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  • File Your Own Tax Return
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  • Important News & Updates
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The Latest News & Updates

12/14/2022 0 Comments

1099K Form

What should I do with this information?
It is important that your business books and records reflect your business income, including any
amounts that may be reported on Form 1099-K. You must report on your income tax return all income
you receive. In most cases, your business income will be in the form of cash, checks, and debit/credit
card payments. Business income is generally referred to as gross receipts on income tax returns.
Therefore, you should consider the amounts shown on Form 1099-K, along with all other amounts
received, when calculating gross receipts for your income tax return.

In addition:
-Check your payment card receipt records and merchant statements to confirm that the amount on your
Form 1099-K is accurate
-Review your records to ensure your gross receipts are accurate and reported correctly on your income
tax return
-Determine whether you have reported income from all forms of payment received, including cash,
checks, and debit, credit, and stored-value card transactions
-Maintain documentation to support both the income and deductions you report on your income tax
return

If you shared your credit card terminal with another person or business:
If you shared your credit card terminal with another person or business, your Form 1099-K will include
payment card transactions belonging to the person or business that shared your terminal, in addition to
your own payments. Where required, you should file and furnish the appropriate information return
(e.g., Form 1099-K or Form 1099-MISC) for each person or business with whom you shared a card
terminal. The information return should include the total payment card transaction amount in addition
to any other income belonging to the other person or business. You should retain records of payments
issued to each person or business sharing your terminal, including but not limited to shared terminal
written agreements and cancelled checks.

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12/1/2022 0 Comments

2022 Tax Prep

Can you believe it is almost time to start planning for year end and tax season?  

Haynes Business Services wants to help make your tax planning easier!  We have attached our 2022 Tax Prep Checklist to help you easily know what will be needed!  Of course, every person or business is unique and all items may not apply to your situation.  This at a glance list will help remind you of the possibilities!

Also, don't forget, if Haynes does your business' year end financials, please make sure to send over your first ten months from January through October!

We are here to help if you have any questions!  Just call us at 706-677-2700!
2022 Tax Prep Checklist
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11/30/2022 0 Comments

Income and Deductions for Self Employed Individuals and Partnerships

​Income
  • All receipts from the sale of all goods and service of your company. 
  • Including bartering for property or services. Also, Virtual Currency will need to be included. 

Interest and Dividends 
  • Sometimes Cancellation of debt. 
  • Gains or Losses of a sale of an asset 
 
Generally, you are self-employed if you carry on a trade or business as a sole proprietor or an independent contractor, or you are otherwise in business for yourself (including part-time business)
 
What can you deduct: 
(A business expense must be both ordinary and necessary, in other words any expenses that is necessary to conduct your business or grow your business)

Here is a short list of deductions: 
  • Cost of goods 
  • Cost of product or raw materials, including freight 
  • Storage 
  • Direct labor for workers who produce the product (Sub-Contractors) 
  • Capital Expenses 
  • Business Startup costs 
  • Business assets i.e.:  vehicle, machinery, Improvement (just to name a few) 
  • Employee Pay and all related costs 
  • Rent Expense.  Space and Machinery etc.… 
  • Business Interest 
  • Taxes: payroll, sales tax, ad valorem on business assets, real estate, state, and local tax 
  • Insurance Premiums used for business purposes.  Liability, malpractice, workers’ compensation, insurance employees-Health, Insurance on assets and equipment. 
  • Repair and maintenance on business property 
  • Legal cost, cost to organizing the company, professional services, including accounting. 
  • Research and development 
  • Vehicle expenses either by the mileage rate, or actual expenses, fuel, repairs and maintenance, insurance, parking, or rent on a rental vehicle, used for business purposes. 
    • Regardless how you chose to deduct these expenses a detailed mileage log must be kept., also work with your accountant to determine which method is best for you.  Once the method is chosen for the vehicle it must be use each year on the vehicle. 
    • Click here for Milage rates! 
  • Meals, 50% of deductible meals (unless you’re in transportation industry it goes up to 80%) this includes travel meal and business meetings and conventions, and a qualified reimbursement plan. 
  • Advertising 
  • Charitable Contributions related back to the business 
  • Credit Card collection fees 
  • Education Expenses related to the business 
  • Internet related expenses 
  • Licenses 
  • Moving Machinery 
  • Supplies- Office Supplies that are not included in your Cost of Goods. 
  • Small Tools and Equipment 
  • Telephone  
  • Cost of maintaining an office or shop, this can include home office deduction, if the space is used  
  • exclusively for the business. 
  • Beginning Inventory and Ending Inventory 12/31/2022 if applicable.  
 
If you have question about whether something is could be categorized as income or expense, please contact us at 706-677-2700.  We are here to help!
​
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11/28/2022 0 Comments

Create an ID.me account with the IRS

Take a look over the information below for how to sign up for an ID.me account with the IRS. 

This is a great tool to have so you can access your account anytime and always know what they know! 
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11/4/2022 0 Comments

2022/2023 Mileage Rates

The IRS has increased the mileage rates for the remainder of the year, into 2023.
Please take some time to look over the information posted to make sure you are aware of the rates and the changes.

*REMINDER* ALL mileage deductions MUST BE documented in an IRS approved mileage log.

Written Mileage Logs are approved ONLY if they are neat and organized and contain the correct required information.

We personally recommend the MileageIQ app. You can find it here: https://mileiq.com/
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