As this New Year begins, it is important for all business owners/ employers to prepare and issue 1099s to the recipients, and file with IRS. ⠀⠀⠀⠀⠀⠀⠀⠀⠀The 1099 tax form, referred to as “Information Return, by IRS” should be sent by the company to the independent contractors if it paid more than $600 to them during the year.The January 31st deadline only applies to Form 1099-MISC with an amount in box 7, Nonemployee Compensation.⠀⠀ ⠀⠀⠀⠀⠀⠀⠀If you need help filing contact us.
As a Business Owner, it can be difficult to know all of the Taxes that apply to you. Often times, you may not be aware of a Tax filing requirement until a notice is received. Here are the most common Tax Filing Requirements applicable to Businesses:⠀⠀⠀⠀⠀⠀⠀⠀⠀ - Income Tax⠀⠀⠀⠀⠀⠀⠀⠀⠀- Estimated Taxes⠀⠀⠀⠀⠀⠀⠀⠀⠀- Self Employment Tax⠀⠀⠀⠀⠀⠀⠀⠀⠀- Employment Taxes⠀⠀⠀⠀⠀⠀⠀⠀⠀- Excise Tax⠀⠀⠀⠀⠀⠀⠀⠀⠀The form of business you operate determines what taxes you must pay and how you pay them. Also, depending on your Product & State, additions taxes may be required such as Sales Tax or Use Tax. Does this sound confusing? Is this a topic you would like a Tax Tip Live about? Comment ‘YES’ below!⠀⠀⠀⠀⠀⠀⠀⠀⠀