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  • Tax Season is Still On.

    Do you have all your required Tax Filing Documents? * Form W2 * Form 1099 - MISC (If you are a Contractor or Independent Employee) * Form 1099 - G (To show Payment received from Government Agencies, Unemployment Benefits, Alimony, Child Support). * Form 1095 - To show that you are enrolled in a Qualified Health Plan, which will allow you to get your Premium Tax Credit). * Form 1098 - To show Payment Received from Interest (Interest Income). * Profit & Loss Financial Statements (If you are a Business Entity or Corporation) * Property Taxes paid on Principal Properties. * All Receipts of Purchases Made during the 2017 Year. Additional Forms, that you may receive: a) 1099- INT - To Show Payments received on Interest. b) 1099- DIV - To Show Payments received on Dividends. c) 1099- R - To show Pensions and Payouts from Individual Retirements Accounts. d) 1099-B - To show Broker Transactions and Barter Exchanges. e) 1099-S - To show Real Estate Transactions. Businesses may not like sending out Forms 109, but they are required by law to send them out. There are also penalties for failing to issue these Forms. No one wants trouble from the IRS. Generally, Businesses must issue these forms to any Payee (Other than a Corporation), that receives $600 or more during the financial Year. This is the basic threshold. Do you need more clarification on any of these Required Documents? Feel Free to reach out to us and we will educate you more, help you reduce your Tax Liabilities and guarantee your Maximum Tax Refund.

  • IRS Begins Accepting Tax Returns.

    IRS Begins Accepting Tax Returns Today - Monday, January 29th 2018. IRS begins accepting Tax Returns Today, Monday, January 29th 2018. Highlights to Note: Even Though the New US Tax Law is in effect, Changes do not apply to 2017 Tax Returns. Tax Payers can start submitting their Returns to the IRS as From Today. You may be able to file for Free; The Sooner, you start Filing, the Better, as this is a precaution to Tax Fraud. The Deadline for this Year's Tax Filing Returns is Tuesday, April 17th 2018. The Fastest Way to get your Tax Refund is by filing electronically and selecting Direct Deposit as the Method for receiving your Refund. NEW TAX LAWS: The New US Tax Code, which includes the New Tax Brackets and modified Tax Deductions went into effect on January 1st 2018. This means that even though, it doesn't affect the 2017 Tax Returns, Employees will start seeing a difference in their Paychecks by February. Let the Tax Season Begin. Need a Hand with your Tax Returns? Need Help with Organizing your Financial Reports? Need Help with your Accounting Software?We are here to help you. Contact us for more Information.

  • W-2 and Form 1099 Form Tax Report Deadline for 2018.

    As the Year is coming to an end and Tax Season is drawing closer, it is important to remember The Protecting Americans from Tax Hikes (PATH) Act of 2015 that was passed by Congress in 2015, which became effective last year. We had published a Detailed Article - https://www.linkedin.com/pulse/new-w-2-deadline-2017-business-owners-employers-take-note/ With this New Act, Employers and Small Businesses have January 31 Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically). This New Date also applies to certain Forms 1099-MISC reporting Non-Employee Compensation such as Payments to Independent Contractors. As a Result of this, the filing deadline for 2017 W-2s and 1099 forms (including Form 1099-MISC) is January 31, 2018. The deadline for providing W-2 forms to employees and 1099-MISC forms to Independent Contractors for 2017 has not changed. This deadline is still January 31, 2018. Note to Employers: It is important that Employers become adequately prepared to complete the Year-End Tasks. This means: Ensuring that All Independent Contractors fill out a Correct and Updated Form W-9. Verifying Accuracy of Employee Information. Reporting/Submitting Any Year-End Adjustments as soon as possible. Reviewing Year-End Totals for any Discrepancies. Please remember, that Extension of Time to file these Forms is no longer automatic. You can only request for One 30- Day Extension and this extension is NOT AUTOMATIC. You will have to submit a complete application on Form 8809, Application for Extension of Time to File Information Returns. This Form should be completed as soon as you notice that as Extension is necessary, but no later than JANUARY 31. This Extension does not affect extensions of Time to furnish Forms W-2 and Forms 1099 to your Employees and Independent Contractors. There are penalties for Failure to file these Returns or Furnish Correct Statements and these Penalties are not palatable. The Penalty amounts shown below apply for filings due after December 31, 2017: $50/Return – If you file within 30 Days of the Due Date. $100/Return – If you file more than 30 days after the Due Date but by  August 1. $260/Return – If you file after August 1, do not file corrections or do not file Required Forms. The IRS urges Tax Payers to still plan to file their Returns as they normally would do, but prepare to exercise some patience, as we have noticed that these changes have brought some delays in getting Tax Refunds. The Refund Delay is an added way to help the IRS combat Tax Fraud by beefing up its effort to authenticate Tax Payer Filings. At Rosyan Bookkeeping Services, We are committed to helping you with your W-2s, W-3s and 1099 Filings, as well as furnishing you with helpful information regarding your Tax Filings. Let us know how we can help you. The IRS issued technical guidance detailing this information in https://www.irs.gov/pub/irs-pdf/iw2w3.pdf

