Why Bother With 1099s and Best Practice to File; The BudgetEase Broadcast (Episode 47) скачать в хорошем качестве

Why Bother With 1099s and Best Practice to File; The BudgetEase Broadcast (Episode 47)

1099s are no fun, but it's required for small businesses. In this episode of The BudgetEase Broadcast (from 2/7/23), Kathy provides tips to help you make sure that your 1099 process is as smooth and requires the least amount of your energy as possible. BudgetEase provides bookkeeping services for small businesses in Cleveland, Ohio that help take the pain out of bookkeeping by providing part-time services. Whether you need an outsourced bookkeeper to fill a permanent or temporary role, or just need to have your QuickBooks reviewed, our talented team of professional bookkeeping experts can help. Visit us at www.budgetease.biz to learn more! #1099 #growyourbiz #qbo #savetime #smallbusinessowner #bookkeepingservices #bookkeepingtips #bookkeepinghelp #growyourbusiness #bookkeeping #smbiz #growth #SmallBusiness #SmallBusinessTips #QuickBooks #BookkeepingAdvice #strategy #makesmallbig #budgeteasebroadcast Transcript: Hello, I'm Kathy Dise and welcome to the BudgetEase Broadcast. I'm a QuickBooks expert and I'm here to help you grow your business using QuickBooks as a tool. Today, we're going to talk about 1099s. We're going to talk about why do we need to face this challenge every January. Well it's because the IRS requires that we submit 1099s for any vendors that provide services to us in the past year and it hits every January, so it's no surprise. But what can you do to make sure that it's done well? First, let's talk about what happens if you don't do it. Well, the IRS is going to charge a fine of anywhere between 50 and 280 dollars per form that's been filed incorrectly. And what's going to happen is they're going to send you a notice in the mail that's going to be confusing. You're going to try to call the IRS and you're going to wait on the phone for a ridiculously long period of time. Then they're going to ask you to fax information to support some additional questions that they have for you. So we want to save you time so that this never happens to you. We want to save you money so that you never have to pay any fees or forms. So if you haven't been filing your 1099s correctly in the past, or you've been spending a lot of time doing it yourself, here's some tips. This year, right now, find someone to file your 1099s for you. You have limited time as a small business owner trying to grow your business, as well as you don't really have the skill to do this. Filing 1099s is a bit tricky, so you might as well hire someone that's used to managing this process using great applications to make the job go easier. These applications even request w9s from your vendors. So right now, hire someone else to make sure that you don't have to do this. Next, don't even get involved in collecting the w9s. Someone else should be doing that for you. Again, because your time is more valuable. So now once you've done that, and the third thing is to make sure that your financial information is up to date every single month. If you do that, you're not doing two things in January: playing catch-up on your financial information, which has to be done before you file your 1099s, as well as following those 1099s. So I've given you a couple tips on how you can manage this process, and told you why this is an important thing that we need to do, even though it's not something we enjoy or want to do every January. And you can think about that now, and make sure that your 1099 process is as smooth and requires the least amount of your energy as possible. So thank you so much for joining this broadcast. I hope you found this information helpful and look forward to joining you at the next one. Thanks so much.