How to Know Who Needs to Be Issued a 1099 and What Information to Collect
Issuing accurate 1099 forms is a key responsibility for any business that hires contractors, freelancers, or other service providers. However, knowing who qualifies for a 1099 and gathering the right information can sometimes feel overwhelming. Here’s a straightforward guide to help you ensure compliance and avoid IRS penalties. Who Needs a 1099? In general, if […]
I’m Going to Owe Taxes – Is There Anything I Can Do Now to Reduce My Liability?
The end of the year is approaching, and if you’re concerned about a looming tax bill, there are still several strategies available to help minimize your liability. Whether you’re a business owner or simply looking to reduce your personal tax burden, taking proactive steps now can make a meaningful difference. Strategies for Business Owners Strategies […]
Dreading the Upcoming Tax Season? Here Are 4 Strategies to Get Ready
If the thought of the upcoming tax season fills you with dread because your books have fallen behind, you’re not alone. Small business bookkeeping can be a struggle for owners who have to run their business AND manage their books throughout the year. However, there’s still time to catch up and avoid unnecessary stress. Here […]
5 Tips for Keeping Receipts for Taxes
When it comes to preparing for tax season, keeping track of your receipts is essential—especially if you’re a small business owner. Properly organizing and retaining your receipts can help you claim deductions, avoid audits, and ensure that your tax return is accurate. Here are some helpful tips for keeping receipts for taxes and managing your […]
LLC vs. Corporation Payroll Rules: How You Pay Yourself
When you start a business, one of the most important decisions is choosing the right structure for your company—whether that’s an LLC or a corporation. One key difference between these business types is how you, as an owner, get paid. Understanding each payroll rule can help you manage your income effectively and avoid tax complications. […]
Five Tax Efficiency Strategies for Central PA Planners
Anyone else attend a lot of Central PA graduation ceremonies and parties this past weekend? This time of year seems to be bursting with them. The thing that strikes me about a graduation is not simply the commemoration of all the hard work these students put in to get there. It’s the collective looking ahead […]
529 College Savings Plan: The Tax Savvy Option for Central PA Families
The government likes to pat itself on the shoulder anytime it sort of gets things right. This year, post-tax season, they’re preening over the new, free IRS Direct File program. It did come in under budget and seemed to work for the scanty 114K people who used it, I’ll give them that. But critics are asking […]
Nailed It Business Services’s 2024 Tax Season Gratitude List-Topper: YOU
That’s the bell marking the end of the 2024 tax season (with a few exceptions). Yes, we’re pretty whipped over here at Nailed It Business Services. Every tax season brings its own challenges, and there were definitely a few for us in the 2024 tax season. But… even though we’re tired and had some yank-our-hair-out […]
Tina Nail’s Insights on Being a Financial Caregiver
And just like that, Tax Day is a week (or less, depending on when you’re reading this) away. Remember back in January when I said it would be here before you could blink? If you’re one of those who are waiting until the last minute, and my reminders haven’t been enough to put fire under […]
Tina Nail’s Guide to Filing an IRS Tax Extension
Did you experience any good April Fool’s jokes this week? I always love to hear about a good prank. Here’s one that’s actually not a joke (sorry)… We’re in the final stretch leading up to the April 15th personal filing deadline. It’s our Game 7 around here, and we’re working our tails off for you […]
