Williams Accounting LLC specializes in cloud-based paperless accounting, catering to clients across the country. Services are provided remotely and are securely controlled.
Williams Accounting LLC services small to large businesses in various industries including Cannabis, Rental Real Estate, Dentists, Law Offices, Retail, Wholesale, and Associations. Let Mesheba Williams handle your business from formation to dissolution including tax preparation, 1099 prep, quarterly bookkeeping, budgeting, tax planning and strategies.
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.
The form 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
Yes, the residential energy efficient property credit allows for a credit equal to the applicable percentage of the cost of qualified property. Qualifying properties are solar electric property, solar water heaters, geothermal heat pumps, small wind turbines, fuel cell property, and qualified biomass fuel property expenditures. Only fuel cell property is subject to a limitation, which is $500 with respect to each half kilowatt of capacity of the qualified fuel cell property. Generally, this credit for alternative energy equipment terminates for property placed in service after December 31, 2023. The applicable percentages are:
- In the case of property placed in service after December 31, 2016, and before January 1, 2020, 30%.
- In the case of property placed in service after December 31, 2019, and before January 1, 2023, 26%.
- In the case of property placed in service after December 31, 2022, and before January 1, 2024, 22%.
The Inflation Reduction Act, H.R. 5376, made broad changes to the clean vehicle tax credit, including extending it through 2032 and creating a new credit for previously owned clean vehicles (Sec. 25E),
For new clean vehicles purchased after Aug. 16, 2022, the tax credit is generally available only if the qualifying vehicle's final assembly occurred in North America (final assembly requirement).
How to check where a vehicle was built
To verify whether a motor vehicle meets the final assembly requirement, dealers and consumers can follow a two-step process (follow link for more information).
You may be able to take these credits if you made energy-saving improvements to your principal residence during the taxable year. In 2018, 2019 2020, and 2021 the residential energy property credit is limited to an overall lifetime credit limit of $500 ($200 lifetime limit for windows). There are also other individual credit limitations:
- $50 for any advanced main air circulating fan
- $150 for any qualified natural gas, propane, or oil furnace or hot water boiler
- $300 for any item of energy-efficient building property
The residential energy property credit is nonrefundable. A nonrefundable tax credit allows taxpayers to lower their tax liability to zero, but not below zero.
Links to Useful Resources
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity.
Profit & Loss Spreadsheet
Profit & Loss Spreadsheet
(Downloading lets you add a one-time "snapshot" of the tax calendar events to your calendar program (e.g. Outlook.). It will not automatically refresh it when data is updated by the IRS.)
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