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Year end reporting

1099s must be issued by January 31st – Review now to make sure you have all the information you need on your subcontractors, service businesses you paid through out the year, and any rent you paid to someone.  CPAs. Lawyers, Website consultants, repair people etc. are included in posssible 1099 recipients.

Mileage rates increased to 55.5cents from 51cents

You will need business miles from Jan-June and miles from July-December  along with total miles driven during both those periods for your tax at year end.

Office in your home: you can deduct all business trips.  Have an office outside your home: track miles but the miles to the first and from the last stop of your trips don’t count as business miles.  These are commute miles considered to and from work.

Tip of the Month

1099K   new tax reporting form that you may receive from your Credit Card Processing Center this January.  Do you have the Facts? 

Have you invested in your future?  It could reap benefits on your tax return.    For a second look or other information, contact Adam at Principal Financial.