We specialize in servicing small to large businesses in various industries including Cannabis, Rental Real Estate, and Gig economy jobs in all 50 states. Let Mesheba Williams and her team prepare your business taxes, 1099s, payroll taxes, franchise taxes, personal property taxes, and monthly bookkeeping.
If you hire contractors, freelancers, or vendors and pay them more than $600 in business-related payments, then you’ll need to prepare and issue an IRS Form 1099.
Form 1099-NEC is used to report non-employee compensation only, which is due to recipients and the IRS by January 31.
Form 1099-MISC is most commonly used for reporting royalties, rent, other income, medical and health care payments.
It is due to recipients by January 31 and to be filed with the IRS by February 28
Correct Form W-9s are the key to correct 1099s. To avoid possible matching notices with the IRS, it is important to ensure that the official name on the W-9 that corresponds with the Taxpayer Identification Number (TIN) matches exactly what is on file with the IRS.
· Since 1921 IRS allows 100% of realized gains from property sales in a trade or business to be deferred
· If an investor sells a property and uses the proceeds to buy a similar property, they can defer capital gains and losses indefinitely or until they make a final sale of a property
· Can exchange one property for another or multiple properties or vice versa
· Can also invest in securitized real estate
· May exchange full equity from a sale for 100% tax deferral or only a portion of the equity from a sale, investors can pay taxes on the portion not exchanged
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An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity.
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