Monday, February 17, 2020

911 on the 1099.

So, you are an independent contractor and it is tax season.  What does that mean to you?  What is a 1099 tax form?  It is used to report non-salary income to the IRS for federal tax purposes. There are 20 variants of 1099s, but the most popular is the 1099-MISC.  Let’s explore this most common form of 1099.

The 1099-MISC is the version of Form 1099 that you use to tell the IRS whenever you are paid as an independent contractor, or any other type of self-employed person $600 or more in fees, compensation, real estate rent, prizes, awards, or any other kind of taxable income.  The IRS uses this information to independently verify your income and your federal income tax levels.

Many people in the Las Vegas Valley may have more than just this 1099 tax form to fill out properly.  If you were an employee of a firm AND an independent contractor in 2019, it needs to be done correctly.  You can count on that with the services of Las Vegas CPA and tax preparation expert Michael Mathews.  Give him a call at (702) 240-5237.

Wednesday, February 5, 2020

The Best Time is NOW.

I know that it’s only February and many Americans suffer from a national malady…tax preparation procrastination.  Many things in life come down to timing, and tax returns are no exception. If you wait too long, you could miss the filing deadline, setting you up for interest charges or even penalties.

Here is a new deadline to adopt beginning in 2020…March 15th.  No, not April 15th, March 15th!  The simple truth is a tax preparer's time is his stock in trade and if you want a really good one, you should get on their calendar now, not seven weeks from now.  That just makes common sense and may save you a few bucks.

One of the very best Las Vegas tax preparers is Michael Mathews a well-known and respected CPA serving the Las Vegas Valley.  It’s his time of year and yours as well!  Get your taxes prepared and submitted no later than mid-March by calling Michael Mathews for an appointment at his office located at 2620 Regatta Dr. Suite 102 at (702) 240-5237.

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Wednesday, January 15, 2020

Come On, Partner. It’s Time to Settle Up with Uncle Sam.

Now that it is tax time, if you didn’t already know this, partnerships don’t pay federal income tax.  Instead, the partnership’s income, losses, deductions and credits actually pass through to the partners themselves, who report these amounts and pay taxes on them.  This becomes part of their personal income tax returns.

Here are some steps that you will need to follow –

1.  Prepare Form 1065 for business partnerships.
2.  Complete a federal K-1.
3.  File your personal state tax returns.
4.  Report your share of the partnership income or loss on your federal income tax return.

All of this is absolutely necessary to provide Uncle Sam with the proper documentation for your 2019 taxes.  What is also necessary is hiring Las Vegas tax preparer and CPA Michael Mathews.  You might as well make an appointment sooner than later with Michael.  Just call (702) 240-5237 for an appointment at his 2620 Regatta Dr. Suite 102 office.

Thursday, January 9, 2020

Happy New Year…Happy? Tax Season.

Personal financial statements can serve high net-worth individuals in a variety of ways.  These financial statements can help those who are affluent to obtain loans, enter into various investment transactions, develop financial plans or even run for public office.  The New Year is an excellent time to have 2020 financial vision and plan for upcoming opportunities.

Here are some reasons for preparing a personal financial statement –

1.  Obtaining a loan
2.  Various investment opportunities
3.  Meeting the financial requirement of a co-op
4.  Developing a retirement plan
5.  Preparing for a divorce proceeding

Properly prepared personal financial statements can be tricky.  That is why it may be wise to make a New Year’s appointment with Las Vegas CPA and financial statement professional preparer Michael Mathews.  Michael has a beautiful office located at 2620 Regatta Dr. Suite 102.  Call early in 2020 for an appointment at (702) 240-5237.

Thursday, December 12, 2019

Why do we Pay Taxes?

Since 1950, individual income taxes have been the primary source of revenue for the U.S. federal government.  Along with payroll taxes, income taxes amount to about four-fifths of all federal revenue and are the essential fuel on which our government runs.  Don’t you feel better already?

The history of income taxes in the United States goes back to the Civil War when Abe Lincoln signed into law the nation’s first-ever tax on personal income to help pay for the Union war effort.  Eventually, in 1909 Congress passed the 16th amendment which allowed the federal government to tax individual personal income.

I just wanted you to know a bit of the history of American taxation as we approach the New Year and income tax time.  I hope that early in 2020 you will give me a call and set up an appointment to have your 2019 tax return prepared.  I am Las Vegas CPA Michael Mathews.  My office is located at 2620 Regatta Dr. Suite 102.  Merry Christmas and Happy New Year to all of my friends current and future in Las Vegas.

Thursday, December 5, 2019

When Do You Want to Know your Financial Situation?

For some people it is like going to the doctor to find out how your body is doing.  Some of us tend to put off our annual visit to a top-flight tax preparer fearing the worst.  So, without overstating the obvious, what are some of the primary reasons why you should make an appointment with Michael Mathews as soon as possible?

Among those reasons are –

1.  Early filers usually get larger refunds…that’s what the IRS says (You gonna argue?)
2.  You protect your refunds from identity theft.
3.  If you do have a tax bill you have time to plan.
4.  Very little “waiting until the last minute” stress.

These reasons (among others) should be motivation enough to call Las Vegas CPA and IRS tax accountant Michael Mathews.  People in every corridor of Clark County have trusted Michael to prepare their taxes and handle their accounting for years.  Make an appointment at his office located at 2620 Regatta Dr. Suite 102 in the beautiful Northwest by calling (702) 240-5237.