Small Business Tax Deductions You Should Know About
Posted by Alejandro Vasquez on 5/17/2021 to
Tax Tips
No business owner enjoys doing taxes. You could be punished for silly mistakes. The whole process is boring. On top of that, it’ll cost you money that could otherwise be reinvested in your business. As intimidating as it may seem, you’ll have to
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Important Changes to 1099-MISC for 2020 Tax Season
Posted by Tax-Rep on 7/21/2020 to
Tax Tips
Do You File Form 1099-MISC (with Box 7 completed)?
If you typically file any 1099-MISC forms (with Box 7 completed), you will need to file Form 1099-NEC for
tax year 2020. Data currently reported in Box 7 (Nonemployee compensation) of Form 1099-MISC for tax year
2019, will be required to be reported in Box 1 of Form 1099-NEC for tax year 2020. The Internal Revenue Service
(IRS) and various states are requiring this form to be filed by the effective deadline, February 1, 2021.
We encourage you to prepare early. There will be extra work involved with this change. Additional forms may
Small Businesses Tax Tips
Posted by IRS Tax Tip 2019-164 on 11/26/2019 to
Tax Tips
Four common tax
errors