Favorite Tool Series: Track1099.com

By | Bookkeeping 101, Recordkeeping 101, Taxes | No Comments

A long long time ago, say prior to 2012, processing 1099’s every January took quite a bit of planning, preparation, and coordination.  I never seemed to have enough forms, enough envelopes, or enough postage.  Then the Sleeter Group recommended a tool that they were using internally called Track1099.  I have never particularly liked processing and printing 1099’s within the accounting tool I was using (QuickBooks for desktop, at the time); it never quite printed properly on the forms, and it annoyed me.  Plus, working with as many clients as we were, all who were using different accounting tools, what I…

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Why is a W9 so important?

By | Bookkeeping 101, Recordkeeping 101, Taxes

W9s act as “proof” that the vendor provided information about their tax status and info.  In case the vendor didn’t provide the right information or misunderstood how to report it, then a completed (signed/dated) W9 is your way out of any penalties that might incur for improper filing. We mentioned that there are a couple of cases when a 1099 won’t be filed and that’s why we need the W9 from each vendor.  1099s don’t need to be issued to vendors that are C or S corporations.  LLCs that marked the corporation boxes would also not need a 1099 completed. …

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It’s time to reach out and collect those W9s!

By | Bookkeeping 101, Recordkeeping 101, Taxes

Let’s talk 1099’s. A 1099 is an informational return that businesses file with the IRS that tells them you hired XYZ vendor to provide services in a given calendar year and that you paid them more than $600 by cash or check (which also includes online bill payment service).  With all that said, it seems like you would issue a 1099 to all vendors you pay by check or cash – but that would be too easy. Our suggested process comes straight from big corporate accounts payable standards. ALL new vendors must complete or provide a W9 that will be…

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Year End Is Near: Your Year End Bookkeeping Checklist

By | Accounting 101, Bookkeeping 101, Business 101, Recordkeeping 101, Taxes

Year-End is Near – so what’s on your bookkeeping checklist? Wait, what – you don’t have one? Never fear. We’re here to help. This blog post gives you a quick checklist of items to consider and move forward this month.  Delegate what you can and if you need assistance or questions about these items seek feedback from your tax professional. Do you need to issue 1099’s? NOW is the time to start your vendor audit if you haven’t already done so.  Review your vendors for those that were paid over $600 by CHECK – manual or online bill pay qualify. …

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Getting Ready for Tax Season

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset, Taxes

Yep, it is getting to look a lot like tax season, a special time of year.  Fa La La La – perhaps we’re the only ones that jump straight to a Christmas song, did you? But in all seriousness, let’s look at a few common things that come up around this time of year with regards to tax season. First off, we do want to mention that we understand, as business owner ourselves, that getting ready for tax season isn’t sexy or fun or even remotely appealing to most people. However, what can be sexy and fun and appealing is…

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Why 1099 Processing is Important to Your Business

By | Bookkeeping 101, Business 101, Recordkeeping 101, Taxes

Oh 1099’s, let us count the confusion you bring. It’s important to understand the ins-and-outs of the 1099 so you can be compliant. We know; compliant isn’t very fun and usually brings a ton of paperwork. Don’t worry, we’re on your side! We’ll give you some info and resources to help you through. You might also think 1099’s aren’t necessary for you – so let’s go through the basics to cut through that confusion. #1 – My business is too small to worry about 1099’s This is a common train of thought, especially when a business is just starting out. …

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