Paul, Your Accountant

Helping individuals & growing businesses get clear numbers. Tax, bookkeeping & fractional controller | Partner @ M.F. Witherspoon & Co.

[Paul, Your Accountant @mfwitherspoonco]

Ohio: if you're in a covered county, many federal filing and payment deadlines move to Feb. 1, 2027, applied automatically by your IRS address. It's a postponement, not forgiveness.

[IRSnews @IRSnews]

#IRS announces tax relief for taxpayers impacted by severe storms, straight-line winds, tornadoes, flooding and landslides in Ohio, various deadlines postponed to Feb. 1, 2027. https://t.co/MpqZOMh9h1

[Paul, Your Accountant @mfwitherspoonco]

@ipradoh_ @MyLatinLife It can work, but check her status first. If she lives and works in the US, she needs US work authorization to go on payroll. If she works from Canada, she'd usually be a foreign contractor (W-8BEN, no 1099), with that income reported in Canada. Either way: real work, fair pay.

[Paul, Your Accountant @mfwitherspoonco]

@CheyCab @RannulphJunuh He's likely right. For a business vehicle you generally pick one: standard mileage, or actual costs (fuel, repairs, insurance, depreciation). Gas is built into the mileage rate, not extra. Once a car has taken accelerated depreciation, it usually can't switch to mileage.

[Paul, Your Accountant @mfwitherspoonco]

@Sweetlovecookco @IRSnews @IRSsmallbiz Need just the number? It's on past business returns, old IRS notices, and usually your bank's account paperwork. If you need the letter itself, ask the agent for a 147C; they can usually fax it during the call. Calling right when the line opens tends to mean shorter holds.

[Paul, Your Accountant @mfwitherspoonco]

@TrafficBrokerX That's usually not about the total. Failure-to-deposit covers payroll or other deposit taxes paid late, short on a deposit date, or by the wrong method, even if the year got paid in full. The notice lists the periods. With a clean record, ask about first-time abatement.

[Paul, Your Accountant @mfwitherspoonco]

Florida: if you're in one of the 27 covered counties, many federal filing and payment deadlines move to Feb. 8, 2027. It's a postponement, not forgiveness, so keep setting money aside for what's due.

[WEAR ABC 3 @weartv]

IRS announces tax relief for Florida taxpayers affected by Hurricane Isaias

https://t.co/KVNSvByiTy

[Paul, Your Accountant @mfwitherspoonco]

@StoneKidman @poems_past Most do. Streamers usually have no withholding, so they make estimated payments. Paying monthly is allowed too: the IRS just wants enough paid in by each quarterly due date, and monthly payments make that easier to hit.

[Paul, Your Accountant @mfwitherspoonco]

@alblandino @atlas Worth knowing before picking Delaware: if you live and run the business in another state, you usually also have to register there as a foreign LLC, so you pay fees in both. For a small operator, forming in your home state is often simpler and cheaper.

[Paul, Your Accountant @mfwitherspoonco]

@i_m_blank_ @eventbritehelp Even without the corrected 1099-K, you can still file. Report your actual gross receipts, back out refunds, fees, or anything that wasn't really income, and keep your own sales records showing why your number differs from the form.

[Paul, Your Accountant @mfwitherspoonco]

@thecai_bleu @WowLewi Verify before paying anything. Real IRS notices come by mail with a notice number (like CP504) in the corner. Don't call the number on the letter; use the one on the IRS's official website or check her IRS online account. If it's real, the Taxpayer Advocate Service can help.

[Paul, Your Accountant @mfwitherspoonco]

Self-employed or have income with no withholding? You may need to make quarterly estimated tax payments. Remaining 2026 date: Jan 15, 2027. The 2027 dates start Apr 15. The quarters aren't evenly spaced, so calendar them now. The IRS Form 1040-ES instructions walk through it.

[Paul, Your Accountant @mfwitherspoonco]

@_Ren_agade_ Good tip. Two nuances worth adding: a write-off lowers taxable income, it doesn't refund the cost, so it helps most when there's real streaming income to offset. Keep the invoice and proof it's for the channel. Pricier assets can also have different deduction timing.

[Paul, Your Accountant @mfwitherspoonco]

@newsjunkie1351 @radarph_media Two separate questions: US citizens generally keep filing US returns wherever they live, and once you live in the Philippines you may count as a tax resident there too. Before the move, look at how the foreign earned income exclusion and foreign tax credits fit with PH rules.

[Paul, Your Accountant @mfwitherspoonco]

@terri_reymundo @SecKennedy That's usually the premium tax credit reconciliation (Form 8962): if actual income came in higher than the estimate given to the Marketplace, part of the advance subsidy gets paid back. Worth double-checking the 1095-A numbers on the return. Payment plans exist if needed.

[Paul, Your Accountant @mfwitherspoonco]

@Arealdove So frustrating, and glad it's finally fixed. Keep that 'we made an error' letter with your records. There's a narrow process for asking the IRS to cover administrative costs, but the rules are strict. For loops like this, the Taxpayer Advocate Service is worth knowing about.

[Paul, Your Accountant @mfwitherspoonco]

@Theo_TJ_Jordan You've got until midnight, which is more time than it feels like at 4am. If something can't be fully resolved today, filing the most accurate return you can on time usually beats filing late, and an amended return can clean it up later. Good luck today.

[Paul, Your Accountant @mfwitherspoonco]

@ShivEcom If you're a non-US owner of a single-member LLC, the federal filing is usually Form 5472 plus a pro forma 1120. If a 7004 extension was filed, today (Oct 15) is the deadline. It's generally mailed or faxed, not e-filed, and skipping it carries a steep penalty.

[Paul, Your Accountant @mfwitherspoonco]

Simple receipt habit: snap a photo of every business receipt the day you get it and write one line on what it was for. A bank statement shows you paid; it doesn't show the business purpose. Records you make at the time are much easier to rely on than ones you rebuild in April.

[Paul, Your Accountant @mfwitherspoonco]

@GtcTraders Makes sense with multiple entities. One tip to get the most out of it: hand over a clean package early (statements, 1099s, K-1s, prior-year returns) and a short note on anything unusual that happened. It saves rounds of back-and-forth.

[Paul, Your Accountant @mfwitherspoonco]

@Patrick_MDD210 @DarinBashaw @mmpadellan SE tax stings because you pay both halves. Two things worth checking if you haven't: half of SE tax is generally deductible on your 1040, and self-employed health insurance premiums may be deductible too if you qualify. Doesn't erase it, but it helps.