Posts Tagged ‘Sole Proprietorship’


Why You Need Form W-9 Now to Complete Form 1099 Later

1099 Filing Requirements

Businesses have a responsibility to file Form 1099-MISC to all unincorporated businesses that they pay more than $600 to annually.  An unincorporated business is a sole-proprietorship, partnership or a Limited Liability Company (“LLC”).  In addition to having to file Form 1099 to all unincorporated businesses they must also issue a 1099 for all legal services and medical payments. It does not matter what type of entity these companies are.  All payments made to … Continue reading »


How to Form an LLC and Protect Your Assets

 

A Sole-Proprietorship

Many self-employed people will run their business as a sole-proprietorship. They are very easy to set up and cost very little to form.

First, decide on a name. For example, John Jones D/B/A (Doing Business As) Prime Time Painters.  Then register your name with Town Hall. Get some business cards, letterhead and stationary. You are now well on your way.


5 Easy Steps to File Your 1099’s….Guaranteed

It’s time for business owners to file their 1099’s.

Here are 5 Easy Steps to do this:

1) Determine who you will be Required to File a 1099 For

Form 1099 is due to any independent contractor who is unincorporated and you pay $600 or more to in a year.  Additionally all payments for legal services must be issued a 1099 regardless of whether the provider is incorporated or not. An unincorporated business includes sole proprietorships, general partnerships and limited … Continue reading »


6 Reasons Small Business Owners Should Meet With Their CPA Before Year-End

There are a host of reasons small business owners should meet with their CPA.  Here are 6 of them:

 

1) Method of Accounting

Smaller business can usually file their tax returns on the cash basis of accounting.  The taxable income is based on the revenue received less the deductible expenses. Larger companies must prepare their tax return using the accrual basis of accounting.  The accrual basis matches the … Continue reading »


How (Almost) Everyone Can Have a Roth IRA

 

What’s the Benefit of a Roth IRA?

The benefit of having a Roth IRA is that if the account is open for at least 5 years and the account owner is at least 59 1/2, then all of the distributions from the Roth IRA are tax-free.  Additionally, unlike IRA’s, Roth IRA’s are not subject to the Required Minimum Distribution Rules (“RMD”) for either the taxpayer or the surviving spouse.  This allows for the account to grow … Continue reading »


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