TL;DR Accounting

16

Jan

Taxes

What Does It Mean When You Sign Your 8879?

https://youtu.be/2ArMgKcUxSU What Does It Mean When You Sign Your 8879? Think back to the last time you had someone (hopefully us) complete your taxes for you. One of the most important steps you had to do for your tax preparer was to sign your 8879. Now, this is important: tax preparers operate under the assumption that you have read and fully understand the 8879. We can do a lot of things for you, but we can’t physically read the 8879 for you. We trust that every person who signs the form would have asked us questions about it if they…

The SECURE Act and What It Means to You

After spending several months languishing in an uncertain fate, the SECURE Act, which stands for Setting Every Community Up for Retirement Enhancement, just squeaked through Congress and a Presidential signature less than 2 weeks before the end of 2019. While the Act contains dozens of provisions, let’s focus on a few major categories, what they do, and why they were included in the Act. Employer Retirement Provisions One of the main focuses of the SECURE Act is to make retirement accounts available to more Americans. Several provisions included in the Act make it less expensive and easier for small businesses…

Remember: W-2s and 1099s Are Due in January

https://youtu.be/MuBt9iDn4vo Do you have employees? Then don’t forget to file W-2s in January! Do you hire contractors? Then remember that 1099s are due in January! What’s a W-2? You might already know what a W-2 is, but let’s start with a quick refresher: a W-2 is the document that you, the employer, use to report each employee’s earnings to the Federal Government as well as the employee. It shows gross earnings less deductible items like medical premiums, payroll taxes like social security, and other important annual items. A W-2 is not to be confused with a W-4, which is that…