With the Covid19 Pandemic, the IRS have extended the date to both file and pay your income taxes.
Please contact to schedule a virtual appointment.
With the Covid19 Pandemic, the IRS have extended the date to both file and pay your income taxes.
Please contact to schedule a virtual appointment.
Click to print Checklist- What Documents Do I Need to File My Taxes
What you need to file your taxes varies depending on your situation. For example, a tax prep checklist for a self-employed college student may include a 1099 and 1098-T. However, if you weren’t in college and only received a W-2, you could skip those items on your tax documents checklist.
Whether you see a tax professional or prepare your taxes on your own, we’re here to help you determine what forms and information you need to file your taxes.
Use the tax checklist below to find the documents and forms you’ll need to get started.
Tax Identification Numbers are mandatory items on your tax prep checklist. All taxpayers will need the following information.
Parents and caregivers should gather this information as they review what they need to file their taxes.
Many of these forms won’t apply every year. For example, you will only receive the investment forms you may need to file your taxes if you had distributions or other activity.
The types of deductions you can take depend a lot on your life situation. It’s likely you won’t need all of the records listed below for your tax documents checklist.
The IRS announced on December 17, 2015 the new 2016 tax-deduction rates for using your vehicle for business, charity, medical and moving…
These rates tend to change from year to year, usually going up. This will not be the case for 2016! Vehicle-Use tax-deduction rates will decrease in 2016:
• Business: 54¢ per mile (57.5¢ in 2015, decrease of 3.5¢)
• Charity: 14¢ per mile ( 14¢ 2015, No change)
• Medical: 19¢ per mile (23¢ in 2015, decrease of 4¢)
• Moving: 19¢ per mile (23¢ in 2015, decrease of 4¢)
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Stay up to date with the latest tax news and information at LAE Business Services on LinkedIn.
No what matter what size your business is, paying bills will always be part of it. Whether it’s the monthly operating expenses, an occasional order to pay or a fully staffed accounts payable department managing hundreds or thousands of invoices. By implementing best business practices you can streamline your accounts payable process and be prepared for future growth.
Below are 4 tips to help you successfully manage your accounts payable:
1. Simplify Your Accounts Payable Process
2. Use Technology
3. Vendor Terms May Be Negotiable
4. Reduce CFO Impact to Verification & Signature
Regardless of the size of your company, start managing your accounts payable process more efficiently to save time and money.
Starting January 2014, The Individual Shared Responsibility provision of the Affordable Care Act takes effect. This means that each and every taxpayer (and family member) is now required to maintain basic health insurance, also known as “minimal essential coverage.” You must either have health insurance coverage throughout the year, qualify for an exemption from coverage, or make a payment when you file your 2014 federal income tax return in 2015. Many people already have qualifying health insurance coverage and do not need to do anything more than maintain that coverage. Plans that meet the minimal essential coverage requirement may be obtained through employer-sponsored coverage, government programs, or the Health Insurance Marketplace. Visit the IRS website for a chart of coverage types that qualify.
Health Coverage Exemptions
There are a limited number of exemptions from the individual shared responsibility provision. Types of exemptions include: members of certain religious sects, members of Federally-recognized Native American tribes, certain non-citizens, households with income below the return filing threshold, people for whom coverage is considered unaffordable, incarceration exemptions, and certain hardship exemptions.
Exemptions must be obtained through either the Marketplace or the IRS. Exemptions are reported on your income tax return, but you are automatically exempt if you aren’t required to file a return because of insufficient income.
Individual Shared Responsibility Payment
The 2014 tax return (IRS Form 1040) will ask whether you have health insurance coverage or if you qualify for an exemption. If you (or any member of your household) do not have the minimal essential coverage and do not meet the exemption criteria, you will need to make an Individual Shared Responsibility payment. For 2014, the individual shared responsibility payment is the greater of:
Health Care Tax Tips
Here are some general tax tips for the Affordable Care Act:
Tax-Favored Health Plans
Some employers offer additional types of tax-favored health plans, including the following:
Information for Employers
An employer’s tax responsibilities are based on how many employees they have and what type of health coverage they offer. The general rules are as follows:
For more information about how the health care law may affect you, please visit the IRS website: Affordable Care Act (ACA) Tax Provisions.
Still have questions? Consult with your local tax professional. You can email us at: info@laebusiness.com
What is the difference between a bookkeeper and an accountant? A bookkeeper handles the day-in day-out financial record keeping and reporting. An accountant specializes in the preparation and filing of taxes. Having a good bookkeeper is just as important to the growing business as having a good accountant.
Cost is another significant difference between an accountant and a bookkeeper. For this reason it is very important that you allocate your resources accordingly. You do not want to be paying your accountant to perform bookkeeping functions, this will eat up most of your financial services budget.
Accountants do not have the time to handle day-in day-out financial record keeping and reporting, that’s why they hire bookkeepers.
Bookkeepers perform a critical function for the firms and organizations they serve. Regularly challenged to maintain precise and accurate records, bookkeepers produce the vital reports that keep management up to date on the financial condition of their company.
Bookkeepers are responsible for maintaining the business checkbook. They record routine money transactions like customer payments into a cash receipts journal and checks to vendors into a cash disbursement journal. They also process payroll. At month end they transfer or post the journal totals to the general ledger in preparation for financial statements prepared by the accountant. They prepare monthly quarterly and year end financial statements.
Accountants are responsible for the design and management of the financial systems that bookkeepers use. They prepare tax returns at year end. Accountants may also prepare budgets for management and loan proposals for bankers; they may perform cost analysis for the company’s products or services.
Hiring a bookkeeping service may often be a good solution for the small business owner. A good service will communicate well with your accountant so when tax time rolls around, the accountant will need to spend as little time as possible on your tax return keeping your accountant’s fee to a minimum. Make sure you understand the reports you get back from your service. You want to make the most of the information to make productive decisions for your business.
Both bookkeepers and accountants are important to your business. Knowing the difference between them will not only assure you of receiving the best information on which to base your financial decisions, but will also save you hundreds of dollars per year in fees.