1099 Reporting For the Self-Employed Funeral Insurance Agent

1099 Reporting For the Self-Employed Funeral Insurance Agent

Do you understand the rules relating to 1099s and if you will need to issue any?

There are various forms 1099 but you most likely receive and issue Form 1099-MISC, Miscellaneous Income, related to your business.

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Should You Expense or Capitalize it?

Should You Expense or Capitalize that charge as a preneed insurance agent? Have you ever wondered when you must capitalize and depreciate an acquisition vs. expensing it in the current year? For example, you may acquire and use an asset for more than one year (indicates capitalization) but its cost is minimal. Recent IRS regulations have provided guidance and safe harbors with regard to this question.

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Tax Deadlines for Preneed Agents

Tax Deadlines for Preneed Agents

Most people are familiar that April 15th is tax day every year.

There are actually many tax deadlines that self-employed preneed agents may need to remember. Here is a brief overview of tax deadlines you may not know about, and a reminder extended tax returns are due shortly.

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Do You Know What Business Vehicle Expenses are Tax Deductible?

Do You Know What Business Vehicle Expenses are Tax Deductible?Automobile expenses inevitably play a part in your business as a preneed insurance agent.  You may drive to find, develop or maintain critical relationships to your insurance activities or for other necessary activities related to your business. 

Knowing what vehicle expenses are safe to deduct can be complicated.  For example, how do you deduct the costs of your personal vehicle also used for business or a business owned vehicle used for personal purposes?

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Quarterly Estimated Tax Payments for Preneed Agents

Quarterly Estimated Tax Payments Do you know someone that was surprised on receiving their first paycheck to learn about Social Security, Medicare and tax withholding?
Did you know that these amounts may still be owed when they are not taken out of your check?
This is the case when you work for yourself as an independent contractor.

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