  • IRS Increases 401K Contribution Limits by $500 from January 1st 2018.

    IRS Increases 401K Contribution limits by $500 from January 1st 2018 The IRS had announced sometime in October, that effective from January 1 2018, the contribution limit for Employees who participate in 401(k), 403(b), most 457 plans and the Federal Government’s Thrift Savings Plan will be increased from $18,000 to $18,500. This is surely a Big Deal. As we all know, this extra $500 can help us more than we may think and it could also mean up to $70,000 more in your retirement account, assuming you decide a retirement age of 67 for yourself and at a 6 percent annual rate of return. This is also important to know, as we have only few weeks to the end of the Year and most of us have less than 3 Payroll Cycles to the end of 2017. We need to ensure that we are working towards reaching the limit of $18,000 for this Year and if you are over 50, try to ensure that your Payroll Company implements your catch-up contribution limit of $6,000. It’s been discovered that most time, they don’t implement it, unless you inform them. If you have not been contributing the maximum amount to your 401(k), this IRS Announcement is a useful reminder to push your contribution rate higher.  Even if you’re not saving that much, increasing your savings rate by a percentage point or two every year, and anytime you get a pay raise will make a Big Difference to you in Retirement. In addition to this announcement, the income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Accounts (IRAs), to contribute to Roth IRAs and to claim the saver’s credit is also increased for 2018. Taxpayers can deduct contributions to a traditional IRA, if they meet certain conditions. If during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. If neither the taxpayer nor their spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply. For single taxpayers covered by a workplace retirement plan, the phase-out range is $63,000 to $73,000, up from $62,000 to $72,000. For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $101,000 to $121,000, up from $99,000 to $119,000. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $189,000 and $199,000, up from $186,000 and $196,000. For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000. The limit on annual contributions to an IRA remains unchanged at $5,500. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost- of – living adjustment and remains $1,000. The catch-up contribution limit for employees aged 50 and over who participate in 401K, 403(b), most 457 plans and the federal government’s Thrift Savings Plan remains unchanged at $6,000. Please Note that If you don’t have a 401(k), there are other ways to put your money to work. Consider alternate retirement savings accounts, such as Roth IRA , Traditional IRA and/or Health Savings Account. The IRS issued technical guidance detailing these items in Notice 2017-64

  • Turning your Passion into Business.

