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TL;DR Accounting Blog

When do I need to file my taxes?

When do I need to file my taxes?

2017 tax filings will soon be coming due. Filings submitted after this date may incur penalties and fees for a late filing. Of course, it’s always smartest to have your taxes prepared and filed as early as possible in the event there’s any issues—or simply to get the stress off your back. Filing earlier reduces the chance of someone filing a fraudulent return before you—a headache no one wants to deal with. Since January 31st is the cut-off date for receiving W-2s, the earliest you can file is February 1st. If you have investments, you’ll likely receive 1099-DIV and 1099-INT…
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Federal Taxes aren’t the only taxes?! B&O Explained.

Federal Taxes aren’t the only taxes?! B&O Explained.

At what point do I have to register my side business or freelance work? A business registration is a simple form to license your business with the state. Various states require this at different asset or income levels. Washington State does not have an income tax, but it does have Business & Opponency(B&O) tax along with Personal Property taxes. Step one is registering your business with the Department of Revenue(DOR). Yes, you need to register with the State of Washington, if any of the points apply to your business: Your business is required to collect sales tax Your gross income…
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I paid for someone to do my website – What do I do?

I paid for someone to do my website – What do I do?

How do I know if I need to report it? Alright if they aren’t an employee, and they are an independent contractor, yes you do have to report it if you meet certain thresholds. Was the amount over $600? Was the payment to an individual or an entity that is not incorporated? If you answered yes to the two questions about, then you need to file a 1099-Misc for the payment. To do that you need info from the person you pay. Usually, you collect this info before you pay the person via a W-9, but if you didn't you…
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