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Mortgage Debt Relief Act of 2007 is Coming to a Close, Taxes Loom

October 10, 2011
Shauna Wekherlien
Economy, Taxes

Are you ready to be taxed on your debt relief? Did you know that the debt relief could bump you into the highest tax bracket beginning 1/1/13? A lot of people who are currently in trouble have no idea that…

download transactions / input by hand as needed
categorize the transactions
reconcile & balance the accounts (bank, credit cards, loans)
input all payroll information
reconcile payroll accounts, payments, withheld taxes, etc.
review client monthly correspondence for outstanding items / other questions
review client draw account for business expenses
review business expenses for client draws
allocate meals properly between deductible / non-deductible portions
allocate all items to “classes” if function use in the files
allocate all items to various states if multi-state entity
split other tax specific items (depreciation, amortization, interest, accruals, etc.)
compare to previous month in last year for issues
compare to previous month in current year for issues
review for tax changes needed (raise wages, decrease wages)
review for new asset purchases & properly classify
prepare internal workpapers for audit backup if ever necessary
prepare sales tax & file (if applicable)
review need for 1099’s / w-9’s from contractors – request from client
review against overall tax projections (if applicable) to ensure we are “on track”
Analyze any “over arching” issues (audit flags, etc)
review by senior bookkeeper
review by CPA
send final “all OK” or “need changes” email to client.

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Mortgage Debt Relief Act of 2007 is Coming to a Close, Taxes Loom

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Copyright ©

2024

Tax Goddess Business Service, P.C.

-All rights reserved