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READ - Business News Features of the Week
No 1099 might mean no deductions
Why No 1099s Could Mean No Deduction
Careful! If you didn't issue 1099s to your contractors, you could face some nasty penalties.
You see, if the IRS audits your tax return, your friendly auditor may claim that you can't deduct the contractor payments because you didn't issue those 1099s. Ouch!
And then to add salt to the wound, the IRS will impose substantial penalties for failing to file those 1099s.
Actually, there is no ouch because auditors often don't understand the law and get things wrong.
Want to stay out of trouble in the first place and avoid penalties (and anxiety)?
1. We'll explain the rules that auditors don't understand. The compensation for services that contractors provide to your business is a deductible business expense (provided that your expenses are ordinary and necessary and reasonable in amount). There is simply no provision in the tax law that denies you a deduction for labor expenses just because you didn't file the required Form 1099s. You'll get the whole story when you Read more.
2. You'll learn why proof of payment is so tremendously important. Since you didn't file Form 1099s, you'll need to provide uncontestable, ironclad documentation that proves the expenses were legit. This includes some or all of six types of proof. You find other information valuable to the 1099 process. Read More ...
3. We'll tell you what you can do to avoid 1099s altogether. It's true, you can make credit card and PayPal payments to your independent contractors and those payments are not subject to the 1099 reporting requirements. And there are two other types of payments that fall into the non-1099 rule, too. What are they? You'll find out when you Email us your questions today.
COVID-19 Relief Law Boosts Temporary Tax Deductions and Credits
Embedded in the COVID-19 relief law is $900 billion for financial assistance.
As you would expect in these unusual times, some of the relief is in the form of direct government financial
assistance and some is from tax benefits that can impact both tax year 2020 and tax year 2021.
Most of the provisions create extra deductions or credits where Uncle Sam puts cash directly into your wallet.
We’ll review the ones that most likely will impact you, your tax return, and your wallet over the next year.
Recovery Rebate Payments and Credits
Recovery Rebate Payments and Credits
Remember those $1,200 checks from the IRS that many people got earlier in 2020?
Well, there’s another round of payments coming, with rules very similar to the first round.
Take a look at COVID-19 Important Tax Breaks from the CARES Act
for more information about the first round of payments.
The cash you’re about to receive in this second payment is an advance payment of another new refundable tax credit that you will finalize on your 2020 Form 1040.
You may have already received your new advanced tax credit in the form of a check, debit card, or electronic deposit. The amount is based on your 2019 tax return. If your income qualifies for the full payment, you will receive
$600, or $1,200 if you filed a joint return, plus
$600 for each dependent who was age 16 or younger on December 31, 2020.
Your check in the mail goes down by 5 percent of the amount by which your 2019 adjusted gross income (AGI)exceeds