The short answer to that question is: It can be very expensive if you don’t send out your 1099s. The IRS requires that you send out a 1099 (and file it and the 1096 with the IRS) for each person to whom you have paid during the year: At least $10 in royalties or broker
If you haven’t thought about sending out 1099s for your contractors since this time last year, you are probably behind the 8 ball and it’s a source of stress. Don’t fret! There are easy ways to gather the information you need to send out and file your 1099s by January 31st. First, determine to whom
From Daily Finance: http://t.co/QjTDmp15
As VA I have a lot of experience with banks. Small banks, big banks, local banks, national banks and I have to say, not all of them are created equal. Pretty much all of them have online bill pay now, so that shouldn’t be a big draw if you are considering changing banks or opening
In reality, providing information your bookkeeper shouldn’t be difficult or time consuming. A little planning goes a long way. First, she will need access to your bank accounts. If she isn’t a full charge bookkeeper, read only access is fine. Read only access means she can see everything but she can make no changes. This
As a web developer or designer, you are likely pretty technologically savvy as well as being fairly business minded. You can definitely handle doing your own bookkeeping and would rather not pay someone to do something you could very easily do yourself. I think a bookkeeper is a better bet. Penny-wise and Pound foolish How
Absolutely not! While they are related, they are not the same thing. Your accountant can do your bookkeeping, but a bookkeeper that isn’t a CPA should not do your accounting. In general, an accountant prepares your books for external review. External review can be anything from your taxes (the IRS is definitely an external force)
As I tell my clients, not having a business plan is rather like going on vacation to Disney Land with no idea when you will go, how you will get there, how you will pay for it or where you will stay once you get there. You might get there anyway, but you will likely
Resources that can be converted to cash in a relatively short period.
The financial resources in the form of coins and currency, bank deposits and short-term investments that can be converted easily into currency and that can be used to pay for resources and obligations of a business.