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TAX REPORTING

Businesses Need to Complete 1099 & W-2 Forms To Avoid Future Issues

By The BIDaWIZ Team on January 19th, 2012 at 9:30 am

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 provide them to your contractors, employees and the IRS. .
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TAX REPORTING, TAX SAVINGS

What The Two Month Payroll Tax Cut Extension Means for You

By The BIDaWIZ Team on December 23rd, 2011 at 12:00 pm

Federal lawmakers finally reached a compromise or at least for the next two months on the payroll tax cut extension. While the average taxpayer will keep an extra $83 in their pockets, employers may have been dealt a major blow. Read More.

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SMALL BUSINESS, TAX REPORTING

Businesses with Sales over $20,000 Need to Prepare for form 1099-K

By Susan Ladika on October 17th, 2011 at 2:15 pm

1099-K-form
Beginning with transactions made this year, income that came to you through third-party payment processors like PayPal and credit and debit card companies need to be reported to both you and the Internal Revenue Service on the new 1099-K form. The form is being implemented in an effort to prevent merchants from underreporting their income to the IRS and is applicable to all small business owners who have 200 transactions or more for the year and total at least $20,000 from a particular payment processor. .
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TAX REPORTING

Missed the Business Filing Deadline & Didn’t File an Extension

By The BIDaWIZ Team on May 9th, 2011 at 9:45 pm

filing-late-business-tax-return
Generally, a corporation must file its income tax return by the 15th day of the 3rd month following the end of its tax year which, if on a calendar year (Dec), is March 15th. So what happens if you didn't file a return by then and didn't file a tax extension? .
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TAX REPORTING

What do Ebay Sellers need to know about the new 1099-K form?

By Susan Ladika on January 27th, 2011 at 6:08 pm
new-1099-k-form

The 1099-K is the latest addition to the family of 1099 IRS documents, joining other 1099 forms that report things like interest income, dividends and distributions and miscellaneous income. The new 1099-K was approved last year to track income from companies that do business using third-party payment processors such as credit and debit card companies and services like PayPal. Read More.

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TAX REPORTING

What Do I Need to Know About 1099s?

By Susan Ladika on January 20th, 2011 at 7:24 pm

form 1099s due
If you're an independent contractor, 1099s are likely to be hitting your mail box now. These are the tax documents sent by business owners for whom you've done $600 work or more in the past year. Business owners, you're required to meet your first 1099 deadline by having them in the mail by Jan. 31 for independent contracting work done in 2010. .
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TAX REPORTING

The Best Way For a New Business To Handle Taxes

By The BIDaWIZ Team on December 15th, 2010 at 10:26 am

cpa-signed-tax-return
Many new businesses are very cost conscious when it comes to expenses such as tax preparation. They would rather use their limited capital towards spending that results in more revenue than on support services. However, accounting for and properly preparing company tax returns are important for a host of reasons, one of them being mitigating audit risk. With that said, let's review some of the tax preparation options that are available to businesses. .
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TAX REPORTING

Year-End Tax Planning for Independent Web Designers

By Susan Ladika on December 9th, 2010 at 8:29 pm
webdesigner-tax-planning

Independent web designers are best known for their creativity, but business knowledge has a crucial role to play when it comes to taxes. Making necessary business purchases before the end of 2010 and making the appropriate use of deductions can help save you cash when tax time rolls around. Read More.

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TAX REPORTING

Will I Really Have to 1099 Starbucks For Spending Over $600?

By The BIDaWIZ Team on October 4th, 2010 at 4:51 pm

new-1099-filing-requirements
That's right folks. Beginning in 2012, the IRS will require 1099 MISC forms to be issued by the purchaser for business purchases exceeding $600 for the TAX YEAR. This means that even purchases of Starbucks coffee beans over $600 would meet the 1099 requirement. This obviously puts a significant administrative burden on businesses, especially small ones, that are already facing tough economic times. Given this info, let's look at ways to prepare for this new 1099 filing requirement. 2012 is not that far away. .
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TAX REPORTING

How Do I Treat a Discount For Bookkeeping Purposes?

By The BIDaWIZ Team on September 13th, 2010 at 5:59 pm

accounting for sales discounts
Firstly, nice job on offering discount incentives to encourage more customers to use your service. Often times, companies lose sight of the long-term benefits of offering discounted goods or services to new customers. As for your bookkeeping question, it appears as though you are referring to a "sales discount," which is not recorded as an expense. .
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