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Beginning of Year Reminders

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As you begin to gather your information for your 2014 taxes we would like to remind you that now is the time to be doing your ending inventory counts, i.e. merchandise and/or livestock. It is also time to document your 2014 ending odometer reading on any vehicles used for business purposes. This includes farm vehicles and personal vehicles used for business.

If you are doing your own payroll, please make sure you run the payroll updates in QuickBooks prior to processing any 2015 paychecks. You will also need to update your Oklahoma Employment Security Commission (OESC) rates. To do this, please log into the OESC website, and verify your contribution rate. This rate will then need to be updated in the QuickBooks payroll item list. Please contact us if you need assistance with this.

You will find a link to the W-9 Form in the Resources section of our website. This will be useful in collecting the information required for filing 1099’s. A Form 1099-MISC (Miscellaneous Income) should be filed for each person/entity to which you have paid business expenses during the year:

  • At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
  • Gross proceeds of $600 or more paid to an attorney.
  • Amounts paid to corporations except for attorneys do not need to be reported.