What You Need to Know About 1099s 2023 Update 1099 Basics: Required by the IRS. You must report payments to contractors and service providers who are not your employees. Required for each vendor you paid over $600 in 2023. Exclude payments made by: credit cards debit cards gift cards Payment apps CashApp PayPal Stripe Venmo…
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Top 10 Bookkeeping Mistakes – and How to Avoid Them 1) Mixing Business and Personal Expenses One of the most common bookkeeping mistakes is co-mingling your business and personal expenses. Not only does this make your bookkeeping more complex, but you also increase the likelihood that someone could hold you personally liable for business debts…
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The Balance Sheet shows a snapshot of your company’s financial health on a particular date. Despite its importance, it sometimes fails to get the attention it deserves. Table of Contents What Can the Balance Sheet Tell Me About My Business? The Balance Sheet tells you about the overall health of your business.…
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There is some good news in the world of taxes!
If you are an LLC company, you may be able to save money on your taxes by electing S Corp status.
You Don’t Have an Accounting Background Managing your bookkeeping is much more complicated and time-consuming than most people think. A professional bookkeeper knows how to record and document your business transactions properly. Daily experience with accounting software and problem-solving makes a bookkeeper much more efficient at getting the job done. Your Messy Books Have…
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