Important 1099 Information Part 1

As business owners, we are required to file 1099 forms for vendors we’ve paid if the purchases and those who have taxesbeen paid fall into certain categories.  These forms are due to the recipient by January 31, and to the IRS by February 29 (if filing paper documents) and March 31 if e-filing.

Many entrepreneurs are confused to whom to send forms, so this post will give information which will help you determine which vendors need to have the 1099-MISC form issued to them.

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TOP TEN REASONS TO FORM A BUSINESS ENTITY – FIRST IN AN ONLINE SERIES OF FIVE ARTICLES

Small business owners frequently ask me, “Should I incorporate?  If yes, which business entity is right for me?”  The answer depends on several questions a business owner should ask herself.Ask yourself What is your Why, Entrepreneurs,

The first question I usually ask the person is “What have you got to lose?” 

If you have a home with equity in it, retirement accounts and/or other large assets, you may want to incorporate, or set up an LLC, or some form of limited partnership to keep your personal assets separate from your business assets, in case your business gets sued.  Or you go through a nasty divorce, and your ex-spouse wants part of your business, or worse, wants to drive you out of business.

On the other hand, if you have no assets that anyone can touch, you may not want to go to the expense of setting up a corporation, limited partnership or LLC and keeping up the corporate, partnership or LLC formalities.

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Be A Winner

Today’s woman is not only a breadwinner, but due to longevity she is increasingly becoming the caregiver for loved ones. This is happy girl with money 28178268_sa conversation that is not being talked about enough. If we are making the income, managing our homes, families and life, why is it that statistics show the majority of women  have only $1,000  saved? What does one do when faced with a health or family crisis?

Ten thousand baby boomers will retire every day for the next 19 years. Tax deferred plans are being promoted today, which means you will be paying higher taxes on that money in the future. It’s time to take control. Yesterday’s idea of saving for retirement doesn’t work  as well for those in the sandwich generation, faced with raising children and caring for parents. Where is the financial balance?

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How to MAXIMIZE Productivity when Your Office Is at Home. Part One

woman with checklist binderYour office is at home. You can actually walk from your kitchen to your office. We all know there can be many perks to having a home office: flexibility, time with family, and even working in your pajamas. The key is to maximize productivity as if your office were offsite. Here are three tips on how to do that:

1. Set yourself up for success

2. Push the reset button

3. Manage your mind

 

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1099 Processing Time is Here!

women with list1099 forms are those required by the IRS to report payments to vendors made during the year, and are due to the recipient by January 31, and to the IRS February 29th (paper) or March 31st (electronic). IRS instructions state a form 1099-MISC is necessary to file for each person to whom you have paid during the year:

*At least $600 in services (see https://www.irs.gov/uac/About-Form-1099MISC for specifics)
*At least $10 in royalties
*Any fishing boat proceeds; or
*Gross proceeds of $600 or more paid to an attorney.

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NEW YEAR, OLD SYSTEMS

As someone who really loves technology and very much dislikes paper, I’m always amazed at how many people I lady asian clipboard 42574234._ copyspeak to on a regular basis who say “oh yeah, I think I have that SOFTWARE/TECHNOLOGY/SYSTEMS but I just don’t use it. I guess I should since I’m paying for it.” Often times individuals and/or businesses come to me to help them streamline and automate their systems. When I consult with someone, I address four basic areas:

 

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Received a Notice from the IRS? Don’t Panic!

Candy Messer - Received a Notice from the IRS Don't PanicLetters from the IRS are often unexpected. Although many notices are sent to request a payment, they are also sent for a variety of other reasons as well. Specific issues concerning your account, a correction to your income or payroll tax return, or a change to your account, are all common reasons the IRS is contacting you.

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