As your business grows, it might be time to start hiring help. You can do that by hiring employees or working with subcontractors. If you hire an employee, you have to deal with salaries, payroll taxes, and many other legal and HR related issues. If you hire a subcontractor, things are a bit simplified - as long as you follow the right guidelines. Since many small business owners prefer to … [Read more...]
How to Prepare for Your Tax Appointment
January means a new year … and time to report your business income for last year! Filing taxes isn’t fun and nobody actually looks forward to it. This annual ritual doesn’t have to be a painful experience, though. Being prepared saves a ton of time and will help the process move along more smoothly. While you’re waiting for those last forms to arrive, you can start assembling some records for your … [Read more...]
Resources for e-Filing 1099 Forms
It’s 1099 time! Are you ready? Whether you’ve got a full-time business or just a side hustle, you face the same deadline for getting 1099 forms out to your independent contractors. By January 31st, you will need to have provided your independent contractors with a copy of their 1099-MISC form and provided a copy of those same forms to the IRS. Depending on your budget, how much spare … [Read more...]
Should Expenses Be Included on the 1099?
1099 Myth #1: Expenses Aren’t Included in 1099 Totals You may know about the need to issue 1099 forms in January. Heck, you may have purchased those blank forms already! But do you know what to include in those figures that you’re reporting on a 1099-MISC form? One of the biggest myths out there is that you don’t need to include expenses in those totals. But should you? The answer is … it … [Read more...]
Understanding 1099-K versus 1099-MISC Forms
Most small business owners are aware of the 1099-MISC reporting rules for independent contractors. They may not like them, but the know about them. What they may not know about is the 1099-K and how it affects the completion of the 1099-MISC form. The 1099-K form was part of The Housing Assistance Tax Act of 2008, signed into law by President Bush. The intention was to “improve voluntary tax … [Read more...]
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