Tax Bookkeeping Winners, LLC

01/24/2024

HURRAY, IT IS TAX TIME….
The 2023 Tax Season begins on Monday, January 29th, 2024 for individual filers according to the IRS. Those of you who might need help in the following areas:
• Individual tax filing
• Business tax filing
• Independent contractor /Self-employment filers
• Tax amendment
• Looking for a Local Accountant /Bookkeeper to clean up /Manage your books.
• Filing the 1099’s. Reach us at the below contacts for immediate action.
TAX BOOKKEEPING WINNERS LLC
347-6E7-9242
929-330-2934
[email protected]
https://taxbookkeepingwinners.com
Get ready. Lets’ do it. Call now!!!!
Thanks,
Dr. Samuel Afosah

01/17/2023

HURRAY, IT IS TAX TIME….
The 2022 Tax Season begins on Monday, January 23rd, 2023 for individual filers according to the IRS. Those of you who might need help in the following areas:
• Individual tax filing
• Business tax filing
• Independent contractor /Self-employment filers
• Tax amendment
• Looking for a Local Accountant /Bookkeeper to clean up /Manage your books.
• Filing the 1099’s. Reach us at the below contacts for immediate action.
TAX BOOKKEEPING WINNERS LLC
347-6E7-9242
929-330-2934
[email protected]
https://taxbookkeepingwinners.com
Get ready. Lets’ do it. Call now!!!!
Thanks,
Dr. Samuel Afosah

GROW YOUR BUSINESS WITH LOVE Tax Bookkeeping Winners provide top quality tax and bookkeeping services to small business owners and entrepreneur. Assisting them to understand their role better in this globally competitive market, and the best winning ways to develop, dominate, and expand their busine...

09/14/2022

1099 Filers: The deadline for the Third Quarter Estimated Tax Payment is Approaching: - September 15th, 2022
If you are going to use form 1099 for 2022 tax season, now, watch this, the deadline for the third quarter estimated tax payment for 2022 is here (September 15th, 2022} hurry up to avoid penalty. Check the schedule Due Dates below-
Estimated Tax Payment Due Dates for 2022
Income Earned within this period in 2022 s Payment Schedule Payment Due Date
January 1st - March 31st 1st Quarter payment April 18th, 2022
April 1st - May 31st 2nd Quarter payment June 15th, 2022
June 1st - August 31st 3rd Quarter payment September 15th, 2022
September 1st -December 31st, 4th Quarter payment January 17th, 2023

For further information, check us out……
Dr. Samuel Afosah
Tax Bookkeeping Winners LLC
Phone- 929-303-2934
Phone-347-637-9242
Email: [email protected]

01/17/2022

HURRAY IT IS TAX TIME….
The 2021 Tax Season begins on Monday January 24th, 2022. For individual filers according to the IRS. Those of you who might need help in the following areas:
• Individual tax filing
• Business tax filing
• Independent contractor /Self-employment filers
• Tax amendment
• Looking for Local Accountant /Bookkeeper to clean up /Manage your books.
• Filing the 1099’s. Reach us at below contacts for immediate action.
TAX BOOKKEEPING WINNERS LLC
347-6E7-9242
929-330-2934
[email protected]
Get ready. Lets’ do it. Call now!!!!
Thanks,
Dr. Samuel Afosah

11/17/2021

https://youtu.be/D1q7r4itcO8

Documentation. YES. Hassle-Free. Is key to enhance business growth. Keeping accurate records in your business operations and practices brings about builds up...

