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year-end Tag

out of the box technology had some accounting fun at foodlabs detroit

Year-End Accounting Resource Center

This page contains a multitude of year end accounting resources we have gathered from the web and produced internally for our clients. Use the navigation links below to scroll through the page to find the resources you need. If you would like a personalized consultation from one of our small business / QuickBooks accounting experts, please feel free to call (888) 232-4758 anytime, or request a year end review to get started.
the irs has given taxpayers many tools and resources - in the event of identity theft

Tax Penalty Relief from the IRS? [How You Qualify]

The estimated tax penalty can be waived for you, if your 2018 federal income tax withholding and estimated tax payments fall short of your total tax liability for the year; however, there is a catch: its is only waived, if you paid at least 85 percent of total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two.

Typically, you must pay 90 percent to avoid a penalty.The waiver computation will be reflected in a revised Form 2210, Underpayment of Estimated Tax by Individuals, Estates and Trusts, and instructions.

heres what you need to know about tax changes for businesses and individuals

Important Tax Changes for Individuals and Businesses | Misc Tax Tips

As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2019 is no different, now that the tax provisions under the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.

Tax Savings Frequently Asked Questions | OUT OF THE BOX TECHNOLOGY

This Financial Guide answers frequently asked questions surrounding tax saving ventures; and provides tax saving strategies for deferring income, and maximizing deductions; it also includes some strategies for specific categories of individuals, such as those with high income and those who are self-employed.

Before getting into the specifics, however, we would like to stress the importance of proper documentation. 

Here's a list of the kinds of tax records and receipts to keep that relate to your current year income and deductions: Income (wages, interest/dividends, etc.) Exemptions (cost of support) Medical expenses Taxes Interest Charitable contributions Child care Business expenses Professional and union dues Uniforms and job supplies Education, if it is deductible for income taxes Automobile, if you use your automobile for deductible activities, such as business or charity Travel, if you travel for business and are able to deduct the costs on your tax return

Tax Records: Frequently Asked Questions | OUT OF THE BOX TECHNOLOGY

What pieces of paper do I need to keep in order to do my taxes? Keep detailed records of your income, expenses, and other information you report on your tax return. A good set of records can help you save money when you do your taxes and will be your trusty ally in case you are audited.

There are several types of records that you should keep. Most experts believe it’s wise to keep most types of records for at least seven years, and some you should keep indefinitely.

Tax Fraud can bring serious consequences

Washington businessman Mark Standley was recently sentenced to six years in prison for one of the largest sales tax thefts in Washington state history. As the owner of a drywall company, Standley drastically under-reported the amount of sales tax collected from customers over a six year time period.
According to court documents, he only paid the Department of Revenue (DOR) $3,000 of the $855,000 tax owed. To make matters worse, Standley refused to pay workers’ compensation premiums for his employees.

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