Diversified Small Business Services

[Online Estate Planning Workshop] Thursday, January 11th at 6:30 PM A complimentary online workshop designed to help families create an estate planning strategy for their unique goals and needs.

From your neighborhood bookkeeper/tax professional...
Happy New Year!
Non-profits (especially small, community organizations), make sure your paperwork is in order. I'm working with several organizations who are great at 'doing the work' but the management is off. Non-compliance with the state and lost federal exemptions due to non-filing of required documents.
If you say you are a non-profit organization, make sure you really are.

Welcome - Diversified Small Business Services in Memphis, TN Diversified Small Business Services in Memphis, TN offers virtual bookkeeping, notary, payroll, and tax preparation and filing services. Inquire now!

December 22, 2023 - January 3, 2024

It's Tax Time and also Scam time. Be aware of phone calls and emails from people saying they are the IRS. This agency does not refer to themselves as the IRS, they say Internal Revenue Service. You will get letters from them with clarifying info like Letter ID, your social security number, agent's info, tax year, date mailed.
When in doubt, call them but make sure you have about an hour or two to be in hold.

It's TAX time.
Prepare yourselves accordingly. Have your tax documents ready for your preparer. Some important terms to know:
* Tax documents - W2s, 1099s, financial statements (if self-employed)
* Refund - money you get back because you overpaid taxes
* Balance due - you OWE the IRS
* Return - the document sent to the IRS i.e. 1040
* Return Prepared - info entered on the return but doesn't mean sent to the IRS
* Filed - your return has been sent to the IRS

From your neighborhood bookkeeper/tax professional...
Digital payments: I've been asked this question several times about receiving CashApp payments. According to irs.gov, for taxpayers who own a business or have a side gig and get paid through Third Party Settlement Organizations (digital applications), earnings over $600 will be reported to the IRS effective Jan. 1, 2022. TPSOs (Third party settlement organizations) i.e. CashApp, Venmo, etc., are required to report payments for goods and services. The law is not intended to track personal transactions such as sharing the cost of a car ride or meal, birthday or holiday gifts, or paying a family member for a household bill. For more details, visit www.irs.gov.

I encourage people who use these apps to always put a memo on the payment so your transactions are distinguished from business and personal.

Internal Revenue Service | An official website of the United States government Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.