This video will walk you through the 2020 filing season, so in 2021 new, the 1099 NEC, 1099 Non-Employee Compensation. This form replaced 1099 Miscellaneous, or Misc. So if you have contractors, subcontractors, independent contractors, whatever you want to call them, people who are not employees, not on regular payroll, you're going to need to fill out this form to report what you paid them if it was over $600. So I figured the best thing would be to go ahead and let's walk through it together.
One of the biggest challenges for small business owners is understanding the difference between Income, an Accounting Concept, and Cash, the money that they actually take out of their business. https://www.youtube.com/watch?v=UD5-cYWwa3o One particular thing that I had a discussion about multiple times in the last two months is income versus cash. Now most of my [...]
Tax Extensions are a safe, legal, and reasonable way to get more time to file without paying penalties. You can quickly fill out Form 4868 and get a tax extension. Note, in 2020, because of COVID-19, the deadline was shifted, which had some implications. IRS Form 4868 - 2019 Addition. https://www.youtube.com/watch?v=BSOsxGfHEA0 We're getting close to [...]
1099-Misc forms, the bane of every January. There are many 1099 forms, but the most common business one is the 1099-MISC form. The IRS has really been cracking down on these forms and the reason is because their matching system lets them track who isn't paying taxes if they're being paid under the table. It's [...]