Wednesday, November 9, 2016

So Election Day has passed, we are all still here and I do not want to tempt fate, but as far as I know no asteroids (named Trump or Clinton) have reached Earth and wiped out life as we know it.
It was a contentious time, arguably the most divisive presidential election any of us remember. The battles continued through the final day, unsurprisingly really considering the drama the entire election season brought.
A lawsuit filed in Nevada, attempts to keep polls open late in North Carolina, early voting, calling states, and back-and-forth Florida all led to an eventual concession.
That means that many people woke today who are not happy with the result and worried about the future. First, I would like to say this is at least better than having a drawn-out contested battle. If that is you, though, and if some of your worries are financial- and tax-based, remember that we are here to help you through it all.
I am by no means laying claim to any psychic abilities (if I had them, this probably wouldn’t be my chosen profession), but I do lay claim to enough tax knowledge to help you strategize for the future and hopefully leave you feeling better about it.
The election cycle was a time when many of us were pushed farther apart from others. Hopefully now we can start moving back together. For keep in mind that many people woke today pleased with the outcome, and I cannot believe their pleasure derives from the evil they are eager to unleash.
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With all that being said, I wanted to offer a little bit of a humorous diversion. Granted, it is still in the tax realm (and its Halloween subject matter is slightly dated), but maybe there is still enough candy kicking around your home that you still need help figuring out what to do with it.
Or maybe just eat some of that candy yourself and let the sugar rush carry you through the day.  Just don’t use the same tactic for the next four years.
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Or maybe you are such huge fans of my tax and financial commentary that you do not want me to go an entire article without mentioning something from that world. So here is a quick note for you business owners out there:
Be aware that deadlines for filing W2s has moved up for 2017 (the 2016 reporting year). You were already required to provide them to employees by January 31, but this year you are also required to submit them to the Social Security Administration and IRS by that date.
This new deadline will also apply to 1099-MISC forms if you are reporting amounts in Box 7 (Nonemployee Compensation), which are the majority of these forms. If you aren’t reporting amounts in Box 7, then the deadline is still February 28 for paper filing and March 31 if you are doing so electronically.

Of course, this all assumes the world still exists on those dates. I would place my bet on us still hanging around, though. 

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