The Internal Revenue Service today announced that the winter 2013 issue of the Statistics of Income Bulletin is available at IRS.gov. The winter 2013 issue features preliminary data from more than 145 million individual income tax returns for tax year 2011.
The Statistics of Income (SOI) Division produces the SOI Bulletin on a quarterly basis. Articles included in the publication provide the most recent data available from various tax and information returns filed by U.S. taxpayers.
Read more at http://www.irs.gov/uac/Winter-2013-Statistics-of-Income-Bulletin-Now-Available
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
Wednesday, March 6, 2013
Thursday, February 14, 2013
About Our Services
In addition to having Certified Bookkeepers we also have Enrolled Agents to assist you. Call us any time if you have any questions. Toll free (800) 416-3820.
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
Wednesday, February 13, 2013
1099 vs. W-2: What You Need to Know
Whenever a business starts there is always the question of how the people that provide services for the business will be paid. Will those services be performed by employees or will independent contractors be used?
Before the business can determine how to treat payments they need to know and make clear the business relationship. It is important to establish this relationship because an employee has taxes withheld, social security and medicare matched by the employer, unemployment insurance paid, workers compensation insurance paid and often benefits provided. An independent contractor just gets paid. It is a big expense difference.
To determine whether an individual is an employee or and independent contractor, the relationship of the business and worker must be examined. It comes down to does the business have control over what and how a job will be done or do they just control the results of the job. The determination falls into three categories: behavior control, financial control, and type of relationship.
Behavioral Control
Employees are generally subject to instructions about when, where, and how to work. The employer controls when and where the work is performed and what hours the person will be at the job. The person is told what tools and equipment to use, who else can be hired to assist with the work and where to purchase supplies and services. They are told what work is to be performed by a specific individual and what order or sequence to follow. Employees also may be required to receive training by the employer.
Independent Contractors can be hired to do a certain job in a certain place and be completed by a certain time. However, how the job is done is up to the contractor. When the work is performed, what equipment is used, who is hired to assist and where materials and supplies are purchased are up to the Independent Contractor. They also obtain and pay for their own training.
Financial Control
An employee is generally guaranteed a regular wage amount for an hourly, weekly or other period of time, even if the wage or salary is connected with a commission. They may be paid whether work is being performed or not. An employee generally does not have an investment in the company unless there are stock options available. They usually have any expenses they incur for things such as travel, phone, or equipment reimbursed.
An Independent Contractor is not reimbursed for any expenses. They generally have a business of their own or a significant investment in the facilities and equipment used to perform the work. An Independent Contractor is free to offer services to the general public and can take on jobs for other companies or individuals. They generally advertise their services and maintain a home office or visible business location. They generally get hired and paid by the job, usually a flat fee. Although some jobs can be billed hourly. An Independent Contractor can make a profit or loss on the job.
Type of Relationship
An Employee generally signs a employee contract. The employee is generally provided benefits such as insurance, pension plan, vacation and sick pay. Employee's are engaged for an indefinite period of time. They perform activities that are a regular daily part of the business. They fill out an IRS W-4 form that tells the employer how much taxes to withhold. They are not free to do business for other companies and in fact some companies have penalties if they do.
Independent Contractors have job by job contracts or for specific project or periods of time that state they are responsible for their own taxes. They are not provided with any benefits. They fill out an IRS W-9 form telling the IRS that no taxes are required to be withheld.
It is important to determine what kind of relationship from the beginning of your business. If you treat an employee as an independent contractor and you have no reasonable basis for doing so, you may be held liable for employment taxes for that person. Also, if you pay an individual as an Independent Contractor, they do not qualify for unemployment of workers compensation so if they try to collect it, you will want to be ready to verify they are not an employee.
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
Before the business can determine how to treat payments they need to know and make clear the business relationship. It is important to establish this relationship because an employee has taxes withheld, social security and medicare matched by the employer, unemployment insurance paid, workers compensation insurance paid and often benefits provided. An independent contractor just gets paid. It is a big expense difference.
To determine whether an individual is an employee or and independent contractor, the relationship of the business and worker must be examined. It comes down to does the business have control over what and how a job will be done or do they just control the results of the job. The determination falls into three categories: behavior control, financial control, and type of relationship.
