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Do Landlords Need to Issue 1099s? An In-Depth Look, Part 2

By | December 18th, 2018|Categories: Small Business Tax and Accounting|

This is part 2 in our discussion of whether or not a landlord needs to issue 1099s. In part 1, we determined that Section 6041 of the tax code says "trades or businesses" need to issue 1099s. This seems to settle the issue, right? A rental property clearly isn't a trade or business.... Well ... not [...]

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Do Landlords Need to Issue 1099s? An In-Depth Look, Part 1

By | December 13th, 2018|Categories: Small Business Tax and Accounting|Tags: , |

Question: does a landlord need to issue 1099s to contractors who perform work on the landlord's property? Answer: I give a CPE presentation on Form 1099, and I've also done far more research into 1099s (especially 1099-MISC) than any sane person should. And I can say, I have an opinion on the answer to this question [...]

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Sometimes I Wonder What I’m Missing

By | December 12th, 2018|Categories: Editorial Commentary|Tags: |

Image courtesy of Pixabay.com One time, someone (who is not a client) said to me: "I get paid as a 1099 consultant, but my CPA has it all run through my LLC so I don't have to pay taxes on it." Another time I took over as the tax preparer for an S-corp -- [...]

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Don’t Forget to Check Online for Investment 1099s!

By | December 5th, 2018|Categories: Potpourri of Tax Topics|Tags: , |

More and more brokerages and making 1099s available ONLY online, meaning the client has to think to go out and retrieve the 1099s. So this time of year is a good time to make a note to verify what brokerage or investment accounts you have, find your login, and make a note to log in at tax time to check for 1099s.

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Glossary: Capital Loss Limits

By | November 28th, 2018|Categories: Potpourri of Tax Topics|Tags: , |

In the tax world, a capital loss means selling something for less than you originally paid for it. Deductions for losses are often limited or not allowed at all.

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