907 Bookkeeping

Alaska Contractor Reminder:

Don't forget to submit your annual BIDDER REGISTRATION form for the State of Alaska for 2024.

dot.alaska.gov

https://www.facebook.com/share/M9eHBfXFgqFWymeu/?mibextid=WC7FNe

announces 401(k) limit increases to $23,000 for 2024.

Learn more about this and the rise of other pension limits at: https://ow.ly/Lr9n50Q3gpu

If it’s sounds too good to be true…..it is.

To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros | Internal Revenue Service IR-2023-169, Sept. 14, 2023 — Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service today announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program to protect honest sm...

Heads up Soldotna businesses!!

The City of Soldotna is now accepting grant applications for its Storefront Improvement Program. To promote a thriving economy and an attractive streetscape, this grant program offers up to $7,500 for projects that rehabilitate Soldotna storefronts. Applications are due no later than June 30th. For program guidelines and more information, please visit www.Soldotna.org/storefront or call the Planning Department at 907-262-9107.

The deadline for S Corp & Partnership tax returns is coming up quick. File your return or file an extension by March 15, 2023.

Make sure your wages are updated. If you’ve been paying the old rate of $10.34, in 2023, you need to pay your employees the difference.

Payroll services are amazing tools for small business owners. However, many small business owners don’t realize that the payroll service doesn’t shield the business owner from responsibility or liability.

The money spent on workers comp insurance is a huge savings to the penalties of not having it.

It’s so hard to know what the requirements are for processing payroll. The State of AK requires new hire reporting so that they can send a child support withholding order.

We would like to thank 907 Moving Company for another outstanding move. They made moving our office so easy! ❤️

Allow yourself a break from your business

Reminder for all of our Kenai Peninsula Businesses. Get your sales tax reports filed on time and get that 5% credit!

The IRS is very clear on what an employee is. If a business pays someone as a subcontractor, the IRS is able to reclassify them as an employee and then the business will owe all of the companies back payroll taxes PLUS the employee portion. Don’t try to save on payroll taxes now, only to have to pay more later.

The IRS & DOJ are getting serious about employer’s not paying their payroll taxes.

Unpaid Payroll Taxes Just Became More Dangerous for Owners Seemingly routine payroll tax debt might turn a civil obligation into a criminal tax nightmare in waiting, so tax professionals need to advise their clients properly before the IRS shows up, says Green and Sklarz LLC’s Eric Green.

Take a minute to review all of the businesses and/or people your business have paid for services with a check or cash this year. If you don’t have their W-9 yet, it is a good time to request it. It will save you some stress when it comes time to issue 1099’s in January. If you pay with credit card, you will not be required to send a 1099.

It’s so overwhelming to play catch up all of the time with your bookkeeping and paperwork. Strive to play keep up rather than catch up and discover peace in your office.

An LLC is created to provide personal protection. Don’t put that in jeopardy by ignoring the rules.

When you charge and receive money for sales tax, you’re acting as an agent of the taxing authority. The money is reported on your balance sheet into a “holding” account called sales tax payable and it isn’t included in your income. The sales tax is payed from this account and not paid as an expense. This is a common mistake we see often. Business owners that don’t understand, feel like it’s “costing” them money when they have to remit payment for the sales tax.

There is 12 days until you must file your partnership or S Corp tax returns. If you’re not ready, then you need to file an extension which will give you until September 15th.

I’ve had many clients ask about a deduction for loss of sales when they give things away for free. There’s this idea that it can be deducted as advertising. The problem with that idea is that the business would have to show the sale first so it’s a wash. You are only able to deduct the cost of the item you’ve given away for free.

Tax forms due by Monday January 31, 2022 are 1099’s, W2’s, 941, 940 and most state payroll tax forms. Avoid potential penalties and get those forms done and filed this week.

I love numbers. I love when all of the accounts are reconciled. I think the profit & loss and balance sheet are pretty. I love organized paperwork/receipts/files. I get excited when I take on a bookkeeping mess and clean everything up. That’s a work of art to me. When you know, you know. If you don’t know, you can learn to love it too.

No need to worry about sending 1099’s to vendors paid with a credit card, debit card or PayPal. The processor will include them in their 1099. #1099

Kenai Peninsula Homeowners FYI

1. A $50,000 EXEMPTION for the owner (resident) of a permanent place of abode. This includes mobile homes. The $50,000 is subtracted from the assessed valuation before borough taxes are calculated. Applications are due before JANUARY 15 of each year. Once an exemption has been approved, the owners of record will not be required to file an updated application each year as long as the owner meets the occupancy requirement. It is the owner's responsibility to notify the Assessor if they are renting the property or no longer meet the occupancy requirement. Should there be absence due to medical reasons, the exemption may be granted by providing satisfactory evidence to the Assessor.

https://www.kpb.us/assessing-dept/forms/432-exemptions-and-deferments

Kenai Peninsula Borough EXEMPTIONS & DEFERMENTS The Kenai Peninsula Borough has various property tax exemptions and deferments that are available to its residents. Exemptions are available on a single parcel of real property owned and occupied as the primary residence and permanent place of abode by a resident for at least...

You’ve totally got this! #1099