Behavioral Control
Employees are generally subject to instructions about when, where, and how to work. The employer controls when and where the work is performed and what hours the person will be at the job. The person is told what tools and equipment to use, who else can be hired to assist with the work and where to purchase supplies and services. They are told what work is to be performed by a specific individual and what order or sequence to follow. Employees also may be required to receive training by the employer.
Independent Contractors can be hired to do a certain job in a certain place and be completed by a certain time. However, how the job is done is up to the contractor. When the work is performed, what equipment is used, who is hired to assist and where materials and supplies are purchased are up to the Independent Contractor. They also obtain and pay for their own training.
Financial Control
An employee is generally guaranteed a regular wage amount for an hourly, weekly or other period of time, even if the wage or salary is connected with a commission. They may be paid whether work is being performed or not. An employee generally does not have an investment in the company unless there are stock options available. They usually have any expenses they incur for things such as travel, phone, or equipment reimbursed.
An Independent Contractor is not reimbursed for any expenses. They generally have a business of their own or a significant investment in the facilities and equipment used to perform the work. An Independent Contractor is free to offer services to the general public and can take on jobs for other companies or individuals. They generally advertise their services and maintain a home office or visible business location. They generally get hired and paid by the job, usually a flat fee. Although some jobs can be billed hourly. An Independent Contractor can make a profit or loss on the job.
Type of Relationship
An Employee generally signs a employee contract. The employee is generally provided benefits such as insurance, pension plan, vacation and sick pay. Employee's are engaged for an indefinite period of time. They perform activities that are a regular daily part of the business. They fill out an IRS W-4 form that tells the employer how much taxes to withhold. They are not free to do business for other companies and in fact some companies have penalties if they do.
Independent Contractors have job by job contracts or for specific project or periods of time that state they are responsible for their own taxes. They are not provided with any benefits. They fill out an IRS W-9 form telling the IRS that no taxes are required to be withheld.
It is important to determine what kind of relationship from the beginning of your business. If you treat an employee as an independent contractor and you have no reasonable basis for doing so, you may be held liable for employment taxes for that person. Also, if you pay an individual as an Independent Contractor, they do not qualify for unemployment of workers compensation so if they try to collect it, you will want to be ready to verify they are not an employee.
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
Friday, January 25, 2013
Help Your Bottom Line- Tap Into Human Nature
What company does not want to help their bottom line? Often one of our best resources is right under our nose. Read this helpful post by Betsy Kosier, President of Interaction Alliance.
BUSINESS ACHIEVEMENT CENTER BLOG: Tap Into Human Nature: Contributed by Betsy Kosier, MA JD President/Owner of Interaction Alliance Connecting People, Process & Purpose We all know that one of...
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
BUSINESS ACHIEVEMENT CENTER BLOG: Tap Into Human Nature: Contributed by Betsy Kosier, MA JD President/Owner of Interaction Alliance Connecting People, Process & Purpose We all know that one of...
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
Thursday, January 24, 2013
Frequently Asked Questions
Below is a list of the most frequently asked questions regarding our services. If you have any additional questions, feel free to call our us at any time. We're here to help your business succeed.
1. What do I did when I hire my first employee?
Your company will need to apply for a State Unemployment account, the Nevada Modified Business Tax, as well as make sure you have workman’s compensation coverage in force. We can assist you with these applications.
2. How do I know whether to pay someone as an employee or a sub-contractor?
The IRS has issued a list of rules to be reviewed before you can classify someone as a contractor. Contact our office for assistance with these rules. Read more about it here.
3. Should my company have payroll?
A C Corporation or S Corporation will most likely have payroll. An LLC or Partnership will only have payroll if they hire employees. We are glad to review the details regarding this issue with you as every business has different circumstances.
4. How many hours will you spend on my account?
This can be a difficult question to answer because every business has a different number of transactions. Currently we are able to complete the bookkeeping tasks at half the time the business owner spends, as we do not have interruptions a business owner has when trying to complete these tasks. We will gladly sit down with you and review a month’s worth of bank statements and give you a formal estimate of time to be spent.
