with your Accounting Software?We are here to help you. Contact us for more Information.
|Posted on December 18, 2017 at 7:15 PM||comments (5)|
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
|Posted on November 16, 2017 at 2:40 PM||comments (2)|
The IRS had announced sometime in October, that effective from January 1 2018, the contribution limit for Employees who participate in 401(k), 403(b), most 457 plans and the Federal Government’s Thrift Savings Plan will be increased from $18,000 to $18,500.
This is surely a Big Deal. As we all know, this extra $500 can help us more than we may think and it could also mean up to $70,000 more in your retirement account, assuming you decide a retirement age of 67 for yourself and at a 6 percent annual rate of return.
This is also important to know, as we have only few weeks to the end of the Year and most of us have less than 3 Payroll Cycles to the end of 2017. We need to ensure that we are working towards reaching the limit of $18,000 for this Year and if you are over 50, try to ensure that your Payroll Company implements your catch-up contribution limit of $6,000. It’s been discovered that most time, they don’t implement it, unless you inform them.
If you have not been contributing the maximum amount to your 401(k), this IRS Announcement is a useful reminder to push your contribution rate higher. Even if you’re not saving that much, increasing your savings rate by a percentage point or two every year, and anytime you get a pay raise will make a Big Difference to you in Retirement.
In addition to this announcement, the income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Accounts (IRAs), to contribute to Roth IRAs and to claim the saver’s credit is also increased for 2018.
Taxpayers can deduct contributions to a traditional IRA, if they meet certain conditions. If during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. If neither the taxpayer nor their spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.
Here are the phase-out ranges for 2018:
Highlights of Limitations that Remain Unchanged for 2018:
Please Note that If you don’t have a 401(k), there are other ways to put your money to work. Consider alternate retirement savings accounts, such as Roth IRA , Traditional IRA and/or Health Savings Account.
The IRS issued technical guidance detailing these items in Notice 2017-64
|Posted on September 14, 2017 at 10:07 PM||comments (6)|
We grow up in life, structured to believe that, after we go through the school system, we graduate to work for Organizations. We often fail to realize that, we can use our knowledge and experience to start up our own Businesses, especially when most companies rarely allow their employees to become Business Owners. As individuals, we need to harness our passion and recreate the relentless entrepreneurial spirit in us, to launch us to where we are meant to be.
Everyone is born with a gift; each of us has a passion and something that we are all excited about. The idea is to turn this passion into an entrepreneurial opportunity, where you can turn your passion into a money making machine. Everyone has an innate entrepreneurial ability; it's how we harness this ability that determines how we make progress in life.
The basic reason, why most of us fail to harness our entrepreneurial ability is because we feel safe in our jobs. We have become comfortable with our safe salary increases that will never get us where we need to be. Do you know that you can use your free time, imagination and your creative skills to deliver value that nobody has ever delivered in the history of Mankind?
You need to step out of the prison imposed on you from the Organization; you work for and create an abundant life for yourself. Abundance only comes when you are moving along your passion.
Below are some of the Skills needed to develop the entrepreneurial ability in you:
1) The Ability to have ideas.
2) The Ability to execute on the ideas.
3) The Ability to sell the Ideas.
4) The Persistence to keep learning as you fail.
5) The Ability to move onto the next Adventure.
I always advise recent college graduates entering the exciting world of professional services to consider themselves entrepreneurs on day 1. You have to identify your passion and the specific area that you want to develop yourself in life; find other People within this field and learn from their expertise. Networking is also very crucial as well as connecting with others. Although they may not realize it now, the professional service industry is one of the few that allow employees to eventually become business owners. Even if they have no intention of becoming a partner or starting their own firm, it is important for young professionals to distinguish themselves by creating a personal brand and an entrepreneurial spirit within their profession.
Below are some steps to Turning your Passion into Entrepreneurial Opportunities:
Find Your Niche
Like most entrepreneurs, you need to find your niche - a specific area that you are passionate about. This could be anything from Handmade Jewelry, Accounting, wealth management services, or even insurance sales. Finding the right niche is the first step to building any entrepreneurial endeavor.
After realizing what area of your profession interests you, it is important to find others within it and learn from their expertise. Networking is crucial and connecting with others is a sure fire way to broaden your horizons. At the initial year of my Accounting and Bookkeeping Business, I had a mentor that coached me, taught me the nits and grits of the Business and molded my path in this Business line, and I give credit to him for this direction. I must say, that all that I learnt from him, is what has helped to mold me into what I have become today.
Develop Your Skills and Knowledge
For you to turn your passion into an entrepreneurial opportunity, you need to immerse yourself within everything that pertains to it, attend seminars, talk to future competitors and analyze barriers to entry. If you want to develop your skills you will need to train others, as this will eventually help to develop and strengthen your knowledge and perfect your skills.
Build Your Brand
Personal branding is a must for turning your passion to entrepreneurial opportunities, especially in an age when professional service is becoming a much needed commodity. In order to leverage in your industry, you need to set yourself apart by leveraging your personal brand.
The first step to building a personal brand is considering yourself and your "turned passion" as a product. You need to ask yourself many questions before building your personal brand: What is your value proposition? Why should people buy your product? What can you bring to the Table? Who are you trying to target?
Don’t Wait For Opportunity: Create It
Once you determine your personal brand, you have to go out and create your opportunity. The biggest stumbling block to launching your own Enterprise is waiting for opportunities instead of creating them. Allowing others to dictate your success in any specific profession is a sure fire way to guarantee disappointment. If you keep sitting and waiting for someone to hand you a promotion or give you that well deserved pay raise at your job; it is akin to doing the same thing over and over again and expecting different results – its insanity.
In conclusion, to make it ahead in a competitive world of services, we need to distinguish ourselves among our cohorts. Be an entrepreneur at work, Take Control of who you report to, what you do and what you create. Deliver some value - any value - to somebody, anybody and watch your value compound into a career - Your Desires Entrepreneurial Opportunity. Following the simple steps above can make all the difference and create a huge impact your life.
So, what are you waiting for? Go ahead and Turn your Passion into a Business and watch your Business Grow.