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.
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.
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.
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.
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.
January 19 2016 will mark the beginning of the 2016 Filing Season. The Internal Revenue Service (IRS) announced that Tax Return filing for the year will begin one day earlier than the previous one.
The IRS will begin accepting individual electronic returns from this day. They will also begin processing paper tax returns at the same time. There is no advantage to people filing tax returns on paper now instead of using the e- file method.
The Tax Day also witnessed slight changes as Washington, DC celebrates Emancipation Day on April 15 instead of the usual April 16th, which is a Saturday.
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:
The Holidays are here and it's time to ensure that we have some cash tucked
somewhere for the Holiday Shopping, Gifts, Christmas Parties, as well as
In our last Newsletter, we uncovered the myth of profits, and learnt that,
understanding how transactions occur in our business and its effect on our
financial statement is key to managing our profits. Please feel free to
refer to our last newsletter for the full details. This Month, We will be
looking at 5 strategies of turning our Profits
the eighth month of the Year, We are gradually getting to the end of the year,
and soon it will be time for Year End Reports. In our last Newsletter, We
discussed the concept of Cash Flow and how it affects our Business Operations;
this month, we will be looking at tips to manage our Business Cash Flow.
Being in Business for yourself is like being an Air traffic controller,
especially in the area of cash flow management ; You can imagine trying to
control 100 Airplanes landing simultaneously on two runways; this can be
an upheaval task, but we regularly see clients line up their monthly bills,
their projected income, business projects and business expenses and try to
combine all these activities, at the same time, trying to ensure a
steady cash flow into the business; you can imagine, the projected
outcome, if all these activities are not properly coordinated.
Welcome to the
month of July. We are done with the first half of the year and started the countdown to the remaining half of the year.
Our Newsletter for
this month is on an integral part of every business; an area that is generally
misunderstood by most business owners, but interestingly plays an important
role in every organization. Have you taken time to look at your Cash flow
Statement? Can you tell where Funds are disbursed in your Business? Do you
understand the effect of your Spendings?