Key Takeaways Keep every contractor’s Form W9 on file before the first payment. If your contractor won’t give you a W9, be persistent. The IRS requires a three-step written request process. Use the IRS TIN Matching tool before filing your 1099s. It verifies name/TIN combos and supports reasonable-cause relief if the IRS flags an error…
Quick Summary: Could Changing My Business Entity Mean a Lower Tax Bill? If you’re a Sole Proprietor or single-member LLC, you’re likely paying a hefty 15.3% Self-Employment (SE) tax on 100% of your profit. Electing S-Corp status could cut that tax bill by splitting your income between salary (taxed) and owner’s distributions (not subject to…
“Simple can be harder than complex.” — Steve Jobs Quick Summary: What’s Changing With The 2026 1099 NEC Threshold? Businesses will only need to issue a 1099-NEC if they pay an independent contractor $2,000 or more in a calendar year. The new rule begins for tax year 2026. Business owners: less paperwork, but you still…
“To profit from good advice requires more wisdom than to give it.” —Wilson Mizner Quick Answers: Who’s the Best Accountant to Help My Business Grow? The “perfect” accountant doesn’t exist. But the right fit for your business growth does. Look for an accountant who understands your industry so they don’t miss critical deductions or…