If you hire an independent contractor and pay them $600 or more during the tax year, you must create, distribute, and file Form-1099-NEC. You might wonder, How do I file a 1099?
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Form 1096: What it Is, Filing Instructions, and More
March 11, 2025Sometimes, you need to hire workers who aren’t employees to complete certain tasks at your business. When you hire contractors or vendors, you must prepare Forms 1099-NEC or 1099-MISC so they can accurately file their personal tax returns. You also need to submit Form 1096 with the Forms 1099 you send to the IRS.
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New Mexico Sick Leave Law: Know About the Healthy Workplaces Act
March 11, 2025What happens when your employee gets sick? If you’re a New Mexico employer, you need to know about the Healthy Workplaces Act. Saddle up to make sure you are in compliance with this New Mexico sick leave law.
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How to Calculate Local Income Tax: Guide for Employers
March 10, 2025As an employer, you’re responsible for withholding certain taxes from employees’ wages. One of the taxes you may need to withhold is local income tax. Read on to get the scoop on this tax, and learn how to calculate local income tax.
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Types of Accounts in Accounting to Memorize
March 7, 2025You’ve heard about debits and credits. You know they increase and decrease certain accounts. But, how much do you know about the accounts they affect? There are five types of accounts in accounting.
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Transposition Error, the Little Mistake That Causes Big Problems
March 6, 2025Mistakes happen, especially when it comes to recording transactions in your books. One type of accounting mistake that’s easy to make is a transposition error. Read on to learn what is a transposition error and how it can affect your accounting books.
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What Is a Purchase Order, and When Would You Need to Create One?
March 6, 2025As a seller, you prepare invoices requesting payment from customers who make purchases on credit. And as a buyer, you may also need to create some documents, like a purchase order (PO). What is a purchase order?
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How to Read a Credit Card Statement [+ Example]
March 6, 2025Nearly 80% of small businesses have and use credit cards for business purposes. If you’re part of this majority, you’ll receive a credit card statement each month.
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What Are the Three Golden Rules of Accounting?
March 5, 2025You might have heard of the Golden Rule in life: Treat others as you want to be treated. But, did you know that there’s also a golden rule for accounting? In fact, there are three golden rules of accounting. And no … one of them is not treating your accounts the way you want to […]
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How to Fill Out Form 941 (2025): Step-by-step Instructions to Fill Out Form 941
March 5, 2025If you have employees, you likely need to fill out and file Form 941 each quarter. Form 941 is jam-packed with different sections and calculations, which leaves room for errors. Avoid major Form 941 mistakes and learn how to fill out Form 941 line by line here.
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