Johnson & Sheldon PC merges with Cornell & Co. PC
We have some exciting news for everyone! Johnson & Sheldon PC has merged with the accounting firm of Cornell & Company PC. Albert Cupell, Mary McCuistion, Morgan Moser and Laurie Shepard will join the Johnson & Sheldon PC team and move to the Johnson & Sheldon,PC offices. Albert Cupell, CPA will continue to be the primary contact for Cornell & Co. Albert has been with Cornell & Co. for 35 years.
We are very excited about this change and believe that we will be able to give our clients even better service with the addition of Albert, Mary, Morgan and Laurie. Please welcome these new members to our team and drop by to say hello during this busy tax season!
Save Time and Money: Pre-screen Recruits with 5 Questions
Most employers select finalists for new positions after a lengthy series of interviews. Of course, face to face interviews are important, but you can save a lot of time-and make better decisions-by asking applicants a few pointed questions over the telephone before you schedule any meetings. Click here for full article
Due Dates Calendar for the 1st Quarter of 2014
Individuals: Form 4070 for employees who received $20 or more in tips during December is due to employers.
Individuals: Form 1040-ES fourth quarter 2013 Estimated Tax Payments are due.
Taxpayers: Forms 1099, 1098, and W-2G (appropriate version) for calendar year 2013 are due to recipient.
Individuals: Form 4070 for employees who received $20 or more in tips during January due to employer.
Taxpayers: Forms 1099, 1098, and "Copy A" of Form W-2G (appropriate version) for calendar year 2013 are due to the IRS.
Individuals: Form 4070 for employees who received more than $20 in tips during February is due to employers.
Corporate: Last Day to file calendar-year 2013 corporation/S corporations return (Form 1120 or 1120S) or file Form 7004, together with payment, to obtain an automatic 6 month extension of time to file.
Last day for calendar-year corporations to elect S corporation status, Form 2553, beginning with 2014 tax year.
Taxpayers: Electronic filings of Forms 1099. 1098, and W-2G are due to the IRS.
Ten Things to Know About Farm Income and Deductions
If you earn money managing or working on a farm, you are in the farming business. Farms include plantations, ranches, ranges and orchards. Farmers may raise livestock, poultry or fish, or grow fruits or vegetables. Here are 10 things about farm income and expenses the IRS wants you to know.
1. Crop Insurance Proceeds. Insurance payments from crop damage count as income. They should generally be reported the year they are received.
2. Deductible Farm Expenses. Farmers can deduct ordinary and necessary expenses as business expenses. A necessary expense is one that is appropriate for that business.
3. Employees and Hired Help. You can deduct reasonable wages you paid to your farm's full and part-time workers. You must withhold Social Security, Medicare and income taxes from your employee's wages.
4. Items Purchased for Resale. If you purchased livestock and other items for resale, you may be able to deduct their cost in the year of the sale. This includes freight charges for transporting livestock to your farm.
5. Repayment of Loans. You can only deduct the interest you paid on a loan if the loan proceeds are used for your farming business. You cannot deduct interest on a loan for personal expenses.
6. Weather Related Sales. Bad weather may force you to sell more livestock or poultry than you normally would. If so, you may be able to postpone reporting a gain from the sale of the additional animals.
7. Net Operating Losses. If deductible expenses are more than income for the year, you may have a net operating loss. You can carry that loss over to other years and deduct it. You may get a refund of part or all of the income tax paid for past years, or you may be able to reduce your tax in future years.
8. Farm Income Averaging. You may be able to average some or all of the current year's farm income by spreading it over the past three years. This may lower your taxes if your farm income is high in the current year and low in one or more of the past three years.
9. Fuel and Road Use. You may be able to claim a tax credit or refund of federal excise taxes on fuel used on your farm for farm work.
10. Farmer's Tax Guide. More information about farm income and deductions is in Publication 225, Farmer's Tax Guide. You can download it at IRS.gov, or call the IRS at 800-TAX-FORM (800-829-3676) to have it mailed to you.