Due Date for Payroll Reporting

Due Date for Payroll Reporting

The due date for filing your form W2’s with the Social Security Administration is January 31, 2018.  Extensions to file these forms are much more difficult to get this year.  The IRS is only granting extensions in cases of extreme hardship or uncontrollable circumstances.  The penalties for failure to file the forms on time have… Continue Reading

Biggest Audit Risks for Business Owners

Biggest Audit Risks for Business Owners

The Schedule C for an unincorporated business and the Schedule F for farming activities are the forms MOST AUDITED by the IRS! The IRS has published the following list of issues they scrutinize when auditing the Schedule C and the Schedule F: Lack of record keeping for automobile use – no mileage logs. Personal phone… Continue Reading

Make 2018 Your Business’ Best Year

Make 2018 Your Business’ Best Year

All of us here at James E. George, CPA would like to wish you and yours a very happy and prosperous new year! At this time of reflecting on the past and planning for the future, I’d like to suggest making 2018 the year you get your business finances in order. Not just for your… Continue Reading

Should You Use Technology for Record Keeping?

Should You Use Technology for Record Keeping?

Technology can be helpful when it comes to bookkeeping! There are many new gadgets and applications on the market that assist with tracking business expenses. While these “apps” eliminate paper, they do not eliminate the need to provide your tax preparer with the records they deem necessary to prepare your income tax returns. For example,… Continue Reading

Would Your CPA Approve of How You Organize Your Files & Receipts?

I recently met with a contractor who had very organized files. You could tell he spent a lot of time assembling his receipts. The problem: they were organized in a manner that was not efficient for preparing a tax return. Instead, the gentleman had organized his records by vendor. The solution: The income tax return… Continue Reading

How Do I Handle My Mother’s Estate?

QUESTION: Dear Taxman – I am the administrator of my Mother’s estate. All she owned at the time of her death was her car, her house and a few investments which were all sold at a loss. Am I required to file an estate income tax return? ANSWER: Dear Reader – An estate tax return, form… Continue Reading

What Software Do I Use For My Small Business

QUESTION: Dear Taxman – I am starting a small business. What software should I use to keep track of my business transactions? ANSWER: Dear Reader – If you are only selling one product or service, Excel is good for tracking incoming and outgoing money in a list format that you can sort and search. If your business is much larger,… Continue Reading

Do I File A Return If My Business Had More Expenses Than Income?

QUESTION: Dear Taxman – This summer I started a lawn mowing business and made about $3,000 mowing grass. However, my expenses were more than my income. Do I need to report it on my tax return? ANSWER: Dear Reader: The IRS requires all business Income to be reported when you file your 2016 Tax return.… Continue Reading

Claiming Dependents

QUESTION: Dear Taxman – My Daughter graduated from college in May of this year. She started working in September and expects to make about eleven thousand dollars this year. Can we still claim her as a dependent for 2016? ANSWER: Dear Reader: To claim her as a dependent in any year she must have been a full… Continue Reading

What Is The Due Date for Filing W-2’s?

QUESTION:  Dear Tax Man – What is the due date for filing my W-2’s with the Social Security Administration? ANSWER: Dear Reader – You’re probably aware that W-2 forms must be provided to your employee’s by January 31st. But did you know that the IRS has changed the due date for filing your W-2’s with… Continue Reading