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TAX REPORTING

What Can We Expect From The IRS Now?

By The BIDaWIZ Team on June 7th, 2013 at 10:49 am

The IRS has been under pressure recently from privacy concerns and accountability issues with internal spending. The Obama administration has taken action in removing the IRS commissioner that will be reviewing how the agency operates in the future. What are taxpayers to make of these changes going forward? Read More.

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TAX REPORTING

Is Your Business Classifying Employees Accurately?

By The BIDaWIZ Team on May 17th, 2013 at 8:16 pm

Many businesses issue 1099 forms to workers because it's easier to manage for reporting purposes. They should be mindful that the rules rather than convenience dictates tax reporting requirements. Businesses that do otherwise can find themselves in big trouble during a tax audit. Is your business following the rules? .
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TAX REPORTING

Should I Save Every Single Receipt For Taxes?

By The BIDaWIZ Team on February 22nd, 2013 at 5:00 pm

The answer to this question largely depends on the size of the expense and whether or not you’re an individual with many large expenses or a business. It technically doesn’t hurt to save every single receipt and there are tools available to easily convert hard copies to digital. Still, should you? Read More.

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TAX REPORTING

Home Based Business Income And Expense Reporting For 2013

By The BIDaWIZ Team on February 22nd, 2013 at 11:00 am

Many entrepreneurs that are starting out opt to work out of their homes instead of incurring the costs of renting office space. Those that work from home will need to be well-versed in the tax reporting requirements that the IRS often scrutinizes. .
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TAX REPORTING

Did You Receive An Incorrect 1099-K Form?

By The BIDaWIZ Team on February 21st, 2013 at 10:00 pm

Many businesses have recently received 1099-K forms issued by third-party payment processors such as PayPal. The IRS recently required that processors issue this informational form in an effort to prevent merchants from under-reporting their income. However, businesses are finding that these forms are sometimes being issued even if not required and with errors. What should you do if your business receives an incorrect form? .
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TAX REPORTING

Is An S Corporation Required To File Tax Returns In Multiple States?

By The BIDaWIZ Team on February 8th, 2013 at 4:00 pm

We're glad you asked this question because it's often overlooked by many business owners. If the S Corporation has owners or employees that are providing services in other states, the entity generally must file a state tax return in those states with certain exceptions. .
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TAX REPORTING

How Businesses Can Save By Helping Their Accountant

By The BIDaWIZ Team on January 31st, 2013 at 11:00 pm

Many small businesses don't address this with their accountant as we have first-hand knowledge of the consequences for not having a conversation with your accountant before, during and after the tax preparation process. .
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TAX REPORTING

A Simpler Option For Calculating The Home Office Deduction

By The BIDaWIZ Team on January 18th, 2013 at 11:00 am

If you work from home for business, the IRS has potentially provided you with some relief in the form of less paperwork required to claim the home office deduction. You may soon be able to claim the home office deduction based on a simple calculation. .
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TAX REPORTING

Is Your Business Ready To Issue 2012 1099 Forms?

By The BIDaWIZ Team on January 10th, 2013 at 5:00 pm

The January 31st deadline to complete and send 1099 and W-2 Forms to your contractors and employees is quickly approaching. Find out what you need to know about these forms and the penalties for failing to issue them to your contractors, employees and the IRS by the deadline. Read More.

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TAX PREPARATION, TAX REPORTING

What Does the Fiscal Deal Mean For Your 2012 & 2013 Taxes?

By The BIDaWIZ Team on January 4th, 2013 at 5:00 pm

Despite significant criticism, congressional leaders came together in the end to sign into law new legislation that bodes well for the vast majority of individual taxpayers and small businesses. There was certainly some compromise in the tax bill, but many folks should be happy about the result. How will you benefit or not? Read More.

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