    We grow up in life, structured to believe that, after we go through the school system, we graduate to work for Organizations. We often fail to realize that, we can use our knowledge and experience to start up our own Businesses, especially when most companies rarely allow their employees to become Business Owners. As individuals, we need to harness our passion and recreate the relentless entrepreneurial spirit in us, to launch us to where we are meant to be. Everyone is born with a gift; each of us has a passion and something that we are all excited about. The idea is to turn this passion into an entrepreneurial opportunity, where you can turn your passion into a money making machine. Everyone has an innate entrepreneurial ability; it's how we harness this ability that determines how we make progress in life. The basic reason, why most of us fail to harness our entrepreneurial ability is because we feel safe in our jobs. We have become comfortable with our safe salary increases that will never get us where we need to be.  Do you know that you can use your free time, imagination and your creative skills to deliver value that nobody has ever delivered in the history of Mankind? You need to step out of the prison imposed on you from the Organization; you work for and create an abundant life for yourself. Abundance only comes when you are moving along your passion. Below are some of the Skills needed to develop the entrepreneurial ability in you: 1) The Ability to have ideas. 2) The Ability to execute on the ideas. 3) The Ability to sell the Ideas. 4) The Persistence to keep learning as you fail. 5) The Ability to move onto the next Adventure. I always advise recent college graduates entering the exciting world of professional services to consider themselves entrepreneurs on day 1.  You have to identify your passion and the specific area that you want to develop yourself in life; find other People within this field and learn from their expertise. Networking is also very crucial as well as connecting with others. Although they may not realize it now, the professional service industry is one of the few that allow employees to eventually become business owners. Even if they have no intention of becoming a partner or starting their own firm, it is important for young professionals to distinguish themselves by creating a personal brand and an entrepreneurial spirit within their profession. Below are some steps to Turning your Passion into Entrepreneurial Opportunities: Find Your Niche Like most entrepreneurs, you need to find your niche - a specific area that you are passionate about. This could be anything from Handmade Jewelry, Accounting, wealth management services, or even insurance sales. Finding the right niche is the first step to building any entrepreneurial endeavor. After realizing what area of your profession interests you, it is important to find others within it and learn from their expertise. Networking is crucial and connecting with others is a sure fire way to broaden your horizons. At the initial year of my Accounting and Bookkeeping Business, I had a mentor that coached me, taught me the nits and grits of the Business and molded my path in this Business line, and I give credit to him for this direction. I must say, that all that I learnt from him, is what has helped to mold me into what I have become today. Develop Your Skills and Knowledge For you to turn your passion into an entrepreneurial opportunity, you need to immerse yourself within everything that pertains to it, attend seminars, talk to future competitors and analyze barriers to entry. If you want to develop your skills you will need to train others, as this will eventually help to develop and strengthen your knowledge and perfect your skills. Build Your Brand Personal branding is a must for turning your passion to entrepreneurial opportunities, especially in an age when professional service is becoming a much needed commodity. In order to leverage in your industry, you need to set yourself apart by leveraging your personal brand. The first step to building a personal brand is considering yourself and your "turned passion" as a product. You need to ask yourself many questions before building your personal brand:  What is your value proposition? Why should people buy your product?  What can you bring to the Table? Who are you trying to target? Don’t Wait For Opportunity: Create It Once you determine your personal brand, you have to go out and create your opportunity. The biggest stumbling block to launching your own Enterprise is waiting for opportunities instead of creating them. Allowing others to dictate your success in any specific profession is a sure fire way to guarantee disappointment. If you keep sitting and waiting for someone to hand you a promotion or give you that well deserved pay raise at your job; it is akin to doing the same thing over and over again and expecting different results – its insanity. Summary In conclusion, to make it ahead in a competitive world of services, we need to distinguish ourselves among our cohorts. Be an entrepreneur at work, Take Control of who you report to, what you do and what you create.  Deliver some value - any value - to somebody, anybody and watch your value compound into a career - Your Desires Entrepreneurial Opportunity. Following the simple steps above can make all the difference and create a huge impact your life. So, what are you waiting for? Go ahead and Turn your Passion into a Business and watch your Business Grow.

  • Intuit Firm of the Future Road Show( Baltimore).

    It was Great Meeting with Heather Satterley, Certified QuickBooks Pro Advisor, Trainer & Educator and a 2016 Top 100 Pro Advisor. Training was really Insightful and Engaging.

  • Get Paid What You're Worth.

    Wow, The Busy Tax Season is over; we're back to Normal Business Activities. I would like to share with you, how you can always be in Demand and get paid what you're worth. I visited an Eyebrow Threading Specialist recently and was amazed at how she attended to her Clients and the artistic way, she used the popular Thread, that we're all used to shape her Clients' Eyebrows. This was so amazing to me and it was funny, that as simple as it looked, she was making "Big Bucks" from this Trade, with all the Clients waiting to have their Eyebrow shaped and to think, that was all she did for a living was even more thrilling. This led me to one Conclusion - "To Get paid what you're worth, You have to Become a Master at One Thing". Seriously, Take the Best Skill that you have today - Whatever it is - And Become a Master at it. Don't worry about how little or insignificant, you think it is. Study It. Practice It. Perfect It. Perform It. There's No Excuse- Anyone can master One Thing, if they put their mind to it; Our Brain has been programmed this way. When you do, you will be surprised at how soon you'll earn a Reputation for that Skill. It may be as Simple as the Art of Eyebrow Threading or being an expert in Numbers (Like Yours Truly). Above All, When you master that One Skill, People will take you seriously and you will become more valuable to your Business, Clients, Employers, Customers and your Boss. And Guess What- When you become more valuable, I guarantee you - YOU WILL NEVER HAVE A PROBLEM WITH COMMANDING YOUR WORTH AGAIN. I challenge you today, to put into practice everything that I have stated above and watch your Earning Power Grow. At Rosyan Bookkeeping & Accounting Services, We know Our Worth and Our Clients Value us. We know our Specialization and we are Proud to flaunt it. Give Us a Call Today and you'll be Glad you did.

