December’s here, and the end of the year looms ahead. As business owners anticipate the upcoming tax season, critical choices in bookkeeping now can make or break them at tax time. In this series of articles, let us help you prepare your bookkeeping for year-end with confidence. Evaluation and planning strategies now could pay off…
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January: Start of a fresh new start. Time for New Years’ resolutions, coats and snow skiing. Hot chocolate and logs on the fire. Sounds dreamy, right? For our leisure life, perhaps. But for our businesses, January is a busy month for bookkeepers! January signals all the end-of-year tax preparations necessary to comply with governmental regulations….
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After discussing the basics of W2 preparation, now let’s move on to explore the Form W2 itself. The many boxes and codes can be confusing for bookkeepers and tax preparers alike, so we hope to clarify this for you. The Form’s Identifiers Form W2 requires accuracy and thoroughness in its completion. Bookkeepers must make sure…
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After discussing the basics of W2 preparation and Boxes 1 through 11, now let’s look at the remaining Boxes. The Form’s Boxes 12 through 20 Bookkeepers and tax preparers often get confused about the right codes and amounts to use in these boxes. We hope to bring clarification. Box 12 Many times, Box 12 of…
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Independent contractors provide a very useful service to many businesses. Bookkeepers can cut their checks without worrying about their tax obligations, but is that all? Money paid to each independent contractor must be accumulated during the year. For those independent contractors who are paid $600 or more, Form 1099-MISC must be prepared and issued by…
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February: The month for love, candy and valentines. President’s Day. Snow days. Fun stuff? Not all of February is about the fun stuff, though. For bookkeeping and tax professionals, February is quite busy with tax reporting. One such reporting requirement on businesses and bookkeepers is the filing of Forms 1099, when needed. So what is…
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