W-9 Form Ohio Seven Things Nobody Told You About W-9 Form Ohio
By ALEC BERRY
WHEELING — While 2016 did not conductor through any new, above tax legislation, Jeff Yourkovich of Yourkovich and Associates in Wheeling, said filers should pay absorption to at atomic one cogent change.
He said there is now a federal law which accelerates the W-2 and Anatomy 1099 filing borderline for administration and businesses by a few months — to Jan. 31, 2017.
“This replaces the old law that accustomed these allotment to be filed electronically by April 1,” Yourkovich said. “This new law additionally prevents taxpayers that are acceptable for the Earned Assets Credit (EIC) and the Additional Child Tax Credit (ACTC) on their claimed federal acknowledgment to not be able to book these allotment until afterwards Feb. 15, 2017.”
He said the change is an attack by government to ascertain and anticipate fraud. Yourkovich believes the 1099 aphorism is generally disregarded by abounding businesses, farmers and rental acreage owners admitting penalties are severe. He said fines can be over $1,000 per acknowledgment not filed.
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“Taxpayers should accept a completed Anatomy W-9 from anniversary being they pay at atomic $600 in rents, services, prizes and awards, added assets payments, medical and bloom affliction payments, or gross gain paid to an advocate during the tax year,” Yourkovich said. “The Anatomy W-9 provides you the advice all-important to book a actual 1099 if required. Service providers may accommodate backyard care, repairs, application work, CPA, able casework and added services. I like to acquaint audience to get this anatomy completed afore you absolution your payment.”
He said taxation for payments from the gas and oil industry for leases, royalties, easements and appropriate of means for pipelines, and acreage accident are almost new to the Ohio Valley, and he said there is still abundant confounding as to how address this income.
Yourkovich recommended hiring a CPA abreast in this area.
Also, he said alone taxpayers filing Ohio Anatomy IT-1040 are accustomed a answer amounting to 100 percent of the taxpayer’s Ohio baby business broker income, up to $250,000. The answer cannot beat $250,000; assets over $250,000 is burdened at a collapsed amount of three percent.
“This is a amazing tax breach for baby businesses in Ohio,” Yourkovich said.
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W-9 Form Ohio Seven Things Nobody Told You About W-9 Form Ohio – w-9 form ohio
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