Author: stonesbookkeeping1

Form 8300 changes as of 1/1/2024. Those required to file this form will have to start filing it electronically as of the beginning of the new year. This form is used to report cash receipts of 10000$ or more. Traditionally this form was filed by mail on a paper form. There are exceptions and exemptions to this new rule and you can check those out here: https://content.govdelivery.com/accounts/USIRS/bulletins/36d99c6?reqfrom=share

There are numerous rules regarding self employment, this can be really complicated when the business owner is in the military or a military spouse. It is important to know how to report your earnings correctly, and how and where to report income earned from the business. This is further complicated by the proliferation of the gig economy. The IRS provides some great information on how tax homes effect these calculations here: https://content.govdelivery.com/accounts/USIRS/bulletins/36d61f0?reqfrom=share

Remember that you can prepare your own tax returns with a bit of research and diligence, but sometimes it is better to utilize a professional and focus on your own business.

Have a calling to serve and need to form a Non-Profit? While a bit complex the process can be handled without expensive services. There are paperwork requirements by the IRS and the federal government to ensure that Non-Profits are organized properly and have the information available to the public. The IRS has provided guidance around the necessary filings and yearly reports that are necessary to have on hand.

Here is a great concise direction around the necessary preparations: https://content.govdelivery.com/accounts/USIRS/bulletins/36ab102?reqfrom=share

The deadline for filing for form 2290 is coming up. This is for vehicles over 55000 pounds. The filing deadline is not tied to the vehicle registration date. Taxpayers must file Form 2290 by the last day of the month following the month in which the taxpayer first used the vehicle on a public highway during the taxable period, regardless of the vehicle’s registration renewal date.

More information is available here: https://content.govdelivery.com/accounts/USIRS/bulletins/36b4968?reqfrom=share

Do you rent out your vacation home? The IRS has put out a great video with tips on tracking and reporting your income from renting out a vacation home. Watch the video here: https://content.govdelivery.com/accounts/USIRS/bulletins/368f988?reqfrom=share for more information.