• How the Sharing Economy affects your Taxes

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    June 11, 2019
    How the Sharing Economy affects your Taxes
    If you've ever used--or provided services for--Uber, Lyft, Airbnb, or Etsy, then you're a member of the sharing economy and it could affect your taxes.








     

    Featured Articles for June 2019

     
    Filing an Amended Tax Return: What you need to Know
    Have you filed your federal tax return and then discovered a mistake? You might need to file an amended tax return. Then again, you might not.

    How the Sharing Economy affects your Taxes
    If you've ever used--or provided services for--Uber, Lyft, Airbnb, or Etsy, then you're a member of the sharing economy and it could affect your taxes.

    Choosing a Legal Entity for your Business
    Choosing a legal entity is one of the most important decisions you'll ever make as a small business owner. Here's what you need to know.

    Tax Tips

    Recordkeeping Tips for Small Business Owners
    Employers: Backup Withholding Lowered to 24 Percent
    Tax Tips for Students with a Summer Job

     

    QuickBooks Tips

    How you can help QuickBooks Protect Your Data
     

    Tax Due Dates

    June 10

    Employees who work for tips - If you received $20 or more in tips during May, report them to your employer. You can use Form 4070.
     

    June 17

    Individuals - If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. U.S. citizens living in the U.S. should have paid their taxes on April 15. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then file Form 1040 by October 15. However, if you are a participant in a combat zone, you may be able to further extend the filing deadline.
    Individuals - Make a payment of your 2019 estimated tax if you are not paying your income tax for the year through withholding (or will not pay enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2019.
    Corporations - Deposit the second installment of estimated income tax for 2019. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
    Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May.
    Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May.

    Please call us at 978-537-0716 if you have any questions.
    Dube & Hazelwood, P.C.
    19 Water Street
    Leominster, MA 01453

    www.dh-cpas.com 
    978-537-0716
     
    Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
     
     

     
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