BYB – Page 4 – Business of Your Business

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Charitable Contributions

This holiday season, if you’re in the spirit of giving, charitable contributions can be the gift that gives back!

Charitable contributions made to qualified organizations can help lower your tax bill. Record keeping of donations and contributions must be maintained no matter the amount. To properly back up your contributions please keep bank records, receipts, or payroll deductions reflecting the amount.

If you are receiving a benefit for your contribution, you can only deduct the amount that exceeds the fair market value (ex. gala tickets). Non-cash donations such as household items and clothing, must be in good used condition and valued at fair market price.

For more information, read these eight tips the IRS provides here!

School’s Out! Hire your Kids!

June 27, 2017 / Wiley Harrison / Comments Off

If you are self-employed, one advantage is the ability to employ family members.

This summer save on taxes by employing your child under the age of 18.

Your children are not subject to social security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child.

For more information, refer to the “Covered services of a child” section at IRS.gov

How Divorce or Separation Effects your Taxes

August 26, 2016 / Wiley Harrison / Comments Off

If divorcing or recently divorced, there’s much to consider:

Name Changes
Spousal IRA
Child Support
Alimony (Paid and Received)

Through changes in circumstances, be prepared to pull out your check book and negotiate with your former spouse. There are many more challenges to finalizing the divorce.

For more information click here!

Summer Interns visit The BYB

July 28, 2016 / Wiley Harrison / Comments Off

Town of Greenburgh Attorney, Tim Lewis, annually visits The BYB with Summer Interns.

These students are from local colleges and high schools looking to prepare themselves for the next step.

The Summer Interns asked Wiley various questions as he answers to the best of his ability.

The video touches base on interpersonal skills, career paths, and much more.

Watch the video to hear what Wiley has to say…

Dont forget to share the knowledge!

“EEO is the Law” Poster

July 28, 2016 / Wiley Harrison / Comments Off

The Americans with Disabilities Act (ADA) requires that notices of Federal laws prohibiting job discrimination be made available in a location that is accessible to applicants and employees with disabilities that limit mobility.

To print the electronic poster click here!

1099-Misc

May 24, 2016 / Wiley Harrison / Comments Off

Miscellaneous Income should be reported. Payments for services performed for your trade or business is reflected on form 1099-Misc.

If the following four conditions are met, you must generally report a payment as nonemployee compensation.

1. You made the payment to someone who is not your employee;
2. You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);
3. You made the payment to an individual, partnership, estate, or in some cases, a corporation; and
4. You made payments to the payee of at least $600 during the year.

For more information, click the link below to read more!

Reporting Payments to Independent Contractors

Avoid a Tax Audit!

April 26, 2016 / Wiley Harrison / Comments Off

Several different things can alert the IRS to issue an audit. Keeping your books and records in order can help to avoid a stressful situation. Making large charitable contributions and failing to report all of your income can trigger an audit.

If you have multiple sources of income it can become hard to keep track of all the income year earned, and the more likely you are to leave out a payment. To avoid missing a 1099 keep track of all work you complete and the agreed payment. Not getting a form is not an excuse for not reporting the income.

Where’s my Refund??

April 5, 2016 / Wiley Harrison / Comments Off

When the IRS processes your tax return and approves your refund, you can see your actual personalized refund date. Even though the IRS issues most refunds in less than 21 days after we receive your tax return, it’s possible your tax return may require additional review and take longer.

Track your Refund Here!