June 30th is the half point of the year! Why not take a proactive view on your tax forms and review your employee and subcontractor. It is a great time to do a small business mid year review to look at your 1099-misc. subcontractors and your Employee W-2 information to make sure everything is in order.
Check the following information:
- Official name of the subcontractor company, Employer Identification Number and addresses are correct.
- Subcontractors social security numbers are correct.
- Employees name and social security number are correct.
- Run a 1099-misc sample report with this year to confirm that the report runs correctly with the proper info in it.
- Make sure your bank and credit card statements are up-to-date and all checks have cleared.
Making a point to check out your tax forms will give you an idea of how your year is going and you can adjust your focus for the second half of the year to help improve your revenue. How often do you look at your YTD numbers? What tips do you have to keep your business going strong? I would love to hear from you. Please share and start a conversation.