Paying a contractor to perform work for your business comes with a little disclaimer: reporting said payments on Form 1099-NEC. But what if you pay your contractor using a credit card? Do you have to prepare a 1099 for credit card payments?
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Types of Business Structures
February 6, 2024As a small business owner, one of the first decisions you make is deciding between the different types of business structures. But, choosing between business structures can be intimidating and confusing. Before you decide what business structure type to use for your small business, understand your options.
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What Is Form 1099-MISC, and Are You Responsible for Distributing It?
December 14, 2023If you paid a person that is not an independent contractor during the tax year, you might need to file Form 1099-MISC. So, what is Form 1099-MISC?
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IRIS 1099: What to Know About the Information Returns Intake System
November 7, 2023Do you need to file Form 1099-NEC, Nonemployee Compensation, Form 1099-MISC, Miscellaneous Information, or another 1099 type? You can use the IRS’s Information Returns Intake System (IRIS) to e-file 1099s.
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The Ins and Outs of E-Filing 1099s With the IRS
November 1, 2023When you own a business, you may need to hire an extra helping hand, like a vendor or contractor, to get a job done. And when you pay an independent contractor or vendor, you may be responsible (depending on how much you paid them during the year) for distributing and filing either Form 1099-NEC or […]
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8 Fast Facts to Make Giving Charitable Donations a Smooth Process
June 20, 2023Do you enjoy contributing to your favorite nonprofit organizations? If your business makes charitable donations, you’re automatically eligible for the joy of giving. And, you may qualify for a tax deduction.
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Resilience During a Recession: Strategies for Business Survival
May 9, 2023For months, the looming recession has been on everyone’s mind. In October 2022, 91% of CEOs said one would occur within the year. And in December 2022, Forbes found that large tech companies, banks, and manufacturers had laid off nearly 125,000 employees to prepare.
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How to Fill Out Form 1120: A Guide for Corporations
March 23, 2023Structuring your business as a corporation comes with benefits like limited liability and increased access to capital. It also comes with its own unique small business tax return, Form 1120. Do you know how to fill out Form 1120?
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Health Insurance Tax Credits for Small Business Owners
February 27, 2023Do you have a small business as defined by the Affordable Care Act (ACA)? Do you offer health insurance to your employees? If so, you might be eligible for health insurance tax credits for the coverage you provide your employees. And, you may qualify for write-offs if you’re self-employed. Keep reading to find out if […]
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Should You Lease or Buy a Car for Business?
February 24, 2023Whether it’s your first day in business or your 10-year anniversary, it may be time to get a business vehicle. A business car can make running your company easier than ever, from errands to deliveries. So, if you’re wondering, “Should I lease or buy car for business?” We’ve got you covered. Read on to learn […]
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