5. What expenses can I or should I be deducting?
Any business expense incurred by a business activity most likely can be deducted. For a detailed list contact our office as each business will have different deductions. There are also expenses that are limited and we will want to review those with you as well.
6. What do you need from me to set up the accounting system?
Usually we ask for the bank statements, check registers and business credit card statements. We will meet with clients on a monthly or quarterly basis to gather this information. Once financial statements are completed we will review the statements with them to help them understand how their business is doing financially.
7. For bill paying services, how often do you pay bills?
Checks are issued twice per week (Tuesdays & Fridays). With this service we will reconcile the bank statement and provide monthly reports to the client.
8. How do I set up my new business?
We can assist you with understanding all of the ways you can organize and run your business. Whether it be with a formal entity or a sole proprietorship, we can help you understand the differences in operations. We can also assist you with organization of your new entity with the State.
9. Do you come to our office?
Yes, but we do charge a travel fee. Most of our client’s work is completed in our office with the ease of online services.
10. Will you complete my personal tax return?
Yes, we will complete personal tax returns for our clients
Recommended article Protect Yourself from Your Small Business
For IRS information visit http://www.irs.gov.
Additional note: Every business should have a team of experts that include a Tax Advisor, Attorney, Insurance Broker/Agent and a Financial Advisor.
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
1. What do I did when I hire my first employee?
Your company will need to apply for a State Unemployment account, the Nevada Modified Business Tax, as well as make sure you have workman’s compensation coverage in force. We can assist you with these applications.
2. How do I know whether to pay someone as an employee or a sub-contractor?
The IRS has issued a list of rules to be reviewed before you can classify someone as a contractor. Contact our office for assistance with these rules. Read more about it here.
3. Should my company have payroll?
A C Corporation or S Corporation will most likely have payroll. An LLC or Partnership will only have payroll if they hire employees. We are glad to review the details regarding this issue with you as every business has different circumstances.
4. How many hours will you spend on my account?
This can be a difficult question to answer because every business has a different number of transactions. Currently we are able to complete the bookkeeping tasks at half the time the business owner spends, as we do not have interruptions a business owner has when trying to complete these tasks. We will gladly sit down with you and review a month’s worth of bank statements and give you a formal estimate of time to be spent.
5. What expenses can I or should I be deducting?
Any business expense incurred by a business activity most likely can be deducted. For a detailed list contact our office as each business will have different deductions. There are also expenses that are limited and we will want to review those with you as well.
6. What do you need from me to set up the accounting system?
Usually we ask for the bank statements, check registers and business credit card statements. We will meet with clients on a monthly or quarterly basis to gather this information. Once financial statements are completed we will review the statements with them to help them understand how their business is doing financially.
7. For bill paying services, how often do you pay bills?
Checks are issued twice per week (Tuesdays & Fridays). With this service we will reconcile the bank statement and provide monthly reports to the client.
8. How do I set up my new business?
We can assist you with understanding all of the ways you can organize and run your business. Whether it be with a formal entity or a sole proprietorship, we can help you understand the differences in operations. We can also assist you with organization of your new entity with the State.
9. Do you come to our office?
Yes, but we do charge a travel fee. Most of our client’s work is completed in our office with the ease of online services.
10. Will you complete my personal tax return?
Yes, we will complete personal tax returns for our clients
Recommended article Protect Yourself from Your Small Business
For IRS information visit http://www.irs.gov.
Additional note: Every business should have a team of experts that include a Tax Advisor, Attorney, Insurance Broker/Agent and a Financial Advisor.
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
Tuesday, January 8, 2013
IRS Plans Jan. 30 Tax Season Opening for 1040 Filers
Here's an important news release by the IRS regarding the opening of tax season. Per the article following the January tax law changes made by by Congress under the American Taxpayer Relief Act (ACTRA, the IRS plans to open the 2013 filing season and begin processing individual tax returns on January 30th.
http://www.irs.gov/uac/Newsroom/IRS-Plans-Jan.-30-Tax-Season-Opening-For-1040-Filers
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
http://www.irs.gov/uac/Newsroom/IRS-Plans-Jan.-30-Tax-Season-Opening-For-1040-Filers
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
Wednesday, November 21, 2012
Happy Thanksgiving
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
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