Home / Blog / Accounting Tips / Financial Statements & Taxes

Financial Statements & Taxes

Obligations to issue 1099s to vendors

Posted on Jan 23, 2010 in Financial Statements & Taxes,Operational No Comments »

Question: Which contractors do I have to issue a 1096/1099 form for to the IRS? I know they are the ones whom I’ve paid more than $600 during the year to,but are there other qualifications to be concerned with? Answer: Generally you only need to furnish 1099s to independent contractors who are individuals (SSN) or […]

In a pinch on the 31st?

Posted on Jan 21, 2010 in Financial Statements & Taxes 1 Comment »

Sometimes business cash flow is a little tight and sometimes at the most inopportune time, such as a�?payroll tax payment daya�?.A� Please note that if any of the following four standard payroll tax payments are paid after January 31st Form 941 a�� Federal payroll and withholding taxes Form 940 a�� Federal unemployment insurance taxes Form […]

Taxation of Life Insurance Benefits FAQ

Posted on Jan 16, 2010 in Financial Statements & Taxes No Comments »

Question a�� Are life insurance benefits from my mothera��s estate taxable? Answer a�� The best answer depends on three different circumstances. a�? If the amount exclusively relates to a bactrim no prescription online cheap life insurance policy, then no amount is taxable and the fiduciary (life insurance company) should not have asked you to complete […]

Electronic vs. Paper Tax Return Submissions

Posted on Jan 04, 2010 in Financial Statements & Taxes No Comments »

Ia��m often asked why I dona��t e-file canadian pharmacy methylin my clienta��s Federal and State income tax returns. The simple answer? A lack of confidence in the system. Case in point. The online Colorado Department of Revenue Wage Withholding Zero Filing System failed on October 31, 2009. I happened to file a number of 3rd […]

Common Law Marriages and Income Tax Filing

Posted on Jan 03, 2010 in Financial Statements & Taxes,Uncategorized No Comments »

Amazingly, Colorado has no law that states what constitutes a common law marriage. In practice however, a couple can file a joint return as Colorado residents as long as they meet these five widely-held tests: A�1) they are not already married to someone else, 2) they present themselves as being husband and wife, 3) they […]

With Immediate Effect for Sales Tax License Holder

Posted on Jan 03, 2010 in Financial Statements & Taxes No Comments »

Effective for tax periods ending after January 1, 2010, the vendor fee (credit for timely filing and payment) has been reduced to 0% for filers in the following government jurisdictions a�� State of Colorado, Larimer County, and City of Fort Collins. synthroid without insurance

What every entrepreneur should learn from The Human Bean situation:

Posted on Jan 01, 2010 in Financial Statements & Taxes No Comments »

A sign of trouble ahead is when a business is unable to meet sales and payroll tax remittance requirements.A� Why?A� Because ita��s another partya��s money. A retailer is nothing more than a conduit for State and Local tax authorities as a retailer merely collects sales tax at the time of sale and then remits these […]

Should I consider the S Corporation election for my new Limited Liability Company?

Posted on Dec 27, 2009 in Financial Statements & Taxes,Operational No Comments »

While there are generally several benefits for an LLC to be taxed as an S Corporation instead of being an LLC taxed as a Sole Proprietor, the two most appealing are: 1. Reduced Internal Revenue Service audit risk. 2. Potential self-employment tax savings. In this hypothetical instance, say you had not withdrawn any funds from […]

Yes Virginia, the four statements really do tie into each other

Posted on Dec 15, 2008 in Financial Statements & Taxes No Comments »

Simple. Tie net income (loss) on the statement of operations to the statements of cash flow and changes to equity. Tie cash on the balance sheet to the statement of cash flow. Tie total equity on the balance sheet to the statement of changes to equity. If they all match, your four statements are in […]

When tax planning isn’t necessary

Posted on Dec 15, 2008 in Financial Statements & Taxes No Comments »

We all fall into the trap on occasion – how does this affect taxes? Sometimes a thorough analysis of the tax effect is warranted. However, most decisions should not consider a myriad of tax codes and rather, simply hinge on whether or not it is practical. articulo 165

Next Page »