Happy New Year and Welcome to 2013

by Kenneth Hoffman in , , , ,

Welcome to 2013. There is still an air of uncertainty about the nations fiscal health.  If you have any questions, please do not hesitate to contact me.

Now is a good time of the year to change the oil in your car.  Your mechanic will provide you with a receipt with your cars' current mileage.  This can be used as evidence to establish the ending mileage for 2012 and the beginning mileage for 2013.

There is no need to keep track of those pesky, fading receipts.  Take a picture with your phone's camera and upload it to your "2013 Business Receipt" folder on your FREE Box.com account.

The IRS requires you to track your mileage and expenses.  As our New Year's gift to you, you can download our 2013 Tax Diary.  Use it to track your mileage, appointments, and meal expenses.

While you are here, please check out our Tax Preparation services.

If you decide to prepare your own tax return and want a second opinion, then have a look at my Tax Return Review Service. Have a question about preparing your own tax return, I'd be more than happy to answer them. Sign-up for my Tax Question and Answer service.

Lastly, if you receive a Notice from the IRS about your tax return, then take advantage of my IRS Notice Service.

Kenneth Hoffman counsels Entrepreneurs, Professionals and Select Individuals in taking control of their taxes, and businesses. Discover how I can help you overcome your tax and business challenges. To start the conversation or to become a client, call Kenneth Hoffman at (954) 591-8290 Monday - Friday between 8:30 a.m. to 1:00 p.m. for a no cost consultation, or drop me a note.

If you found this article helpful, I invite you to leave a commit and  please share it on twitter, facebook or your favorite social media site and  with your friends, family and colleagues. Thank you.

I truly value your business and I appreciate your referrals. Refer your family, friends, acquaintances, and business colleagues to KR Hoffman & Co., LLC. If your referral retains our services, we will send you a $25 gift card and your referral will receive a $25 discount on their first invoice.

Follow us on Twitter at @TaxReturnCoach, and let us know how we're doing.

Churches - Unrelated Business Income

by Kenneth Hoffman in , , ,

A church must make quarterly estimated tax payments if it expects an unrelated business income tax liability for the year to be $500 or more.

Use IRS Form 990-W to figure your estimated taxes. Quarterly estimated tax payments of one-fourth of the total tax liability are due by April 15, June 15, September 15, and December 15, 2012, for churches on a calendar year basis.

If you need assistance in completing Form 990-W, have any questions about this topic, tax law changes, have questions about the IRS and your church, or want to become a client, please call us at 954-591-8290 or use our Contact form.


How to Prepare W-2s for Church Employees and Ministers

by Kenneth Hoffman in

Richard Hammer at Managing Your Church posted an excellent article on how to prepare W-2's.

Churches need to report each employee’s taxable income and withheld income taxes as well as Social Security and Medicare taxes on Form W-2, and furnish copies B, C, and two of the 2011 Form W-2 to each employee by January 31, 2012. Copy A should be submitted to the Social Security Administration by February 29, 2012, along with Form W-3, Transmittal of Wage and Tax Statements. If your employees give their consent, you may be able to furnish Forms W-2 to your employees electronically. Electronic forms are due April 2, 2012. See IRS Publication 15-A for additional information.

Although W-2s are not difficult to prepare, there are some tips you should know. First, be sure to add cents to all amounts. Make all dollar entries without a dollar sign and comma, but with a decimal point and cents. For example, $1,000 should read “1000.00.” Government scanning equipment assumes that the last two figures of any amount are cents. If you report $40,000 of income as “40000,” the scanning equipment would interpret this as 400.00 ($400)!

Continue reading at How To Prepare W-2s.

If you have any questions about this topic, tax law changes, business tips, or how to become a client, please call us at 954-591-8290 or use our Contact form.