|To withhold tax from 1099 cantractors you need to set up an account with Electronic Federal Tax Payment System(EFTPS) www.eftps.com.
Backup withholding from contractor
Estimated tax payments
|Taxpayers who have income that is not subject to withholding such as; self-employment, interest, dividends, rents, and alimony, may be required to make estimated payments.|
We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year.
Individual and Business Tax PreparationTax laws change every year and what was true in the past is not necessarily valid in the current year. Keeping up with the changes and knowing how to apply those changes can be a daunting and time consuming chore. Although there is help available from the IRS and numerous income tax preparation software programs at your disposal, preparing your own income tax return is challenging. Copper Canyon Tax and Accounting Services will help you reduce your current tax liability by making sure your return is prepared correctly and takes advantage of all credits and deductions you are entitled to.
According to a study released by the US Government's General Accounting Office in 2005, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional trained in income tax preparation.
Tax PlanningTax planning is an essential element of the tax preparation process. By making tax planning part of your overall strategy, you can use our experience and access to current new developments in the tax laws to minimize both your current and future tax liabilities.