There a several different types of 1099s that exist in the federal 1099 information reporting series. However, one of the most popular forms that small businesses need to file is the Form 1099-MISC.
What is a Form 1099-MISC?
Form 1099-MISC is essentially an information report that is required to be sent to certain recipients who have been paid during the year in the course of a trade or business. A copy of the Form 1099-MISC is also reported to the Internal…Read More
Just about everyone knows that taxes must be filed at least on an annual basis. However, what most small business owners, particularly sole proprietors, don’t realize is that taxes may be dues at other times during the year! Here is a quick and dirty attempt to cover the basics regarding quarterly estimated taxes. Note that the discussion below is based on federal taxes; however, each state has it own additional rules reqarding estimated tax payments.
Who – Who is Required to…Read More
Added by Lauren Massie, Tax Specialist on July 11, 2011 at 8:30am — No Comments
Effective July 1, 2011, the North Carolina sales and use tax rate is scheduled to be reduced by 1% in all counties. As a result, the combined general state and local tax rate will be reduced from 7.75% to 6.75% in most counties. However, there are a few counties that have a higher combined sales and use tax rate. For a full listing of county rates and retailer reporting requirements visit the…Read More
There is not much good news these days as it relates to gas prices. In fact with gas prices topping $3.50 per gallon many individuals and businesses have noticed less change floating around in their pockets and have made travel changes accordingly. Unfortunately, unless you own an electric car, gas is a commodity that many cannot do without. Luckily, the good people at the IRS have granted us gas guzzling types some financial relief for certain transportation expenses in the form of…Read More
Residents of many North Carolina counties impacted by the severe weather (i.e., storms, tornadoes, and flooding) that took place on April 16, 2011 may be eligible to qualify for tax relief from the IRS if their county was declared a federal disaster area. Residents of such counties automatically have until June 30, 2011 to file their 2010 individual income tax returns, make income tax payments, and make 2010 contributions to an IRA without being subject to late filing penalties.
Added by Lauren Massie, Tax Specialist on June 16, 2011 at 10:30am — No Comments
What is an EIN (Employer Identification Number) and who needs one? An EIN is the equivalent of a Social Security Number for businesses. Just about all businesses are eligible to apply for an EIN; however, not all businesses need an EIN. In general, your business must apply for an EIN if you answer “yes” to any of the following questions:
• Do you have employees?
• Do you operate your business as a corporation or a partnership?
• Are you required to file Employment, Excise, or…
Added by Lauren Massie, Tax Specialist on May 25, 2011 at 9:00am — No Comments
Didn’t expect to owe taxes this year? Unable to pay the full amount owed before the tax filing deadline (April 18th)? It can happen to anyone due to unforeseen circumstances or missed tax planning opportunities among other reasons. Here are some tips of what you should do if you find yourself in this…Read More
Did you or your dependent(s) have educational expenses during 2010? If so, you may have inadvertently missed a valuable North Carolina income tax deduction (especially if you relied on tax software to prepare your return).
Generally, North Carolina income tax law attempts to mirror federal income tax law. However, the North Carolina General Assembly has to enact legislation each year to keep up with the federal changes. Unfortunately, due to the federal income law changes that…Read More
Added by Lauren Massie, Tax Specialist on March 21, 2011 at 10:30am — No Comments
The corporate tax deadline for most corporations is March 15th! Hopefully this date did not sneak up on you corporation (regular and S-Corp) business owners! If so, don’t fear - an automatic 6-month extension is here!
Meanwhile you are at it, you may want to consider extending your personal income tax returns if you don’t think you will have your corporate returns done prior to April 18th.
Note that an extension applies to the time you have to file…Read More
Added by Lauren Massie, Tax Specialist on March 14, 2011 at 8:30am — No Comments
Happy Friday! Did you know that the federal government and many state governments deposit tax refunds on Fridays? Check out the Simply Taxes, LLC blog for other interesting tax facts!
Added by Lauren Massie, Tax Specialist on March 4, 2011 at 9:00am — No Comments
So what exactly does one have to do in order to qualify to write-off expenses for the business use of the home? And what expenses qualify for the deduction?
First, in order to qualify for the deduction, part of the home must be used:
• Exclusively and regularly as the principal place of business,
• Exclusively and regularly as a place to meet or deal with patients, clients, or customers in the normal course of the trade or business,
• In the case of a separate structure which…
Did you know that you may be eligible for up to an extra $2,000 in tax credits simply for saving? That’s right! The Savers Credit, also known as the Retirement Savings Credit, applies to certain individuals who contribute to qualified retirement accounts such as a IRAs and 401(k).
To qualify, you must have been born before January 2, 1992, you cannot be a full-time student, and you cannot be claimed as a dependent on another person’s return. Lastly, your income must fall within the…Read More
Added by Lauren Massie, Tax Specialist on February 21, 2011 at 9:30am — No Comments
W-2s should have been mailed out by your employers no later than January 31st. If you don’t receive your W-2 by the end of this week consider doing the following:
1) Contact your employer. It is possible that they did send a W-2 but it got mixed in the mail or returned.
2) Contact the IRS. If you don’t receive your W-2 by mid-February call the IRS at (800) 829-1040. Be prepared to provide your employer’s contact information, your dates of…
Added by Lauren Massie, Tax Specialist on February 2, 2011 at 9:30am — No Comments
If so, don’t forget to go ahead and deduct the interest. See the highlights of this benefit below. Visit the Simply Taxes, LLC blog for more tax savings tips!
Added by Lauren Massie, Tax Specialist on January 26, 2011 at 6:30pm — No Comments
Added by Katrina M Harrell-Biz Strategist on January 9, 2011 at 4:24pm — No Comments
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WINNERS ANNOUNCED NOVEMBER 1ST!
We had a great turnout for our first contest and are posting the winners here! Thanks to all who submitted entries! If you haven't had the chance to enter this contest…Read More