Would you like to avoid IRS penalties in your business? Do you engage the services of an individual also known as an independent contractor? We mean, other than one who meets the definition of an employee. Did you pay him or her $600 or more for the calendar year? The IRS requires you to issue the sub-contractor a Form 1099-MISC to avoid penalties and the prospect of losing the deduction for the independent contractor’s labor and expenses in an audit? Continue reading
Starting a New Business, Making Accounting Mistakes?
When you decided to open for business, you had a vision for the future. You identified a need and came up with a solution you could provide and sell. Also, you invested your time, your money, your knowledge, and your drive to make it into a reality. You’re probably like a lot of small business owners. You did not anticipate having to handle your business’s accounting needs. Many highly intelligent, responsible business operators get caught making common small-business accounting mistakes. These errors can trip them up and cost them a lot of money in the long run. Are you afraid this might happen to you? Or if it already has — what is the best way to avoid these costly errors? Learn the top four small-business accounting mistakes and how to prevent them. Continue reading