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3 weeks ago

What Not to Report As Wages on Schedule C, Line 26

The purpose of this article is to help you understand the purpose of Schedule C, Line 26, Wages. Whether or not you have employees, if you are a Sole Proprietor, it is critical that you properly deduct expenses related to compensation.

The purpose of Schedule C, Line 26 is to deduct employee compensation. The IRS has labeled this line "Wages", but employee compensation includes not only wages paid to hourly employees, but also salaries, commissions and bonuses paid to employees. The key here is this: whatever you pay your employees should be reported on this line.

With that in mind, let's discuss what should not be reported on Line 26. First, never report payments to yourself, the Sole Proprietor. The owner of a Sole Proprietorship is never considered to be an employee of the business. Any payments you make to yourself out of the business (sometimes called "draw") are considered a withdrawal of profit, not employee compensation.

The other big mistake is to report independent contractor payments on Line 26. If you have people that provide services to your business as independent contractors, report those payments on Schedule C, Line 11, Contract labor. And if these people are truly independent contractors, there should be a written contract between the two of you. Furthermore, if you pay a contractor $600 or more in a calendar year, you are required to issue him/her a Form 1099-MISC to report the total annual amount of non-employee compensation.

One final comment: if you report any employee compensation on Line 26, you must file several employee-related payroll tax returns on a regular basis. The most common federal payroll tax forms include Form 941 (quarterly), Form 940 (annually) and Forms W-2 and W-3 (annually). You may also be required to file payroll tax returns at the state level for state unemployment tax and worker's compensation insurance, so be sure to check with your state for details on that.

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3 weeks ago

GlobelMoney Offers a New, Revolutionary Way to Transfer Money, Surpassing the Competition and Creating a New Reality in the Field

ATHENS, Greece--(BUSINESS WIRE)--GlobelMoney

offers the most diverse and easy way to transfer money throughout the

world, and is known for its efficiency and broad coverage across the

globe. It is the new player in the field, who came Wayne Lippman Accountant to change the

traditional way in which money is handled, presenting a new, innovative

and safe way to transfer money with an approach that has never been done


Existing companies in the banking industry welcomed this approach as

innovative and fresh, something that sets the pace as it sets aside the

old "players" of money transfer. This is what made GlobelMoney evolve

quickly and be among the best in the industry.

GlobelMoney gives the solution to the problem of the Greek economy,

which has been afflicted by capital controls, giving liquidity in a safe

environment, where you can make deposits, withdrawals and a multitude of

transactions in a few seconds.

Forget the older time-consuming and complex money transfer methods.

GlobelMoney gives a solution to liquidity problems you may be

encountering, while offering the lowest charges for currency exchange

conversions and the lowest commissions in sending money worldwide.

GlobelMoney also introduces the fourth generation of money transfers,

which includes money transfer through the Internet. This will bypass the

old, slow ways used to send money and payments at a national and global

level, and introduces an unparalleled ease in payments, as if you are

texting on your mobile phone. This will not only increase the speed of

payment, but will also achieve efficiency during the transfer.

The CEO of GlobelMoney,

Mr. Waqas Ilyas, shared his thoughts about the big changes coming in the

field of payment with us. "There are now more people talking about

payments, dealing with payments, giving money for payments, investing in

the field, so I think it was an incredible year for the field. I believe

that 2015 was the year for many people to increase their money.

Companies in the industry of capital, especially payments, amassed

massive capital. If 2015 was related to amassing capital, 2016 has to do

with the movement of this capital."

The original source-language text of this announcement is the official,

authoritative version. Translations are provided as an accommodation

only, and should be cross-referenced with the source-language text,

which is the only version of the text intended to have legal effect.

3 weeks ago

Money News And Tips On Budgeting, Taxes, Saving, Investing, Financial Planning and Spending

Money News And Tips On Budgeting, Taxes, Saving, Investing, Financial Planning and Spending


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don't miss huffpost Wayne Lippman Email bloggers







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3 months ago

The Function Of Financial Institutions

Financial institutions are cornerstones in the financial market. They provide five fundamental services that are needed to create efficiency within the market. The services are denomination divisibility which means producing financial claims of varying dollar amounts, currency transformation which is buying financial claims denominated in one currency and selling financial claims denominated in another, maturity flexibility which is creating financial claims with a wide range of maturities.

Credit risk diversification which is diversifying risk more efficiently than individual lenders might be able to on their own and liquidity which is buying direct financial claims with low liquidity and issuing indirect financial claims with more liquidity. When all of these services are in full swing then the conditions for the best forex trading can take place. The money markets are a collection of markets in which commercial banks and businesses adjust their liquidity positions by borrowing or lending for shorter periods of time.

