If you’ve read my blog posts for past three weeks, you know we’ve gone over how to collect information for and send out 1099s and why you must do them.  But I’m going to tell you that it can be so easy, you hardly think about it. By now you should have all the W-9s

Over the past few weeks we’ve discussed how to gather your information so you can send and file 1099s and why you must do them.  By now I hope you have everything you need to send out your 1099s, including how much you paid your contractors last year.  Now we just send them out and

The short answer to that question is: It can be very expensive if you don’t send out your 1099s. The IRS requires that you send out a 1099 (and file it and the 1096 with the IRS) for each person to whom you have paid during the year: At least $10 in royalties or broker

If you haven’t thought about sending out 1099s for your contractors since this time last year, you are probably behind the 8 ball and it’s a source of stress.  Don’t fret!  There are easy ways to gather the information you need to send out and file your 1099s by January 31st. First, determine to whom

In reality, providing information your bookkeeper shouldn’t be difficult or time consuming.  A little planning goes a long way. First, she will need access to your bank accounts.  If she isn’t a full charge bookkeeper, read only access is fine.  Read only access means she can see everything but she can make no changes.  This

As a web developer or designer, you are likely pretty technologically savvy as well as being fairly business minded.  You can definitely handle doing your own bookkeeping and would rather not pay someone to do something you could very easily do yourself.  I think a bookkeeper is a better bet. Penny-wise and Pound foolish How

Absolutely not!  While they are related, they are not the same thing.  Your accountant can do your bookkeeping, but a bookkeeper that isn’t a CPA should not do your accounting.  In general, an accountant prepares your books for external review.  External review can be anything from your taxes (the IRS is definitely an external force)

The answer is no, unless you get audited (if you can’t prove it, you can’t deduct it), loose all your bookkeeping files or some other hazard.  Then you will probably wish you’d had saved every scrap of paper you’d ever received after a transactions, if only to ease your mind.  So now you are thinking

Current assets divided by current liabilities. Obviously you want a number greater than one — the bigger the better.

Those obligations that management expects to fulfill during the next fiscal year.