According to the IRS, Form 1099-K is used to report payments for the year from credit cards, debit cards and payment apps. Form 1099-K is created for sales on marketplaces such as eBay. Generally, the IRS requires these forms to be sent out by January 31 of the following year. For example, eBay can be expected to provide Form 1099-K for 2024 to sellers by January 31, 2025. They will also send the 1099-K to the IRS. You have to meet a threshold...
White Plains NY Bookkeeping
Are you small business owner in White Plains, NY? Are you looking for premium, professional bookkeeping that you can rely on? Well look no further. Clean books are important to running a business smoothly. You can’t drive a car with a dirty windshield. The same is true for operating a business without bookkeeping. A good bookkeeper can help you see trends and irregular activity long before your tax return is filed. When your bookkeeping is up...
Retirement Plans for S Corp Owners
As a small business owner you have several retirement plan options to consider, each with its own benefits and requirements. The tax savings associated with a S-Corp make it a popular choice among entrepreneurs and the self-employed. A recent study showed that 20 percent of Americans over 50 have no retirement savings at all. It’s a tough situation to be in. However, as a S-Corp owner you have more control as to what types of retirement plans...
Are North Carolina S Corporations Taxed?
One of the states that exempt S Corp businesses from paying corporate income tax at the state level is North Carolina. In other words, S corporations are not subject to income tax in North Carolina. The shareholders, who disclose the information on their individual tax returns, receive the corporation’s income, deductions, and credits instead. Who is required to submit a corporate tax return for North Carolina? While conventional corporations...
Westchester County Sales Tax
If you sell goods or services in Westchester County you will be required in most cases to collect. Sales tax provides state and local municipalities with funding for schools, maintenance projects and other government programs. A business owner in White Plains, NY will have to collect an additional 8.375% for tax. This tax is the sum of: 4% to New York State 1.5% to Westchester County 2.5% to White Plains 0.375% for Metropolitan Transportation...
When Does it Make Sense to Set Up an S-Corp
When should I set up my business as an S-Corp. It’s a common question and something that you should take careful thought before doing. There are benefits to setting up your business as an S-Corp but sometimes the rules and responsibilities may outweigh the benefits. We will discuss the pros and cons here so you can decide whether an S-Corp is right for you. An S-Corp is a tax structure that may allow a business owner to save on Social Security...