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Thoughts on growing a business, raising money, getting the word out, and increasing profits. Plus, ZipBooks news!

  • When to Use Tax Form 1099-C for Cancellation of Debt

    Posted 1 week ago in Small Business Tips
    by Karin Hernandez

    Sometimes, despite your best efforts to manage your debt responsibly, the situation gets out of your control and you find yourself owing more than you can reasonably pay back. In that case, there are ways for you to negotiate with your creditors so that they accept less than the total of what you owe. Unfortunately, […]

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  • What Is IRS Form 1099-Q?

    Posted 1 week ago in Taxes
    by Karin Hernandez

    If you’re paying for education expenses out of a tax-free education account for yourself or a dependent, then you’ll receive a 1099-Q form from your plan administrator at the end of the year. The 1099-Q details the distributions that you received from your qualified tuition program. As long as the distributions are spent on “qualified […]

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  • What Is IRS Form 1099-SA: Distributions from an HSA, Archer MSA, or Medicare Advantage MSA?

    Posted 3 weeks ago in Small Business Tips
    by Karin Hernandez

    While most health insurance plans offer the ability to pay for your premiums with pre-tax dollars, there are now some plans that offer additional tax-free or tax-deferred benefits. If you participate in a high-deductible plan that is paired with a Health Savings Account (HSA) or Medical Savings Account (MSA) for your out-of-pocket expenditures, then your […]

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  • 1099-K vs 1099-MISC—What’s the Difference?

    Posted 4 weeks ago in Small Business Tips
    by Brad Hanks

    If you use contract employees (also known as independent contractors, freelancers, or self-employed workers), you know you have to issue them a 1099-MISC if you pay them over $600 in a year. But what’s this new thing called a 1099-K, and what does it have to do with your business? In other words, what’s the […]

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  • What Is a Schedule K-1 Form?

    Posted 4 weeks ago in TaxesSmall Business Tips
    by Jenny Rollins

    Taxes can get all kinds of complicated. You have to fill out a series of forms that you don’t understand and then the IRS penalizes you when it’s not done properly. There’s no reason to make things harder than they need to be. So, let’s break down the Schedule K-1 form together. Very basically, a […]

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  • How to Fill Out a Schedule C Tax Form

    Posted 1 month ago in Taxes
    by Karin Hernandez

    If this is your first year in business, you are about to experience filing taxes as a business owner. This can either be a complete pain or a piece of cake, depending on how savvy you are when it comes to taxes and deductions. When you’re a regular employee, you receive a W-2 form that […]

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  • 1099-MISC tax form DIY guide

    Posted 1 month ago in Small business guide
    by Karin Hernandez

    What is a 1099-MISC form? What kind of income is reported on a 1099-MISC form? Who Files the 1099-MISC Form? Who Gets a 1099-MISC? Is There a Minimum Threshold Dollar Figure? How Do You File the 1099-MISC? How and When Do You Issue the 1099-MISC?   What is a 1099-MISC form? You may have heard […]

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  • Top 10 1099 Tax Deductions

    Posted 1 month ago in Taxes
    by Jenny Rollins

    Figuring out your tax liability for income reported on your 1099 forms can get pretty complicated. We’ll make sure you reduce your tax liability to the lowest level allowed by the IRS by walking you through some of the most common 1099 tax deductions. The tax rate for 1099 income is twice the rate of […]

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  • Top 69 Blockchain Companies

    Posted 1 month ago in Small Business Tips
    by Jenny Rollins

    You may have heard the phrase blockchain before, but we’re going to try to explain what it means so that small business owners that aren’t cryptocurrency gurus can keep up. Blockchain is basically a digital ledger for bitcoin transactions. But what’s a bitcoin?  Bitcoin is a brand name (think Kleenex or Band-Aid) that has become […]

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  • Estimated Quarterly Taxes: How to Calculate and File

    Posted 2 months ago in Taxes
    by Brad Hanks

    Disclaimer: This post only applies to estimated quarterly taxes for Federal income tax filing. Depending on where you live, you may have to file quarterly state taxes as well.   When you’re an employee, it’s normal to have money withheld from your paycheck for taxes, retirement funds and insurance. When you’re self-employed, or if you […]

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