Tax to-dos at the end of the year

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    Tax to-dos at the end of the year

    When do I have to issue a 1099? [Video]

    by Michelle Schmalenberger, Financial Design Studio, Inc

    When do I need to issue a 1099 is a very common question from business owners. A 1099 indicates the payment you made to non-employees throughout the year. It’s a tax document that tells the IRS what you paid the person. This includes individuals such as contractors or sub-contractors. A 1099 is simply a summary of payments. Once your total payments to an individual exceed a certain threshold, the IRS requires that you issue a 1099. Once it’s over $ 600 for the year, you’ll need to spend a 1099. So this is the dollar amount to answer the question of when should this be done I need to issue a 1099?

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    Be proactive: tax analysis [Video]

    by Robert Stoll, Financial Design Studio, Inc

    One question we often hear from self-employed people doing some type of payroll is, “How can I balance my taxes and save for the future?” Let’s discuss your tax analysis …

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    Plan your tax return [Video]

    by Michelle Schmalenberger, Financial Design Studio, Inc

    Have you ever thought about planning your tax return? Let me explain what I am talking about and what are the benefits of this. We know that starting January 1st, we will receive tax documents in the mail. But after all these documents have arrived, people often hesitate and time flies by until April 15th suddenly arrives! April 15th is the deadline to file your tax return and make your payments if you owe money.

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    12 tax activities before December 31 [Video]

    by Michelle Schmalenberger, Financial Design Studio, Inc

    Here are 12 tax things to do before December 31st. What should you keep in mind as we near the end of the year? This is the second most common time people start thinking about their finances. It could be because you are spending more money because of the Christmas shopping. So be careful how much you can spend. Or, most of the year is behind you, so now you know what your total income and deductions are. Here is a helpful list to get you through year-end in a tax efficient manner.

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