You use Schedule C (Form 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and [...]
morePosted by: Wray Rives, February 11, 2010
The deadlines for sending 1099’s to contractors and the IRS can get a little confusing. Use this post to mark your calendars and never worry about 1099 deadlines again! And, of course, never forget that Outright has you covered when it comes to collecting form W-9 from contractors and filing your 1099’s on time.
February 1, [...]
Posted by: Jennifer Escalona, February 5, 2010
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1099’s were due to contractors on February 1st and are due to the IRS by March 1st when paper filing and March 31st when e-filing. We’ve mined our team of experts at the Outright Community to find the most common 1099-related mistakes and how you can prevent them. (Or, oops, rectify them!)
It’s February 3rd. What [...]
Posted by: Jennifer Escalona, February 3, 2010
As tax season approaches people start getting stressed about filing their tax returns. One sure way to draw the attention of the Internal Revenue Service is making a mistake on your return, here are seven of the simplest mistakes people make so you can avoid some extra stress this year.
Forgetting to sign and date [...]
morePosted by: Wray Rives, January 26, 2010
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Claudine Woolf was a successful Mary Kay sales director in 1997, with 50 saleswomen under her and a company car. Then she was diagnosed with breast cancer. During her treatment, her sales dropped off, and she was not able to meet her quotas for the Mary Kay Grand Am, nor even her regular sales quotas. [...]
morePosted by: Dustin Wax, January 25, 2010
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IRS form W-9, also known as the Request for Taxpayer Identification Number and Certification, is used to request information for tax reporting in the US. W-9 is used for just about any person you pay money to, except for employees. You should ask for a W-9 from independent contractors, vendors or other service providers. The form [...]
morePosted by: Wray Rives, November 15, 2009
Frequently small businesses are confused about when and how to comply with IRS information return requirements, more commonly know as form 1099. First there are several different versions of form 1099, including forms to report interest payments, dividend payments and retirement benefits. I want to focus on form 1099-MISC, miscellaneous payments, which is [...]
morePosted by: Wray Rives, November 9, 2009
Our tour of the country is off to a tremendous start with the San Francisco and Los Angeles Unintentional Entrepreneur meetups behind us.
Kevin Reeth, kicked us off with an overview of the financial fundamentals of being self employed.
"As a Business Owner you must… Generate your own income, fund your expenses, contribute to Social Security and [...]
Posted by: Paul O'Brien, July 24, 2009
Your Livelihood Right Now
Welcome to Outright - a place to get advice, and share your small business knowledge and experiences... right now!
Asked Mar 7, 2010
by Jill Harness
