Most people don’t look forward to preparing their taxes, but there are ways to mitigate the stress. Here are three simple steps you can take to help save time and money on your 2013 business taxes.
Verify your tax ID info
Use the Merchant Portal to track payments and more
Start learning about the tax breaks available for small businesses now
WorldPay sends every merchant a 1099-K form each January. When you receive it, take the time to verify key information. In particular, make sure your tax identification number (TIN) and IRS tax filing name (TFN) are correct. The IRS requires both for a business tax return, so correcting any errors now can save you time and ensure that important information reaches you throughout the year.
If you expect there could be inconsistencies on your 2013 1099-K form, due to a name change, address change, incorrect TIN or TFN, etc., you may be able to prevent the problem by calling WorldPay Customer Care now at 800.859.5965, Option 3 or by emailing us at email@example.com The same contact information can be used to resolve any inconsistencies you might find after you receive your 1099-K. When you call or email us, be sure to have your merchant ID number and TIN number from your processing statement handy.
Whether you choose to use external resources or file your business taxes yourself, the Merchant Portal can help simplify the process. The Merchant Portal provides transaction reports and information from the previous 18 months, which can help you reconcile your accounts at the end of each fiscal year. To login to the Merchant Portal today, click here.
This way you can put required documentation, such as invoices, in a folder as they come in. Some helpful tax breaks for small businesses include:
- Health care tax credit for owners with 25 or fewer employees
- Start-up costs deduction, which has been permanently raised to $10,000
- Section 179 expensing for new equipment, machinery, furniture, fixtures and vehicles has been increased to $500,000 for 2013
- Bonus depreciation allows businesses to currently write off up to 50% of the cost of vehicles, machinery, furniture, fixtures and equipment
- Cell phone deductions are still available, and requirements to qualify have been simplified
For more information, see the FOXBusiness – Small Business Center article, “Tax Breaks Every Small Business Needs to Know About” by Bonnie Lee, published June 24, 2013.
The QuickBooks plug-in lets you enjoy the ease of managing customer data, invoices and payments from a single interface. With this plug-in, you can:
- Accept credit and signature debit payments at your business location, online, or on the go, and sync these transactions with QuickBooks.
- Accept payments outside of QuickBooks using a desktop icon, so your business’ financial data remains private.
This plug-in meets all current compliance standards, including PCI DSS, and offers users a competitively priced payment integration option.
To order the QuickBooks payment integration plug-in, call your personal Account Executive or WorldPay Central Sales at 888.288.5965.
In this issue
- A Letter From Tony Catalfano
- Featured Article
- Quick Tips
- Product Spotlight
- Success Story
- Worldpay Updates
- Industry Updates