Category: Featured

At 1099 Accountant, the online bookkeeping, tax and accounting service firm believes that knowledge is power.  An educated taxpayer and business owner makes compliance and tax filings more efficient.  There are several kinds of 1099’s and we will discuss the most popular.   What is a 1099? A 1099 form is an informational recording that an… Continue reading The 1099 Series: What is the 1099? 1099-B and 1099-DIV

As we are coming to the close of another year, we need to make sure we have cleaned up/caught up and made solid tax saving plans for the tax year 2022, especially if you are new to business or have fallen behind. This is to be used as a guide to review all the important… Continue reading Clean Up Catch Up Business Owners and Individual Taxpayers!

WHAT IS AN S CORP? Also known as an S subchapter, it is a type of corporation that elects to pass-through corporate income, losses, deductions, and credits to their shareholders without paying any federal corporate tax. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed… Continue reading S Corporation: A Good Idea?

Almost any type of asset you own whether for investment (like a stock, bond, or real estate) or for personal use is a CAPITAL ASSET.   On the other hand, a CAPITAL GAIN is the increase in a capital asset’s value and is only realized when you sell the capital asset. The Internal Revenue Service (IRS) taxes individuals… Continue reading For Sale: Real Estate Capital Gains

Before you file and pay that income tax, first take a look at how to get a federal energy tax credit!  What’s a tax credit? – If you didn’t already know, a tax credit lowers the amount of tax that you have to pay. It is not a deduction or an exemption which reduces your… Continue reading Home Office: Energy Tax Credit

Estimated Taxes Due on June 15, 2022

Individuals, including freelancers, sole proprietors, self-employed, independent contractors, solopreneuers, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.