You (and/or your accountant) has put blood, sweat, and mostly tears into getting those darn taxes finished, and by some miracle, you get money back!! If this is you, you may be wondering when that money is going to hit your…
Read More
Taxes
What Is a 1099-NEC? A Form 1099-NEC is a tax form that business owners must issue to independent contractors. Similar to a Form W-2, which is given to regular employees, the 1099-NEC reports the total amount paid to the contractor…
If the foreign contractor is not a U.S. taxpayer, and all of the contracted services were performed outside the U.S., a Form 1099 is not required. Instead, you will need to ask the contractor to complete a Form W-8BEN. The Form W-8BEN certifies that the foreign contractor is not a U.S. taxpayer. The Form W-8BEN is never submitted to the IRS, however, it needs to be held in your files in case of an audit. If you are audited by the IRS, the Form W-8BEN will support your reasoning for not issuing a 1099.
I LOVE paying taxes! Ok, I may have embellished this statement a little bit. But, the bottom line is – if you’re paying taxes, you’re making money! As a small business owner, I can’t say I’m the happiest about the…
This year is going to be different. This is the year I finally take my business financials seriously, and get a handle on all of my income and expenses. Can you relate to these business goals? You’re not alone. Create…
The IRS will not call you if you owe taxes without first sending you a notice in the mail.
A 529 plan is a saving plan which provides tax advantages to encourage saving for college. 529 plans are sponsored by states, state agencies, or educational institutions. There are two types of 529 plans: Prepaid Plans and College Savings Plans….
If you use your car in your job or business and you use it ONLY for that purpose, you may deduct its entire cost of operation. However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use.
There is a common misconception that I’ve seen on the internet that says if you make under $600 (contracting, freelancing, etc.) – you do not need to report it to the IRS. This is false, there is no minimum amount…
For this interview I partnered with Idealust, a business coaching resource to help photographers and other creative entrepreneurs grow and scale their small businesses. Q: Creative people and solo-preneurs tend to be very good at the creative stuff, and less…