Reding Bookkeeping

We would like to thank our customers and followers for your past loyalty. We are excited to announce that as of November 1, 2022 we have merged our practice into Woltman Group.

As a bookkeeper we spend a lot of time chasing W-9s to prepare 1099s. I found this article quite interesting and hope that those individuals that have excuses why they do not need to supply a W-9 get an understanding of why it is so vital and what the cost to them could be.

This IRS Tax Form Can Cost You 24% If you want to be paid, refusing to hand over a Form W-9 can be a mistake. If a payor fails to collect your W-9, they may withhold taxes, even if you are not an employee. This “backup withholding” at 24% is the usual consequence of refusing to hand over a W-9 and is a nightmare on your taxes.

Are you a believer in when you feel drawn or pulled towards something that it is something you are meant to follow?

🤹‍♀️ Totally me

🤷‍♂️ Haven't thought about it

🕵️‍♂️ I logically evaluate those items

Does handling the worst make us better, I tend to agree, but what are your thoughts?

👍Absolutely

🤦‍♂️Not at all

✌️I just take things as they come

Do you find that my continuing to move you are able to better stay balanced?

🤐Not me

🙋‍♀️Definately

😒Not sure

This quote resonated with me - instead of worrying, just focus on making your days great.

Do you question opportunities that come your way or jump right on them?

Someone stated this in a webinar the other day and it really struck me. If we spend our time fighting to keep things that hold up back, how do we progress and grow?

One of the areas that business owners struggle with his how much to pay themselves. We have used the RC Reports system for years to help our business owners be able to establish a reasonable compensation, rather than just pulling a number from thin air. It appears that the IRS is going to start reviewing these numbers.

IRS TECH TARGETS S CORP OFFICER COMPENSATION - the article can be found at https://rcreports.com/resources/reasonable-compensation-blog/irs-tech-targets-s-corp-officer-compensation/.

IRS Tech Targets S Corp Officer Compensation By Paul S. Hamann & Jack Salewski, CPA, CGMA The IRS is deploying technology and big data to combat compensation under-reporting. What does this likely mean for you and your S Corps? That Reasonable Compensation challenges will likely occur outside the traditional exam process. A challenge may come....

Do you feel like you need other's permission to move forward with your plans or do you feel like it isn't up to others?

Does happiness seem like it sneaks up on you?

This is something I think I struggle with. I get so busy working, I sometimes lose site of which is the right thing to work on at the moment.