3 Year-End Tax Tips

2013 taxes file onlineNow’s the time for business owners to take stock in preparation for the end of the 2013 tax season. We want to make sure your I’s are dotted and T’s are crossed, so we’ve compiled a list of the top three tips for your reference.

Confirm your employees W-2 and 1099 information.  When it comes to the IRS, mistakes are costly and can add unnecessary red tape to the process.   Also notify your tax preparation specialist as soon as possible so they can update the information as well.

Know the difference between employees and independent contractors.  The difference is crucial in terms of what your responsibilities are.  For more information on the topic, please reference our blog http://bit.ly/18rOYbW.

Know your deadlines.  Know when your forms are due to the IRS and know when the forms are due to your employees.  Otherwise, there could be penalties accrued for late filing.  IRS penalties can be costly, so stay informed of new rules and deadlines.

For assistance with your W-2 and 1099 forms, we are here to provide seamless and efficient filing.  Check out our website for more information.

Resources:

http://entrepreneurs.about.com/od/beyondstartup/a/Avoiding-Mistakes-With-Your-Small-Businesss-Tax-Planning.htm

http://www.adp.com/media/press-releases/2012-press-releases/adp-offers-year-end-payroll-tax-tips-to-small-business-owners-and-their.aspx

http://ais-ss.usc.edu/empldoc/faq/faq9.html

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