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Small Business Gotchas

What’s Your Score?

Q.You hired a graphic designer to do a lot of work over the course of the year, paying them $2,250, through PayPal. Should you have a 1099 for the designer? A. NO.  You should record the payment in QB as having been made via PayPal, and QB will know to exclude the payment from a 1099.  It…

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Best Practices for Managing 1099s

Know when a 1099 is needed Gather the information required  Ensure accuracy of information File on time  Confirm details every year When is a 1099 needed? Here is the IRS requirement ( File Form 1099-MISC for each person to whom you have paid during the year: at least $10 in royalties or broker payments in…

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Small Business Gotcha: Partnership with a Handshake

New business owners have dozens of things to spend money on and will often skip over some of the things they don’t think they’ll need.  Consider this case of two best friends who decide to open a business together. The Scenario Bob and Joe have been best friends for 10+ years.  Bob is married and…

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