The Federal Reserve System conducts monetary policy in the money markets and the US Treasury uses the market to finance the day-to-day operations of the federal government. The most important money market security our treasury bills, negotiable certificates of deposit and commercial paper. The capital markets are where business firms obtain funding for long-term investments such as forex trading tips are where consumers finance purchases of long-term assets. Capital markets securities are long-term and typically involve more risk than money market securities. The most important capital markets securities are corporate stock, treasury bonds and residential mortgages.

financial institutions are profit maximizing businesses that earn profits by acquiring funds at interest rates lower than they earn on the assets. the nature and characteristics of the financial claims they hold expose them to a variety of risks. The major risks that financial institutions face our credit was, interest rate risk, liquidity risk, foreign exchange risk and political risk. As a trader it would be wise to learn as well.

3 months ago

Tax Deductions (business Tax Deduction Tips)

Real estate depreciation offers substantial opportunity for increasing tax deductions. Most depreciation schedules are established by simply separating land and long-life improvements. This simple approach is lawful but sharply understates lawful depreciation. About 20-40% of improvements for most properties are short-life items. Short life items can be depreciated over 5, 7, or 15 years. There are about 130 short-life items that have been determined by legislation, tax court decisions and IRS rulings.

Real estate depreciation can typically be increased by 50-100% for the first 5-7 years of ownership by obtaining a cost segregation study. A cost segregation study precisely values up

5 months ago

Big Money - CNNMoney


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: 2016 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2016. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poors Financial Services LLC and Dow Jones is a registered wayne lippman brooklyn trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2016 and/or its affiliates.

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8 months ago

Donald Trump Threatens To Take His Money Out Of The U.K.

Donald Trump says that if the United Kingdom doesn't want him there, he's going to keep his money at home.

A petition last month called on the British government to deny entry to the GOP frontrunner, saying he was engaging in hate Wayne Lippman speech with his pledge to stop Muslims from entering the United States.

Because the petition passed 100,000 signatures -- it currently has more than 570,000 -- it will be debated in the House of Commons on Jan. 18.

The Trump Organization responded on Wednesday, saying that if the real estate mogul is denied entry, he will cancel $1 billion in planned investments in two golf courses he owns in Scotland, according to the BBC.

Blocking Trump from the country"would force The Trump Organization to immediately end these and all future investments we are currently contemplating in the United Kingdom,"George Wayne Lippman Sorial, executive vice president and counsel for the Trump Organization, said in a statement to Fox News.

Any vote taken after the petition debate would not be binding,the BBC reported.Ultimately, the decision to grant or deny Trump entry if and when he visits the U.K.would be up to Home Secretary Theresa May.

A ban for hate speech would not be unprecedented:Rapper Tyler the Creator, anti-Islam activist Pamela Geller and radio host Michael Savage have all been denied entry into the United Kingdom.

Prime Minister David Cameron has said that while Trump's proposal to ban Muslims is "divisive, stupid and wrong," he doesn't support banning him from the country.

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8 months ago

Mitt Romney Rumored To Get Republican Nomination At National Convention

Mitt Romney Rumored To Get Republican Nomination At National Convention

Mitt Romney may not be done with his presidential aspirations after all.

That's at least if you are to believe a new blog post -- adapted from a new book by author McKay Coppins, a senior writer for BuzzFeed's political team.

Coppins, who writes both, lays out the case for how Mitt Romney could swoop in and take the GOP nomination out from under Donald Trump or whomever the frontrunner is when the time comes.

(But mainly Donald Trump.)

Apparently, Coppins thinks, the party brass are so concerned over Trump's dominance that they are planning for the possibility of a brokered convention.<

9 months ago

Get a bigger IRS tax refund in 2016 with these deductions

Frequently missed tax deductions

Tax payers rush to get taxes done at the beginning of each year, but most of them miss deductions that can greatly increase their tax refund. We are going to uncover them for you right now.

Moving related costs. Did you relocate in the last twelve months? In that case, you might be qualified to deduct moving costs. By far the major benefit of this deduction is that it is possible to take it even though you dont make a Lippman & Associates list of your deductions and directly decrease your taxable earnings.

You are able to deduct the expense of moving your individual possessions, alo

10 months ago

Election 2016: Jeb Bush hunkers down with family to assess his candidacy

Jeb Bush will attend a finance meeting this weekend in Houston convened by former President George H. W. Bush and attended by Bush's brother, former President George W. Bush, CBS News has learned.

The session, designed to assess where Bush's candidacy stands in the face of large-scale staff cutbacks and underwhelming poll numbers, will also be attended by Bush's mother, Barbara Bush. The governor's campaign confirmed the meeting will be held Sunday and Monday.

CBS News has also learned George W. Bush will headline a fundraiser for Jeb Bush in Georgetown (Washington, DC) on Oct. 29. The fundraising email, which went out Next