For 1099k 2022, third-party payment processors were scheduled to issue 1099-Ks if you received over $600 in payments. Form 1099-K reports the payments you receive from third-party processors such as Venmo or PayPal. However, the IRS recently announced it would postpone the new rule by one year. Now, it’s set to take effect in 2023. […]
With a new year comes new changes to the tax rules. We’ve outlined some of the most impactful items on your 2023 taxes. Note that since the year has just begun, there may be additional changes throughout the year. Income Tax Brackets Changes Tax brackets change each year to reflect inflation. For example, the […]
Expenses on the cash basis of accounting are simple. For example, if you write a check or charge something on your credit card, you’ve created an expense. But if your business uses the accrual basis of accounting, determining when you get to deduct an expense is more complicated. When you pay expenses for future accounting […]
Remote work has produced an influx of 1099 independent contractors, and the IRS updated its rules in 2022 to ensure everyone pays their fair share of taxes. As a result of the new rules, many more people will get a Venmo 1099 in 2024. This was originally to be implemented in January 2023, but there […]
Did you know that if you owe the IRS money and you don’t pay them by the deadline, they will charge you a penalty? In this blog post, we’ll explain the possible penalties you may be charged for underpaying your taxes, and we’ll also give you some tips on how to avoid them. What is […]
In a season when inflation is eating away at incomes, there may be some relief in the new guidelines issued by the U.S. Internal Revenue Service (IRS) for 2023 filings. In addition to new tax brackets, 2023 also promises revisions in minimum tax, exemptions, credits, and limitations that may benefit taxpayers. Lower taxable incomes and […]
Businesses of all sizes need reliable accounting and bookkeeping systems to track their finances, including corporations. Whether it’s a Wall Street PubCo or a small C-Corp, every corporate business’s accounting practices must comply with regulations. However, corporate accounting doesn’t have to be complicated. Your corporate accounting system is well on its way to success if […]
Most people dream of living on unearned income and enjoying the easy life. But the taxation of unearned income is complex, and you’ll need to ensure that you have adequate records. We’ll look at what is and is not unearned income, the most common types of income, and how to tax and report the income. […]
When you purchase a fixed asset, you can’t always take the total expense of the purchase at once. Instead, you’ll need to calculate the allowed depreciation (and the rules change each year) to figure out how much of the purchase you can expense each year. A depreciation schedule helps you calculate and track the depreciation […]
Inflation has been in the news lately, and it’s hard to ignore it at the grocery store or gas station. But one silver lining that comes with high inflation is that the interest on I-Bonds is nearing all-time highs. I-Bonds are inflation protection bonds issued by the U.S. government, which you can purchase yearly through […]