By Glenna Mae Hendricks, E.A. The first of the year is very fast approaching. This means it is very important for all business owners to start gathering the information needed to file Form 1099-MISC for each sub-contractor who has been commissioned to do work for you and who you paid more than $600 total for […]
2012 Standard Mileage Rates
By Glenna Mae Hendricks, E.A. Starting Jan. 1, 2012, the standard mileage rate for a car (also vans, pickups or panel trucks) becomes: 55.5 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations Source: IRS announcement of […]
Accept credit cards? Important change to your record keeping
Starts with 2011 tax year. That’s this year’s tax return, filed in 2012. New income reporting requirements will require the ability of a business owner who accepts credit cards to segregate cash sales from credit card sales. They must be reported separately on the Form 1040, Schedule C and, also, on Form 1065 (partnerships & […]
Beware of Emails Claiming to Be From the IRS
The IRS is reporting that bogus email scams are resurfacing. Of greatest concern now is one involving payments allegedly rejected by the Electronic Federal Tax Payment System. The bogus email contains a link that may download malicious software. Information on what to do if you receive a suspicious IRS-related communication is available on IRS.gov. The […]
