You may have noticed that gas prices are climbing. And climbing. And climbing. And where they'll stop, nobody knows . . . ? Our friends at the IRS are paying attention. They've increased the standard mileage rates for the rest of 2022. These mileage rates can be used to value deductible expenses when you drive for business, medical, or moving…
When you start your business, you determine whether you'll recognize expenses when they occur – cash basis – or in the period to which they belong – accrual basis. Let's say you pay your May rent bill in April. If you use the cash basis of accounting, this expense will be recognized in April. That's when the money actually leaves…
Here's a list of resources for small business owners, whether you’re just starting out or have been around for a while. Got a business idea? Check out these “10 Steps to Start Your Business”. It can help you research your target market, find financing, and write your business plan. It also includes a guide to choosing your entity structure. Looking…
You can find federal tax due dates by clicking here, and Kansas deadlines by clicking here. Remember that employment tax deposits due dates vary based on your filing status – see Payroll Tax Requirements. Bank holidays for each year can be found by clicking here. When payday is scheduled for a bank holiday, normally it will be moved forward by…
IRS Publication 15, Employer's Tax Guide (also known as Circular E), provides a wealth of knowledge for employers. It includes instructions on how to withhold and deposit taxes, how to withhold for supplemental wages (such as periodic bonuses), and filing responsibilities. We've put together a quick overview of employer responsibilities taken from Circular E, which you can download for your…
If your CPA tells you that your return needs to be extended, it's because additional time is needed to prepare your return so that it's complete and accurate. You'll still need to pay any anticipated taxes at the time your return would normally be due (April 18, 2022 for 2021 returns), but your finished return won't be due until October…
If you'd like your own PDF copy of the chart below, please email Sonya and we'll be happy to send one to you!
In this article, we'll cover non-payroll issues to be aware of as you navigate year-end. Forms 1099 There's a veritable alphabet soup of Forms 1099, so it's important to use the right form for the right reason. Here's the list in alphabetical order (click on each one for the specific instructions): 1099-B, Proceeds from Broker or Barter Exchange Transactions 1099-DIV,…
The annual deadline for unclaimed property remittance and reporting for both Kansas and Missouri is November 1. If your business holds unclaimed property such as uncashed payroll or vendor checks, security deposits, refunds, customer/patient overpayments, accounts receivable credit balances, or insurance proceeds, you're subject to unclaimed property reporting. The November 1 deadline reports unclaimed property as of June 30 of…
Year-end brings lots of payroll considerations to the forefront. Regardless of whether Kindred CPA processes your payrolls or you do it in-house, if you provide any of the following benefits, you'll need to gather this information to properly account for taxable income on W-2's: Group Term Life Insurance If you pay group term life insurance premiums for yourself or your…