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What is the big deal about 1099s?
In short, 1099s are required by the IRS to double check numbers when people file their tax returns.
When you issue a 1099 to an individual or a company, a copy goes to that person (the recipient), a copy goes to the IRS, and a copy goes to the state. So, if the recipient of a 1099 tries to understate their taxable income by excluding any income from their tax return, the IRS has a way to notice they are doing that.
How To Organize Receipts
Keeping all your receipts organized and in one place can help you track your expenses, save money on taxes, and make your accountant very happy!
Next time you think about tossing a receipt in the trash or put it in some drawer somewhere, remember that receipt is a very important piece of financial information.
New Mileage Rate for 2024
This year (2024), every mile you drive for business purposes is worth $0.67! If you use your personal car to do things for your business, TRACK YOUR MILEAGE so that you get that deduction when you do your taxes.
Year-End Essentials for Business Owners: A Comprehensive Guide
These are the steps to ensure a smooth year-end closing!
Simplifying Your Practice: Why Therapists Need Professional Bookkeeping
Are you a therapist seeking clarity in managing your practice's finances? Explore our insightful guide, offering essential tips for independent bookkeeping and the undeniable advantages of partnering with a professional bookkeeper. Learn how to maintain HIPAA compliance using electronic health record management software. Elevate your practice's financial well-being and focus on what truly matters—supporting your clients' journey to healing and growth.
Sales Tax vs Income Tax: A Guide for Small Business Owners
In this blog post, we will share with you the main difference between sales tax and income tax and how they may affect your business.