This week, we’d like to welcome back the Outright Community Help Center! It was MIA for a while but now back better than ever. Sample a few posts below and feel free to poke around.
Also, just how much of an impact does a small business closing make on the economy? It may be more than we thought. Plus links, a tip on how to make more time during the day, and clarification on a common 1099K issue!
There still seems to be some confusion about the 1099K – namely, where to put the information on your Schedule C! It seems the Schedule C form has a line on it, line 1a, that mentions “merchant cards” and other similar transactions. This is clearly where you put the info Paypal, Etsy, and the others send you in the 1099K, right?
Not so, at least this year. This IRS advises not putting anything but a big fat goose egg “0″ on line 1a. For whatever reason, that line is just a placeholder this year, possibly to get people used to the idea for NEXT year. For 2011, insert the 1099K info (along with ALL of your business income) on line 1d, “total gross receipts.” Now you’re all good to go. And remember to consult an accountant (you can find some in the Outright Community!) if you have any questions at all before doing your own taxes.
Oh, and remember to do your own expense and deduction calculations!
The Outright Community
eBay Trading Assistant tax woes – Business owners have it ok when using a trading assistant, but what if you ARE the trading assistant? Be the first to answer!
How do you evluate a potential accountant? – I want to make the switch, but don’t have the time for research. With no referrals, what should I look for?
How do you account for startup funds you raise through crowdsourcing? – Crowdsourcing is a great way to raise the funds you need for your projects, but how do you account for them when it’s tax time?
Around the Entrepreneur Web
Infographic: Customer Loyalty – An infographic detailing just how important customer loyalty is to the longevity of a business.
eBay List Auction Style Free Stores Special – Through February 21st eBay is letting sellers list auction style items with no insertion fees!
Employment by the Self Employed – If you’re looking for a job working for someone in the business for him or herself, focus on the incorporated self-employed.
Small Business News of the Week
While small business is commonly known as the “backbone of American business,” there may be an ugly truth we’re not paying attention to. Not every single business succeeds, and most businesses close within the span of a year. But what happens to the economy when most businesses suddenly put up “OUT OF BUSINESS’ signs?
A recent New York Times article seems to indicate it’s doing more harm than previously thought. Each store closing is a loss for the property owner, the local economy, and of course everyone who was employed there. While everyone wants to have the billion dollar idea, it may not be doing the most good for everyone and their brother to open a new store.
Outright Pro Tip of the Week
Need more time during the day? Don’t we all! While you can’t literally add more time during the day (unless you can…I would recommend getting a patent immediately!), there are little ways you can squeeze in a little bit more work during your work day.
We both know you goof off periodically during the day – who doesn’t? Otherwise we’d go crazy. However, over time you may be doing less and less “nose to the grindstone” work.
Try recording how much time you spend taking breaks versus buckling down and getting things done. You may be in for a shock, as time has a habit of slipping away from us!
That’s all for today’s Outright Weekly Round Up. See you next week!