Should I Worry About 1099s? No…and yes. If you’re a freelancer, gig worker, or independent contractor, you’re probably familiar with the infamous 1099 form. But if you’re new to the game, you might be wondering: Should I Worry About 1099s? First of all, what is a 1099? It’s a tax form that’s used to report income that’s not earned as an employee. If you’re a…
Small Business Taxes for Beginners As a small business owner, you’ve got loads of priorities, fires, and problems… I know, because I’ve been there, walking in your shoes… There is a never-ending list of tasks and responsibilities that all fall on your desk. “The buck stops with you.” as they say (I think that’s what they say!). All of these fires are really getting in…
What triggers an IRS audit? If you decide to file your own tax returns, what triggers an IRS audit? We’ve covered a couple videos recently about red flags and what to be aware of so you won’t be audited. We will link that video in the description of this video. I’m going to go over a couple more red flags today. Filing a Schedule C…
Bookkeeping Red Flags | John Briggs – Incite Tax What are some bookkeeping red flags to watch out for? The first red flag is you want to run a profit and loss statement by month. When you’re looking at the statement, it’ll show January, February, March, April, however many months you’re looking at in separate columns. You wanna notice trends, mainly inconsistent trends. If…
Triggering an audit is one of the biggest fears of small business owners when it comes to taxes. You’re probably even willing to overpay if it means avoiding any IRS red flags. Generally, when we think of red flags, we are thinking of an audit. It might surprise you to know that we are audited by the IRS more often than we realize. I think…
You can now add the new 1099K rules to the top of the list of why the IRS sucks! The 1099K is an IRS form for those who conduct business transactions from P2P (Peer-to-Peer) payment apps such as PayPal, Venmo, and Stripe. In the past, these companies were required to provide information to the IRS for anyone who accepted more than 200 transactions and $20,000…
Incite Tax & Accounting is a Certified Public Accountant (CPA) firm with offices in Draper, Utah. With over 10 years of experience handling business taxes for large and small Utah companies, Incite Tax is one of the most qualified business CPA firms in all of Utah. No matter your tax needs, Incite Tax is the firm for the job.
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