It’s hard to believe we’re already half way through November and that Thanksgiving is next week!
We want to convey our continued gratitude for the opportunity to offer clear direction and steady support to your unique business. We appreciate you, and it is our most sincere hope that you feel confident with your finances as 2022 comes to a close.
Shout out…
Want to support a great cause and serve a fantastic pie for your Thanksgiving gathering?
Order a pie (or two) from Loving Libbie’s pop-up shop. Loving Libbie Memorial Foundation provides Central Texas children with comfort foods while they undergo treatment for cancer and other life-threatening illnesses. The sale of these pies goes directly to fund the Loving Libbie Comfort Through Food program. You can read more about it here.
Important Tax Preparation News…
Requesting IRS Form W-9s is an important part of the contractor/vendor relationship. Ideally, these are collected before any payments are made. We have a brief explanation of W-9s and why they’re important here.
Preparation of 1099 forms will be a top priority when starting out the new year. If you have questions about the various 1099 forms, this article from Intuit’s TurboTax blog that offers an excellent overview.
We mentioned this in our last newsletter, but feel it’s worth repeating.
There are updated requirements for IRS Form 1099-K. The minimum reporting thresholds have decreased to $600 for the tax year 2022. Small business owners and the self-employed who accept credit cards and electronic payments are more likely to receive a 1099-K from payment processing companies. Here is an article with important details about Form 1099-K.
And ICYMI…
We shared this on our Facebook Page, but in case you missed it…
Effective July 1st the IRS increased the standard mileage rate to 62.5 cents per mile for the rest of 2022. You can read the details here.
Holiday Preparation…
With the holidays just around the corner, many small businesses are looking for new ideas for holiday gatherings. For some suggestions on how to switch things up and keep the festivities within budget this year, check this out!
The holidays can be full of joy and excitement, but they can also lead to high expectations and stress. Some ideas to implement self-care and manage stress during the holiday season can be found here.
Our team is here to help you wrap up 2022.
Please reach out to your DMR team member if you have any questions about the above-mentioned articles or tax forms. We want you to have financial peace of mind by ensuring that you have everything organized for year-end.
Click here if you need to schedule a meeting with Deidra. Her calendar is pretty full, but that’s because so many of you have already scheduled with her!! Yay!
Reminder – The DMR Team offices will be closed Thursday and Friday, November 24th & 25th, as well as from Saturday, December 24th through Monday, January 2nd.
We wish you, your family, and friends a happy and healthy holiday season!
Thank you, again, for choosing DMR Accounting & Consulting and Happy Thanksgiving!
