If your business operates in a location that imposes sales tax, you are likely familiar with the concept of sales tax. But, have you heard of sales tax nexus? Mastering sales tax nexus boils down to one question: What is nexus? Read on to learn the basics of sales tax nexus, including state guidelines and […]
Read More Your Beginner’s Guide to Sales Tax Nexus
Does your business hire independent contractors, gig workers, or freelancers? If so, congratulations! You get to learn the ins and outs of IRS Form W-9. So, what’s the scoop with the IRS W-9 form? What exactly is it used for? Who needs to fill one out? We have the answers to all of your burning […]
Read More IRS Form W-9: A Detailed Look at Purpose and Usage
Sometimes, 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.
Read More Form 1096: What it Is, Filing Instructions, and More
As a small business owner, you have a lot of government documents and tax forms for small business to keep up with. You might be responsible for filing and paying excise tax if you sell certain products or services at your company. What is excise tax?
Read More What Is Excise Tax?
Employers bear the burden of calculating, withholding, and remitting taxes from employee wages. They must also report them to the correct government agencies. But, what must self-employed individuals do? And what about individuals whose income isn’t taxed? What should those individuals do to pay and report their taxes?
Read More What Is Estimated Tax, and Why Is It Important?
Do 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.
Read More 8 Fast Facts to Make Giving Charitable Donations a Smooth Process
When you pay an independent contractor, you don’t withhold taxes from their wages … or do you? In some cases, contractor wages are subject to backup withholding. So, what is backup withholding, and when do you need to do it?
Read More Back it Up … What Is Backup Withholding, and Are My Contractors Subject to it?
As a small business owner, you regularly make payments to the vendors you work with and pay wages to your employees. But if you deal with a 1099 vendor or contractor, the amounts of money you give them are considered 1099 payments. To keep your business legal, you need to understand what 1099 vendors and […]
Read More If You Make 1099 Payments, You Need to Know Your Responsibilities
Before 2020, business owners used one universal form, Form 1099-MISC, to report nonemployee compensation and other types of payments (e.g., rent). But after a 38-year absence, Form 1099-NEC made a return in 2020. So, how do these forms differ? Read on to learn all about Form 1099-MISC vs. 1099-NEC and which form you need to […]
Read More What’re the Differences Between Form 1099-MISC vs. 1099-NEC?
For business owners in most states, collecting and remitting sales tax is part of the job description. But on select dates throughout the year, your customers can take advantage of a sales tax holiday.
Read More 2026 Sales Tax Holiday Dates: Ready, Set, Go! Mark Your Calendars