09/08/2021

FORM 1099-NEC - THE NEW QUEEN IN TOWN
Please note, the IRS form 1099 NEC was to streamline some administrative bottlenecks. It helps filers by improving transparency and accountability in tax compliance and planning.
It allows filers to separate report filing between 1099 NEC (Nonemployee Compensation) and 1099 MISC (Miscellaneous Information) and settled the confusion between filing dates. Business owners, such as a sole proprietor, the self-employed, the independent contractor, and the individuals that work for themselves, should report their income /earnings for the period here.
For example, if you receive rents, prizes, awards to third parties, Brokers, Royalties, legal fees, and services, report them on 1099 NEC. Report if you withheld federal income tax.
FORM 1099-MISC
IRS form 1099 – MISC, miscellaneous information. The payer informs the IRS and other federal and local states that “Mr. A” had received taxpayer income: for example, $1,200 for the period 2020. The information helps the Internal Revenue Service monitor and fight against underreporting income from any self-employed if they failed to report accurately or file their taxes. It is the payee’s responsibility to pay their taxes. If not, they face the interest and penalties according to the law.
Please note that Form 1099 MISC has the following copies: File copy A with IRS. Copy B for the sole proprietor. File copy 1 to your Local State. Finally, copy C is for the payer. Filing form 8809 for an extension for 30 days is possible to send them to the IRS by January 31st.
TIME TO FILE
The IRS Electronic filing Due Dates:
• 1099 NEC February 1st
• 1099 MISC March 31st
Recipient Copy:
• 1099 NEC February 1st
• 1099 MISC February 1st
If the filing due dates fall on a public holiday, Saturday, Sunday, it is appropriate to file the next business day.
HOW TO FILE
Publication 1220 set special requirements and some specifics date about filing the following forms: 1099 MISC and 1099 NEC.
From 2020 tax season in 2021 the non-employee compensation of $600.00 or more should report them on 1099-NEC. Filers should record 1099 NEC in box 1, federal withheld in box 4, and the Local State tax in any boxes from 5-7. Remember to check box 2. if you spent $5,000 or more on consumers' products for resale from a vendor.
You can use the 1099 MISC to report non-employee for previous years such as 2019 and so on. For further information over how to file form 1099-MISC and 1099-NEC electronically, check publication 1220.
Please note. Form 1099 NEC is not part of the combined Federal and State filing program. It means you must follow your Local State filing requirements, updates, rules, and regulations.
If you are a business owner, an independent contractor, self-employed, or a user of any of the 1099’s, check us out. Meet our experts for more detailed information here.
Thank you.
Dr. Samuel Afosah
Tax Bookkeeping Winners LLC
Phone: 9293032934
Email: [email protected]
Website:

GROW YOUR BUSINESS WITH LOVE Tax Bookkeeping Winners provide top quality tax and bookkeeping services to small business owners and entrepreneur. Assisting them to understand their role better in this globally competitive market, and the best winning ways to develop, dominate, and expand their busine...

08/10/2021

CLOSE BOOK – THE AMAZING FACTS IN QUICKBOOKS.
What is close the book?
The closing of the books and or balancing off the books is about balance your account and then getting ready to prepare your financial statement or financial report for the period. It ensures that the books are locked and restricted from any undesired changes. It also means the books remain safe for filing taxes and financial reporting.
Why closing the books?
The closing of the books is to put restrictions and preventive measures in place from other users. It is keeping them away from deleting, editing, changing, and or adding data or information. For example, if Business “A” has finished and posted all the business transactions for the period, they would not want anybody to add anything. If they desire to prevent unwanted changes then, close the books. Fix it with security features and a password on them. If any user wants access to the completed books, it must be done officially and on purpose, not accidentally.
When to close the Books?
The closing of the books is recorded from period to period. Business A would want to do it at month-end. Also, Business B & C quarterly and annually. Therefore, when to close the books is determined by the decision each Business industry wanted to take. However, the decision to close the books is the organization or the business owner's cup of tea.
Most of them must balance their books by the end of the month to bring forward the opening balance for the next period. The reason for closing month-end is to determine how much our customers owe the company or the firm obligation to its vendors.
The example below shows a customer John Goodman whose account was zero at the end of June 20X9. It is unwise to send her account to the Balance sheet. It is advisable to close her account by the end of June. That was why most businesses at least balancing off their books monthly.
John Goodman Accounts
Particulars. DR. CR. Balance
20X9
June 4th Sales $300 $300 DR
June 15th Sales $150 $450 DR
June 20th Bank $150 $300 DR
June 25th Bank $300 0

How to close the books?
In the first step, there are balancing off the books measures to perform if the business owner wanted to close its’ books at a certain period. The businessman must do the following:
A. The business owner must ensure to reconcile both the bank and or credit card reconciliation statement.
B. The businessman should know that all adjustments are treated in any given period before balancing the books.
C. Also, the owner must consider any new assets acquired in the cost of time be recorded before shutting down.
D. Business owners record depreciation of assets before the sun goes down.
E. The manager must ensure that stock is taking beforehand.
F. It is the accountant’s hope that retained earning account is adjusted before closing the file.
G. The accountant understands that all is set to prepare the financial statement.
When the above is performed at any given period then, the bookkeeper can close the books peacefully. If not, the individual account shall suffer from chaos.
In the second step, do the following:
In step 1, click on the Gear icon at the right corner of the home page.
In step 2, hit on company setting or account & setting whichever version you are using.
In step 3, go to the advanced tab section then, edit with the pencil icon on the right.
In step 4, turn on the closing books button to allow a writing box to open. Then, select or write the closing date.
In step 5, if you want to enter a password, then you select the second option, “allow changes after viewing a warning and entering password” from the drop-down menu. This option opens two boxes for you to enter and confirm your password.
In step 6, select save.
Finally, entering a password allows you to control user access by preventing them from making changes to the books. Also, safeguard your effort over the end of the period. Also, if you set up a password or not, anytime anybody temper or make changes to a closed given period, it shows up in the exception closing data report by QuickBooks.
For detailed information, call now:
Thank you
Dr. Samuel Afosah
Tax Bookkeeping Winners, LLC
Phone – 9293032934
Website – https://taxbookkeepingwinners.com
Business email – [email protected]

