2012 Beginning of the Year
I know it's hard to think ahead on the whole taxes and reporting thing. Most of us would probably prefer to not have to report anything or pay anything. But, alas, here we are anyway. So rather than be bummed and put it off to the last second (which we're almost there now anyway), it's time to put on our business hats and get it done.
That said, you may not be aware of what needs to be reported this year. If you paid any individual business owner more than $600 in 2011 you will have to provide them a 1099 and report it along with your 1096. You'll also need to verify that they are not an incorporated business in which case you don't have to furnish this information to them or to the Federal Government. If you have employee's or only subcontract, all of your income forms (W-2/W-3's, 1099's/1096's) need to be postmarked by January 31st to avoid penalties.
Regardless of what your Washington B&O; tax cycle is, January is the month to get it done. Annual, Quarterly, and Monthly filers all report in January and must file by the end of the month. Since I mentioned Quarterly - your fourth quarter payroll reporting is also due this month! L&I, Employment Security, and 941's.
If your head is starting to spin because you noticed there's only 13 days left to file as of this posting I'd suggest you find yourself a qualified source of assistance. Of course, we think you should go with A and R Accounting but know we may not be your best fit. In any event, getting and staying on track are more important than personalities so call someone today or your bills could get bigger due to penalties and interest. Remember, too, that coming in to talk to us about your needs is ALWAYS a pleasant and FREE experience so don't put off your fact finding mission much longer!
Until next time - we wish you a prosperous and exciting 2012 for you and your business!