Jackson Business Services LLC - CPA Firm Tax & Accounting

Reminder of some federal filing deadlines quickly approaching.

Filing due dates for some of the various 2021 forms and some general guidelines:

· January 31, 2022 to Recipients and to the IRS
Form 1099-NEC (Non-employee compensation) – If payments in 2021 are at least $600 for any non-employee (including LLC’s) who are performing services for you or providing legal services then report these in box 1 Note: Payments made to C or S corporations as well as LLC’s electing S Corporation treatment are exempt if a properly signed W9 has been provided. This exception does not apply to payments for legal services.

· January 31, 2022 to Recipients, February 28, 2022 paper filing to the IRS and March 31, 2022 electronic filing to the IRS if nothing is reported in box 8 or 10
Form 1099-Misc Box 1 is for rents for office space, machine or other rentals. Note: Exception if payments for office space are paid to a real estate agent or property manager then you do not have to report these payments.

· W-2, Form 940 and Form 941 January 31, 2022 to Recipients and to the IRS

Let us know if you need any assistance in filing.

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December tax planning tip

Charitable Donations:

Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization Search on IRS.gov allows users to search for charities. It provides information about an organization’s federal tax status and filings.

The law now permits taxpayers to claim a limited deduction on their 2021 federal income tax returns for cash contributions they made to certain qualifying charitable organizations even if they don't itemize their deductions.

Taxpayers, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions to qualifying charities during 2021. The maximum deduction is $600 for married individuals filing joint returns.

Most cash donations made to charity qualify for the deduction. However, there are some exceptions. Cash contributions include those made by check, credit card or debit card as well as unreimbursed out-of-pocket expenses in connection with volunteer services to a qualifying charitable organization.

We are your new one-stop, virtual shop for all your Tax, Bookkeeping, and Accounting needs. Direct message, email, or call us today to schedule your free consultation.