Hey all! Here is your Tip. This is for anyone who has been affected by any of the Natural Disasters over the last couple of years and had to DI into that Retirement fund, please read: Laws enacted in 2017 and 2018 make it easier for retirement plan participants to access their retirement plan funds to recover from disaster losses incurred in federally declared disaster areas in 2016, 2017 and 2018. This disaster relief may allow affected taxpayers to: waive the 10% additional tax on early distributions include a qualified hurricane distribution in income over a 3-year period repay their distributions to the plan have expanded loan availability extend the loan repayment period Let your Tax Professional know if this is you...
As this New Year begins, it is important for all business owners/ employers to prepare and issue 1099s to the recipients, and file with IRS.
⠀⠀⠀⠀⠀⠀⠀⠀⠀The 1099 tax form, referred to as “Information Return, by IRS” should be sent by the company to the independent contractors if it paid more than $600 to them during the year.The January 31st deadline only applies to Form 1099-MISC with an amount in box 7, Nonemployee Compensation.⠀⠀
⠀⠀⠀⠀⠀⠀⠀If you need help filing contact us.
We have a Free Printable E-Sheet available on how Bitcoin is Taxed! Please visit our Social Media outlets to sign up for that! In the meantime, below is an excerpt from a Notice the IRS released regarding the taxation of cryptocurrency.⠀ ⠀⠀⠀⠀⠀⠀⠀⠀The IRS says in Notice 2014-21, “For Federal Tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency. A taxpayer who receives virtual currency as payment for goods and services must, in computing gross income, include the Fair Market Value of the the virtual currency, measured in U.S. Dollars, as of the date that the currency was received.”⠀ ⠀⠀⠀⠀⠀⠀⠀⠀Continued, “Transactions using virtual currency must be reported in U.S. Dollars. If...
As a Business Owner, it can be difficult to know all of the Taxes that apply to you. Often times, you may not be aware of a Tax filing requirement until a notice is received. Here are the most common Tax Filing Requirements applicable to Businesses:⠀⠀⠀⠀⠀⠀⠀⠀⠀
- Income Tax⠀⠀⠀⠀⠀⠀⠀⠀⠀- Estimated Taxes⠀⠀⠀⠀⠀⠀⠀⠀⠀- Self Employment Tax⠀⠀⠀⠀⠀⠀⠀⠀⠀- Employment Taxes⠀⠀⠀⠀⠀⠀⠀⠀⠀- Excise Tax⠀⠀⠀⠀⠀⠀⠀⠀⠀The form of business you operate determines what taxes you must pay and how you pay them. Also, depending on your Product & State, additions taxes may be required such as Sales Tax or Use Tax. Does this sound confusing? Is this a topic you would like a Tax Tip Live about? Comment ‘YES’ below!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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In the current digital age of Identity Theft, an EIN is important for business owners. Instead of putting your SS# when filling out documents related to your business, use the EIN #. This is like a SS# for your biz. . . . . . . . . . . . . . . . #thetaxtipdiva #goaldigger #bosslady #takingfearoutoftaxes #melaninbizhustler #theempresskollective #womeninbusiness #keepmoreofwhatyouearn #taxtipdiva #taxtipbiz #wealthtips
A post shared by The Tax Tip Diva ™️ (@thetaxtipdiva) on Nov 13, 2018 at 7:52am PST
