Here’s a cute joke about our topic for the day: What do accountants suffer from that ordinary people don’t? Depreciation. The definition of depreciation according to Webster’s Dictionary is: 1: A reduction in value, writing down the capital value of an asset over a period of time in a company’s accounts. Source: European Union. 2: The decline in the value …
As a merchant, you do not have to report credit card income if it less than $20,000 for the year and the total number of transactions is less than 200. However, banking institutions and other financial service providers must report the total gross amount for credit and debit cards for the year for every merchant. So, this means, that as a …
What do you think of when you hear “tax deadline”? Most people think of April 15th. But for the business owner, March 15, 2012 is a date not to be forgotten. Corporate tax returns(Forms 1120, 1120A, and 1120S), are due on March 15. If you are not filing your return on Mar. 15, you must file for an automatic 6 …
The 2011 year brought a new tax requirement for landlords. All landlords who receive $600 or more per year must send a 1099 to all service providers that the landlord paid $600 or more during the year, such as plumbers, carpenters, yard services, and repair people. This rule change applies to both residential and commercial property. Prior to 2011, this requirement …
1099-K…and the amounts found on this form must be reported. This is actually NOT a new tax- it is more like a way to improve compliance among businesses accepting payment cards and/or payments accepted from a third party settlement. Thanks to a provision in the Housing Assistance Tax Act of 2008, the House Ways and Means Committee have found that …
If you have a trade or business that is reported on a Schedule C (Profit or Loss from Business) or Schedule F(Profit or Loss From Farming) on your individual tax return, you may have payments that need reporting on Form 1099. The most common types of payments are rents and services. These are required to be reported if you were …
The Gettysburg address is 269 words. The Declaration of Independence is 1,337 words. The Holy Bible is 773,000 words. However, the tax code has grown from 11,400 words in 1913, to over 7 million words today. – Author Unknown  Ã‚ Ãƒâ€š Ãƒâ€š Ãƒâ€š Today Person CPA Group will let you in on the biggest mistake we see taxpayers make, failing to do tax …
By now most people know the debt ceiling crisis has, at least for the time being, has been handled sufficiently to avoid any worsening of the economy. The generally negative tone we hear on the daily news as terms like recession, depression, default, and credit rating downgrades can make people pessimistic about the future. All of this is understandable but we wonder …
August 5th and 6th, 2011 Louisiana has a sales tax holiday on qualified purchases. The first $2,500 of items is exempt from the Louisiana postion (4%) of sales tax. Make those back to school purchases now instead of next week to save some $$. Sales Tax Flyers http://revenue.louisiana.gov/forms/lawspolicies/SalesTaxHolidayPoster(2011)V1.pdf
We have good news and bad news about taxes for 2011. The bad news is you still have to pay tax on your income, but the good news is the tax rates will remain basically the same as 2010. There was a chance of higher rates due to the expiration of the package of tax cuts from 2001. Those cuts …
