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How Did You Do This Tax Season?

March 28, 2017 / by Jane Lvovskiy

Jane-Lvovskiy-2-for-web.pngTime for an honest look at how you did this year in getting your tax paperwork to your CPA on time and in an organized fashion. Take the quiz below to see how you scored and how you can improve. The answers (and your grade) are at the end.

 

 

1. What was the federal deadline for 1099 forms?

  1. Filed by April 15
  2. Filed by December 31
  3. Filed by January 31
  4. What's a 1099 form?

2. What did you do with the sales tax you collected?

  1. Recorded those funds separate from revenue
  2. Treated those funds as additional revenue
  3. Treated those funds as tax-free revenue
  4.  I was supposed to collect sales tax?

3. When you traveled for business, what percentage of the cost of your meals did you deduct?

  1. 0%
  2. 50%
  3. 100%
  4. 150%

4. What about the coffee and donuts you supplied at meetings in your office?

  1. 0%
  2. 50%
  3. 100%
  4. 150%

5. If you keep an office in your house, are you required to separate your business records from your personal records?

  1. Yes
  2. No
  3. Not always
  4. Doesn't matter — I can't find either set in this mess

6. Did you keep a log of the mileage you claimed?

  1. Yes
  2. No
  3. Sort of — I created a log from memory using online distance calculators
  4. Why would I do that?

7. If your spouse works at your business, can you set him or her up with a Medical Expense Reimbursement Plan (MERP)?

  1. No
  2. Yes
  3. Only if he/she works full-time
  4. My spouse works for me? Seriously?

 

ANSWERS
1. C
2. A
3. B
4. C
5. A
6. A
7. B

YOUR GRADE
7: Are you moonlighting as a CPA?
5-6: Not bad, but you may still want to consider outside help
2-4: Could be better — an outsourced bookkeeper will help you stay organized
0-1: Uh, oh — audit ahead! Save your sanity (and perhaps your business) by hiring a bookkeeping expert

A wrong answer on our quiz is harmless. But even one mistake on your tax return can cost you and your business in a big way. Get the help you need next year by turning to the professionals at Supporting Strategies today.

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Topics: Bookkeeping Services, Brooklyn - Staten Island

Jane Lvovskiy

Written by Jane Lvovskiy