GROW YOUR BUSINESS WITH LOVE Tax Bookkeeping Winners provide top quality tax and bookkeeping services to small business owners and entrepreneur. Assisting them to understand their role better in this globally competitive market, and the best winning ways to develop, dominate, and expand their busine...

06/30/2021

https://taxbookkeepingwinners.com/projects/

Support for quickbooks The importance of using QuickBooks Self-employed by the Self-employed The aim of most self-employed is to make a profit, stay in the competition, grow, and expand their business. These are entrepreneurs who had distinguished themselves. Men such as Bill Gates, Jeff Bezos, Mich...

03/20/2021

AMERICAN RESCUE PLAN ACT: $10,200 TAX BREAK OF UNEMPLOYMENT COMPENSATION.
Americans enjoy a $10,200 tax break included in the $1.9 trillion Rescue Plan Act passed by Congress on March 11th, 2021.
If your Adjusted Gross Income (AGI) is less than $150,000 it does not matter your filing status, you get up to a $10,200 tax break excluded from your unemployment income (UI.)
If your unemployment income (UI) is $11,000 for 2020, you are taxed on the $800 ($11,000 - $10,200). In case, your UI is or less than $10,200 is nontaxable.
If your AGI is more than $150,000, you cannot exclude $10,200 from the UI. It must be done separately.
If you have already filed your tax for 2020, IRS encouraged the taxpayer not to file an amendment this time but should wait for additional directives.
Dr. Samuel Afosah

03/07/2021

BE AWARE OF TAX SCAMMERS
Taxpayers are advised to be aware of scammers during the 2020 tax filing season.
• A new version of SSN scam
• Identity theft and unemployment benefits
• Scams connected to natural disasters.
• Impersonation email scam
• Phone scam
A new version of SSN scam
Scammers threaten to suspend and canceled your social security. Their strategy is to scare people to act and fall into their trap. Watch out.
Identity theft and unemployment benefit
Watch out. Protect your details against criminals who might use your data to file unemployment benefits. If you receive, 1099G from the state, for which you did not receive it, report fraud to the State’s Agency-labor department.
Scams connected to a natural disaster.
In case of natural disaster, IRS warns/inform. Generous taxpayers about criminal and scammers against charity fraud awareness.
A new IRS impersonation scam
We quote the following: “The IRS does not send emails about your tax refund or sensitive financial information” said IRS Commissioner Chuck Rettig. “This latest scheme is yet another reminder that tax scams are a year-round business for thieves. We urge you to be on guard at all times.”
Phone scam – taxpayer advocate services
Scammers/criminals pretending to be tax advocators to scam, IRS warns taxpayers to watch out.
Impersonation telephone scams
Scammers and criminals tell their victims they owe IRS, they issue a threat to arrest, deport, and suspend their business if they fail to pay now, using wire transfer or Gift card. Taxpayers are advised to be on guard always.
Dr. Samuel Afosah

01/16/2021

THE TAX FILING SEASON FOR 2020 STARTS ON FRIDAY FEBRUARY 12TH, 2021.
According to IRS, the current tax filing season begins Friday, February 12th, 2021.
If you want the quickest refund, the IRS encourages taxpayers to file their returns electronically using the direct deposit method for receiving refunds.
Those of you who qualify for any stimulus payment, kindly review the Recovery Rebate Credit guidelines for support.
If you are claiming EITC and ACTC and file electronically with direct deposit, if you have no issues with your returns, expect your tax refund from the first week of March 2021.
If you have received stimulus payment in advance is taxable free and does not affect your 2021 refunds.
The 2021 tax deadline remains unchanged – April 15th, 2021.
Kindly follow us on social media and the website for updates.