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.
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,
* 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)
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).
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.
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:
- Reduce Your Income Tax Liability.
- Enhance the efficiency of your Business Operation.
- Improve your Overall Financial Well Being
- Prevent Overstating your Income/Profit.
- Eliminate you from being a Target of an IRS Audit.
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:
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:
- Organize All your Income Statements -Get all your W-2s, 1099s , 1098s and 1095- A's( I spoke about this document in my earlier blog). Make a Checklist to ensure that none of these document is missing.