This Podcast Is Episode Number 0249, And It Will Be About Contractor Are You Ready For A Very Happy New Year? The year has almost come to an end. Just a handful of things left to do. The term “Burning The Midnight Oil” comes to mind. Some things need to be done and date stamped on or before December 31 of each year or it does not count for the current year. Payroll – Did you take any personal payroll (S-Corp) If not, it may impact your personal deductions.  IRA – 401K Making those final payments before midnight on December 31. (Do not wait until 11:59 PM) Some plans allow you to make payments until April 15th (double check the dates– do not assume)  End of the year income - Getting one last customer invoice out and receiving the payment      Last minute purchases to count on 2017 taxes (expenses or larger item which qualifies for depreciation) January 1 – is the time that the reset button on company financials, payroll tax threshold, expenses, and income start over at Zero. Do you have deductibles that reset or annual caps?       Tax Accountants will be demand explaining how the new changes will impact of and every one of us.   Many changes are coming at the Federal level with the new tax plan passes. Reading the highlights of the new tax plan, we can expect the IRS to be busy in the next few weeks rolling out the new tax rates and how it is applied to the Federal Withholding on your paychecks. Within the pages of the various tax codes that might cause changes in the 2017 tax software. Congress picks whether any tax increase or decrease impacts yesterday, today or tomorrow. Tax accountants keep on top of changes.     Do not expect to be able to file your annual taxes on January 1, 2018.    IRS Statement on 2018 Filing Season Start Date. The IRS has released a statement regarding the first official day to file taxes in 2018. “The IRS Statement on 2018 Filing Season Start Date is basically that there is still no official date. Due to all of the current legislature going on regarding tax laws, there is no official start date for 2017 Tax Season.” Most common State changes are tied to minimum wage rates and employee benefits (example PTO, Sick Pay, Vacation Pay, other employee benefits). Individual cities can be different than the rest of the state (Seattle). Recommend using a 3rd Party Payroll Service with an HR Component to keep in compliance.      Hint For a Pre-New Year’s Day Activity  This is one of the Not So Fun aspects of running a business. You Are The Boss! Buck Stops Here! In addition to doing all the Fun Stuff (meeting your clients). Employees in general (maybe not yours) will start asking for their W2 on January 1st (or before) thinking that they can immediately file.  Some employees might be planning to use a service to file their tax return and receive a “tax refund loan” so they will have their money instantly. To avoid hearing employees ask over and over – it will be less time consuming to send out the W-2 forms sooner rather than later.      Create W-2 and Pass Them Out As Soon As Possible – Remember To Keep A Copy W-2’s and 1099’s have a deadline of January 31st to be mailed out to your employees and 1099 contractors. Be proactive and send out W-9’s now; thereby asking for Federal Tax ID or Social Security Number now. IRS Form W-9 https://www.irs.gov/pub/irs-pdf/fw9.pdf. Check the IRS site for 2018 W4.  Some employees will move and forget to notify you of their new address change until after they have made the appointment to see their Tax Accountant and discovered their W-2 has not arrived.   Think About Your Company Tax Filing Status I recommend changing from a Sole Prop to an S-Corp. Setting up an S-Corp is done with the Secretary of State in your state. Note, a few states only accept forms from a third party...