Hey, at this time of year, your business may need to prepare W2s, 1099s and possible simple income tax returns for your kids or relatives. You can get a preparer to file these items, or you can do it yourself. While I recommend the former and not the latter, if you have decided to do the deed on your own, you can get various federal tax forms in a number of ways. See this IRS posting on four ways to get the forms: http://content.govdelivery.com/accounts/USIRS/bulletins/a336d7?reqfrom=share Just keep in mind that if you mess up these filings to save money, you are risking getting a bunch of letters from the IRS that might make you think twice about doing this again. Then again, maybe not. Also remember that you are probably going to have to file some state forms, too – don’t forget about them. I guess there is no way to tell how big a disaster this year was until you have to decide about this same time next year. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Has been Featured On https://twitter.com/bstonercpa
Musings of a Burbank CPA: Information on The Earned Income Credit (EITC)!
Hey, if you only worked for part of the year and earned less than $ 51,567, you might be eligible for the Earned Income Credit (EITC). See this information from the IRS and learn the rules to see if you qualify: http://content.govdelivery.com/accounts/USIRS/bulletins/a30940?reqfrom=share I think you should always check to see if you can qualify for certain credits, especially refundable credits! You need to at least look at the rules and see if there is some way to get one of these credits. Just remember that most of these credits are more for lower income people than not, but sometimes the not may not always apply. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Has been Featured On https://twitter.com/bstonercpa
Burbank CPA Tax Musings: The Joy of E-Filing!
Kind of sounds like one of those movies from the seventies, doesn’t it. And no, the IRS computer system really isn’t that old (it has been upgraded to at least 2001). But Uncle Sam wants you to efile your taxes, and he gives you a few reasons here to efile instead of paper filing your taxes this year: http://content.govdelivery.com/accounts/USIRS/bulletins/a23412?reqfrom=share Here is another reason to efile; US mail screwups! The last year I paper filed my taxes (2005) I was on the phone with the IRS as much for my return as my clients! I am a sole practitioner and the IRS either didn’t receive (so they claimed) or lost (more likely) my sole proprietor form Schedule C. I had to mail (gasp!) them another copy before they would leave me alone. When the IRS says efiling is safe and secure, they mean from their keypunchers (who work at close to minimum wage and have no real incentive to do a good job except for their own personal desire to do a good job) as well as mail messups and identity theft! I have efiled ever since that 2005 disaster and have never had a problem since. For financial, accounting [...]