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Tax Season 2023: Get Your Books Ready

Shay CPA

While you’re putting some energy into gathering up the documents you need, grab a copy of your 2021 tax returns. fundraising, terms of service, CPA/bookkeeper fees) Office supplies (e.g., Gusto, Justworks) Rent (including WeWork/coworking spaces) Taxes (e.g., Clearly, tax prep isn’t easy. We can help.

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

3) You may need to reconcile this form against the amount of sales income you report on your tax return. The IRS is now planning a phase-in of $5,000 for tax year 2024. The form is due to recipients by January 31 (February 1 in 2021), but isn’t due to the IRS until March 1 if filing on paper and March 31 if e-filing.

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Rules for When To Issue a 1099 Form to a Vendor – Updated for 2023

Nancy McClelland, LLC

3) You may need to reconcile this form against the amount of sales income you report on your tax return. The IRS is now planning a phase-in of $5,000 for tax year 2024. The form is due to recipients by January 31 (February 1 in 2021), but isn’t due to the IRS until March 1 if filing on paper and March 31 if e-filing.

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The Best Online Accounting Software for Small Businesses

xendoo

Additionally, if you wait until tax time to get it together, it can end up giving you a real headache – hiring an accountant at the last minute with books full of errors could cost you more than you set aside in the first place. What does online accounting software do? Ready to have those books off your hands?