The IRS has, for years, used the 1099-MISC for all payments made to non-employees. In the 2021 tax year, they are making changes. The new IRS form 1099-NEC will be the new way to report non-employee compensation for payments made in 2020. Keep reading to learn more about what counts for the IRS form [...]
The end of the year can definitely creep up quickly! That's why we've made this 2019 end of year tax checklist to aid you in your end-of-year close-out. You can download this post as a PDF checklist by clicking here. Review your bookkeeping. If it’s not done, complete it and then review it. Look [...]
Anyone whose taxes are not sufficiently withheld, or anyone who has income that is not subject to withholding taxes are liable to make estimated tax payments. A payment made towards your taxes from an estimate you have made about your earnings for the year is an estimated tax payment. Failure to complete these payments [...]
In the beginning process, there are a lot of parts of business ownership that can be easily forgotten. Don’t let taxes be one of those forgotten elements! Here are SIX important tax procedures to keep in mind as you start your business. Keep good records of your purchases and statements before it comes time [...]
As your business grows over time you will probably want to expand and hire people for different roles. Luckily, there are many options available for companies who need to find talented workers. As an employer, there are two main types of workers: employees and independent contractors. What’s the difference you ask? For a new [...]
In a previous post, we discussed who gets a 1099, and now you need to know how to fill out a 1099. Documents like this can be intimidating at first glance, but when you break them down it is quite simple. Here is our guide, box by box, of how to fill out a [...]
1099's have proven to be a point of confusion for many clients, so we’ve compiled a list of all the people you need to send a 1099 as a point of reference. Feel free to use this blog as a reference as your prepare to send these out in just a few short months. [...]
Tax checkups are necessary. Just like a beloved vehicle, you need to periodically inspect your tax system to make sure it is operating properly. Knowing that there has been a significant tax reform this year, it is especially important that you are conducting tax checkups. Why is it important? One aspect of your taxes [...]
If you received an envelope from the Internal Revenue Service (IRS) that does not contain a refund check, your heart rate likely increased. Before you fret, remember that most of the issues in these letters can be dealt with simply and painlessly. There are a number of reasons the IRS might send you a [...]
The mixing of personal and business finances is especially common in the beginning stages of business. It is something that you should work to separate as soon as possible. Mixing personal and business finances is dangerous. This makes it hard to see what your cash flow in the business is, [...]