  • Tax Credits & Tax Deductions.

    We have only Few Days left to the end of Tax Season; Many of Our Clients ask if a Tax Credit is better than a Deduction. Just to enlighten us, A Tax Credit is a Dollar -For-Dollar Reduction of the Taxes you owe; For instance, A $100 Credit means you pay $100 less in Taxes. A Deduction reduces the Taxes, you owe by a Percent of every Dollar, you're allowed to deduct. You Calculate the worth of your Deduction by multiplying your marginal (Or Top) Tax Rate by the amount of the deduction. If you're in the 25% Tax Bracket, a $100 Deduction means you will pay $25 less in Taxes (0.25 times $100). Need More Clarification on Getting the Best of your Tax Deduction and Credits? Contact Us Today and We will be Glad to help you out.

  • Tax Season Still On................Time Running Out

    Tax Season is still On........ We have few more days to go; If you are a Calendar Year Partnership or an LLC with more than one member, you must file a Partnership Return, Form 1065 as soon as possible, the Due Date is March 15th 2017. This same Deadline applies to Calendar Year S Corporations ( Where Shareholders are taxed for Profits), you must file your Form 1120S by March 15th 2017. These Forms were previously due on the same date as the Owner's Form 1040, but from this Year 2017, the Date was marked up. However For C Corporations (This is where Shareholders are taxed separately from the Business-; Subject to Double Taxation); Your 2016 Form 1120 is not due until April 18th 2017. If you are not ready to file yet and know that you cannot meet the Due Date. You will have to file for an extension as soon as possible. But Remember you will have 6 months, up till September 15th 2017 to file the 2016 Returns. You would not want to pay heavy Penalties for not doing this. However For Individuals and Sole Proprietors, Your Form 1040 is not due until April 18th 2017. You have to act fast and ensure that your Accounting Records and Books are updated,so that you will not miss any Tax Deduction. Have a Stress Free Tax Season.

  • Unclaimed Business Expenses.

    It's unbelievable to hear that People forget to claim the expenses incurred on their Credit Card during their Tax Filing; We have noticed that many Business Owners neglect to include their Credit Card Activities, which qualify for Business Deductions. This is due to Ignorance and lack of knowledge in knowing how to input this in their Accounting Software.

  • Filing Season Starts Monday, January 23rd 2017.

    The IRS will begin accepting 2016 Returns and processing Paper Ones on January 23,2017. The Closer you are to the front of the line, the safer your refund will be. So What Do you Need to Do? *Start collecting your Tax information- Your W-2s, Mortgage Interest Statements and 1099s as soon as it begins arriving in the Mail. * Pull Together Receipts and Other Information on your itemized deductions as soon as possible. * Once you have everything you need, Schedule Time with your Accountant, Bookkeeper, Enrolled Agent or Tax Preparer. Need Extra Incentive? Not Only will filing as soon as possible protect you from fraud, but you will also get your money back quickly. With the New IRS W-2 Filing Rule, Tax Payers claiming certain Tax Credits are expected to wait longer for their refunds. Remember: Tax Returns are Due April 18th of this Year. Let the Tax Season Begin and Enjoy a Good Tax Filing Season.

  • Lowering Your Tax Bill For 2017 ( Day 4)

    YES, 2017 is just Few Hours away......The Clock is Ticking. We can still chip in One more Challenge to lower Our Tax Bill before the Year Ends. And this is...... Further Your Education Do you know that if you take a Course to advance your Career or build your Business, It can be used as a Tax Deduction? If you are enrolled or taking classes at an eligible educational institution, you might qualify for the Lifetime Learning Credit(LLC). More so, If you or your Child is already in college or a Trade School, You can get up to $2,500 per student for the Year. So make sure you have paid college expenses before the end of the year to qualify for 2016. You should be able to claim the credit again next year, if the individual is still a student. In fact, you can claim the credit on up to three students a year, for a total of $7,500 in credits. Also, If you are done with College and paying Student Loan interest, you can deduct some or all of it, so make sure you are up to date paying off your loans. Either Parents or Students can claim this deduction, depending on the Payments.With this Advice, This is a Great time to enroll in a College or Trade School, so that you can still claim this in subsequent Tax Returns. Here is wishing you a Happy, Healthy, Prosperous and Tax- Savvy New Year.

                   ROSYAN BOOKKEEPING SERVICES

5620 SAINT BARNABAS ROAD, SUITE 318, OXON HILL, MD 20745

           PHONE NUMEBR : 202-422-4586 ; 301-485-8109

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