Thursday, January 29, 2015

CHECK YOUR TAX WITHHOLDING FOR 2015

Withholding too much tax from your wages isn't a smart financial move. Review how much you're having withheld in 2015 to see if it matches the actual tax liability you expect to have. If an adjustment is needed, file a new Form W-4 with your employer.

FEBRUARY 2 IS DEADLINE FOR 1099 REPORTING

Form 1099s must be filed by businesses each year. This year the deadline for filing falls on February 2, though electronic filers have until March 31 to file. The most common form for businesses is probably Form 1099-MISC, used to report miscellaneous payments to nonemployees. This includes fees for services paid to independent contractors, such as consultants, lawyers, cleaning services, and others. Generally, you don't report fees paid to corporations, but there are exceptions (payments to lawyers, for example). For details or filing assistance, contact our office at (518)798-3330.

Friday, January 16, 2015

UPDATE YOUR BENEFICIARY DESIGNATIONS

Who have you designated as beneficiaries for your insurance policies and retirement accounts? If you can't remember, you're not alone. But it's worth checking.

Monday, January 12, 2015

REVIEW YOUR CREDIT POLICIES

There are many ways to make your business more profitable, and sound credit policies are high on the list. The current slowdown in the economy is a good reason to reexamine your company's policies.

Tuesday, January 6, 2015

DOES YOUR BUSINESS MAKE USE OF YOUR FINANCIAL STATEMENTS?

Many small business owners pay too little attention to their financial statements. This is due in part to not understanding just what the statements have to offer. In fact, many may not be able to tell you the difference between a Balance Sheet and an Income Statement.

Friday, January 2, 2015

IRS ISSUES "NANNY TAX" REMINDER


The IRS reminds taxpayers not to overlook their responsibilities under the "nanny tax." 

If you employed a housekeeper, nanny, gardener, or other household worker in 2014, you may have payroll tax obligations, commonly called the nanny tax. These payroll taxes apply if you paid a household worker $1,900 or more in 2014. Federal unemployment taxes apply if you paid more than $1,000 to all domestic employees in any quarter. Your filing obligations must be met by February 2, 2015. It's not always easy to tell whether a given worker comes under the nanny tax rules. For more details or filing assistance, contact our office at (518) 798-3330.