Form 1099-MISC,  Miscellaneous Income, Reporting

Form 1099-MISC, Miscellaneous Income, Reporting

Form 1099-MISC, Miscellaneous Income, Reporting New Filing Date Form 1099-MISC is due to the IRS by January 31 of the following year when you are reporting non-employee compensation payments in box 7. Otherwise, file by February 28 if filing by paper, or March 31 if...
Mileage Logs Required to   Deduct Business Mileage

Mileage Logs Required to Deduct Business Mileage

A recent tax court case once again illustrates the point that written contemporaneous mileage logs are virtually a requirement to claim a deduction for business mileage. The taxpayer’s job required him to respond to emergencies, such as floods and hurricanes that...
10 Steps to Building Business Credit

10 Steps to Building Business Credit

There are many steps to building an exceptional business credit profile. Here are the top 10 steps you will want to take in order to build credit for your business. Incorporate your business and be certain to obtain a Federal Tax ID Number (EIN). Set up separate bank...
Building Business Credit

Building Business Credit

There are a lot of factors that are important in business credit building. In order for a creditor to extend your business cred these factors must all be in perfect order. If you don’t meet one of these requirements, you will probably be denied and the creditor will...
Getting Ready for a Tax Audit

Getting Ready for a Tax Audit

The 6 Thing’s You’ll Need to Survive a Tax Audit A tax audit is always stressful, even if you are confident in your accounting. Adequately preparing in advance can bring your stress level down and increase the chance of the audit going smoothly. The more...
Divorce and Taxes

Divorce and Taxes

Divorce and Taxes Filing Status. Filing status is based on your status as of December 31. If you are divorced under a final decree by the last day of the year, you are considered unmarried for the whole year and you cannot choose Married Filing Jointly as your filing...