Category Archives: Dealing with Taxes
Paypal and Amazon 1099: How do I know if I’ve hit the limit?
If you are a regular reader of The Bottom Line, you’ve seen our posts about the Paypal and Amazon 1099k. One thing you may be wondering is: How do I know if I’ve hit the limit and will receive a … read full post
Preparing for Year-End: Quick Tips for Your Business
It’s been a great year for all of us here at Outright. But, it seems like just the other day we were recovering from New Years’ Eve and now it’s already time to prepare for 2012! Boy, does time fly. There … read full post
The PayPal 1099 FAQ
The new Form 1099-K will report the money merchants received through the credit card company for all of 2011. read full post
I Filed a Tax Extension. Now What?
April 15th is the date that strikes fear in many a taxpayer. October 15th is when you automatic extension runs out and there is no more “mister nice guy” on the part of the IRS. read full post
5 Warning Sign You’ve Hired an Unscrupulous Accountant
A great number of self-employed individuals will depend on outside accounting and financial professionals to help them with managing their finances and preparing tax returns. Here are five warning signs your accountant may not be looking out for your best interest. read full post
When do I need a state tax ID number?
Just having a tax id number from the IRS is not always enough. There are certain times when operating your business will require you to have a state tax id number. read full post
Small Business Owner’s Guide to Taxes Due on April 18th
You may ask what taxes are actually due on April 15th? Individual and partnership tax returns are due. Sole proprietors, self employed individuals and freelancers all file a Schedule C which is NOT a separate tax return, but is part of the standard individual tax return or Form 1040. read full post
Why Is it Important to Categorize Expenses Properly for the IRS?
You might could save some valuable time if all your expenses could just be lumped into the “other” category. The IRS really does care about your expense categories. read full post
A Ray of Hope: House and Senate Bills Oppose Expanded 1099 Reporting Requirements
We’ve been watching the progress of the Patient Protection and Affordable Care Act (AKA the Healthcare Reform Bill), and particularly the part that affects small business – the extreme new 1099 reporting requirements. As of now, businesses only have to … read full post
Expanded 1099 Reporting Requirements: Whose Idea Was This Anyway?
A group of senators has written to IRS Commissioner Douglas Shulman complaining about the new 1099 filing requirements, which were passed into law by – who was that again? Oh, right – those same senators. “The new requirements may place … read full post