It’s 1099 filing season again! All forms need to be filed with the IRS and delivered to your contractors by the last day of January. (Postmarked by 1/31, at the very least.)
A lot of business owners still think that they need to buy stock forms, print, and mail. However, the very easiest way to fulfill your 1099 filing requirement is by using an online filing service. All you do is type in your company information, enter the vendor’s name and tax ID, and fill in the appropriate box with the correct amount. The website will then file the form with the IRS electronically, and often also has a secure email delivery option for your vendor, or maybe even a mail service. Either way, you were going to have to type up the forms manually – why not input it directly into a service that also files it for you?
This post is also featured at Intuit’s Small Business Center!
The internet is full of depressing statistics about the failure rates of small businesses. But I’d like to offer an alternative view, one based on my real-life experience in the real world, which is considerably more hopeful than those stats would lead you to believe.
As a bookkeeper, I’ve had the privilege of working with a diverse array of entrepreneurs and their various projects. I’ve seen a few of them fail, but by and large, the vast majority of them have been successful. So I’m always puzzled when I see headlines like “5 Reasons 8 Out of 10 Businesses Fail,” and I wonder about their sources and the way their statistics were gathered.
This post is also featured at Intuit’s Small Business Help Center!
The Internal Revenue Service: a name that strikes fear into the hearts of taxpayers and business owners everywhere. If you’ve had to deal with them recently, chances are it wasn’t a very good experience. But fear not, below are a few suggestions that may ease your pain the next time the IRS comes calling.
A common trap that business owners fall into when cash flow is tight is not paying their payroll taxes. Most bills we pay are directly linked to something we need on a regular business–utility bills, for instance, or a subscription to online advertising. If we don’t pay it, we stop receiving the service or lose access to the product. It’s a little harder to see the connection when it comes to payroll taxes, especially when it may take the IRS months or even years to notice that you haven’t paid.