This year, you have a new informational form to submit to the IRS at the end of the year. It's called 1099-NEC. This new form is intended just for Nonemployee Compensation (NEC) vendors and is used by businesses to send to the IRS and to the vendors. This week, I am going to share the high-level details to help you add this task to your to-do list. Who should get this? A nonemployee compensation that made at least $600 in the entire year.Services performed by someone who is not your … [Read more...] about What is the 1099-NEC form?
Small Business Bookkeeping Tips Archive Page
Welcome to our Small Business Bookkeeping Tips archive page to help you and your business streamline processes. Read the archive posts for bookkeeping tips to use in your business.
Many small businesses use QuickBooks Online. They usually use it on their computers in their office. Though this service actually has a pretty good app as well. Did you know that if you have QuickBooks Online service, you can also download QuickBooks Online on your mobile devices? This can help when you are traveling and doing things on the fly as all small business owners do. The benefits of using QuickBooks Online App for iPad and QuickBooks Online App for iPhone. First, if you are … [Read more...] about How does QuickBooks Online Mobile App for iPad/iPhone Works
It's just before the start of the new year. There are things you can do right now to get ready for the next year. Let's make tax season for next year less stressful. Here are three easy tips to get tax returns in order. TOP 3 Tasks THIS YEAR For a relaxing Tax Season NEXT YEAR 1. Review and change any estimated taxes that you may need to do for the current year. Check with your employees and see if they need to have anything changed on their withholding. How about your situation? Do … [Read more...] about TOP 3 Tasks THIS YEAR For a relaxing Tax Season NEXT YEAR
This year was a unique year, to say the least, from starting the year great to losing a client because their business was affected by COVID and decided to retire. It was a year of unforeseen changes. Here at Sabrina's Admin Services, we found that our blog visits increase by 23% from last year. I am so grateful to our visitors for helping make our Small Business Admin Blog a continuing success. From our Fabulous Small Business Owner series to our DIY helpful tips to keep your business … [Read more...] about Top 5 Popular Bookkeeping posts for This Year
I was working with a client to set up an invoice system to speed up the invoice process she needed to do each month. She dreaded it so much. She would procrastinate for days. This client has about 15 recurring clients to bill random work hours at different rates from the previous month. To do the invoice process, she would write all her invoices by hand, then write the envelope. It would take her hours, maybe even days, to do all the invoices. We had an initial meeting, and I … [Read more...] about Simple Tips to Organize Your Start Up’s Invoice Process
This year has been a unique one for our small businesses, to say the least. Since this year was so unique, there are business tasks that need to be done before the year end. Today I will be talking about the business areas you need to gather for a seamless tax season. Follow along and get it done so the next year will be more relaxing. End of Year Things to Gather For An Easier New Year Gather Receipts First, let’s start with the receipts for your small business. Don’t wait to get … [Read more...] about Business Tasks You Need To Do BEFORE Years End
It's tax time. Do you have your paperwork together and are all your statements reconciled? Before you start pulling your bank statements and backup support paperwork together for your accountant for last year's tax return, you should go through and reconcile your credit card statements for your small business. Why? You may ask. We all know that reconciling a bank account makes it easier to confirm the funds are correct. It will limit the error of bounced checks and improper managing of accounts … [Read more...] about 3 Benefits of Reconciling Your Credit Card Statements
This month, we are ordering IRS information returns forms to make sure we can get them in time by the end of this year. The IRS allows you to order these FREE information returns forms to use to make sure all the content is inputted in the same way. The IRS Information Returns forms you can order from the IRS website are as follows. There are a lot more returns listed on the website, but here are just some of the list: Wage and Tax Statement Form W-2Transmittal of Wage and Tax … [Read more...] about How to Order IRS Information Returns forms for FREE
Creating a Small Business 1099 tracking sheet for your 1099s will make your process easier at the beginning of the year for the prior year. This week, we are sharing how to create this tracking sheet to add to your small business end of year tasks. First, have a software application and track the vendors. Place all the Nonemployee Compensation recipients in a vendor account for 1099-NEC. And, all the other 1099-MISC recipients in a vendor account for 1099-MISC. Your tracking software may … [Read more...] about Making A Small Business 1099 Tracking Sheet