Business is hard-Lessons learned from Kickstart Accounting, Inc team
All about 1099s
If you own a small business, chances are you will be dishing out some 1099s this year. Not sure what 1099s are, who should be getting them, and when they're due? Worry not – we've got you covered. Here's everything small business owners need to know about this common IRS tax form.
What are 1099s?
To put it simply, a 1099 is a form used to claim miscellaneous types of income that fall outside the scope of wages, salaries, and tips. These outside income sources can include real estate transactions, self-employment, interest, short term contract work, long term contract work, and more.
Who Gets 1099s?
If you pay an independent contractor more than $600 between the months of January and December, you must file a 1099 for that contractor. The form details the total payments issued to said contractor, letting the IRS know how much in taxable income is owed. If you paid the contractor less than $600 that year, there's no need to file a 1099.
Wondering what the difference is between an employee and a 1099 contractor? This is where things can get a bit tricky. In short, to be considered an independent contractor, one must be able to have control over the work he or she performs. Basically, you're not this person's boss. You are only using his or her contracted services.
When Are They Due?
Ideally you want to get the contractor his or her copy of the 1099 before January 31st. When it comes to filing with the IRS, electronic filing is the easiest and safest solution. Better yet, if you file electronically, the IRS allows you to do so up until April.
Small business owners face unique challenges when it comes to bookkeeping. Find yourself not knowing where to start? No problem! We specialize in helping small businesses keep their books in tiptop shape. Give us a call to discuss your small business bookkeeping options DanielleH@kickstartaccountinginc
Growing your company and trying to decide whether or not to invest in attending a business development conference? If you ask us, we say go for it! Okay. We get it. You don't think it's feasible to spend part of your budget on a conference, right? Well, think again. Our team can attest that it is definitely worth it. Knowledge is power, so we here at Kickstart Accounting can't wait to learn from those who will be speaking at the 2018 Biz Chix Live. Need more convincing to invest in a conference? These are just some of the benefits you can expect:
Relationships, Relationships, Relationships: Of course, the greatest benefit of attending a business conference is the opportunity to network with like-minded professionals. For example, we will be attending the Leadership Conference for Women Entrepreneurs, allowing us to connect with other female leaders we can relate to and learn from.
Open Your Eyes to a Creative Outlook: You would be surprised how much creative inspiration you can find at business conferences. Keep your eyes peeled for ideas you can change up to fit your brand, message, or mission. Just make sure you don't steal or infringe upon copyrights.
Put Info to Use, and Witness a Higher Return: Some may think spending money on a conference is a waste, but we beg to differ. Given all of the networking you can do, inspiration you can find, and information you can learn, a conference is actually a worthy investment. As long as you implement what you learn, the conference will pay for itself.
As you can tell, our team is beyond excited to attend the upcoming 2018 Biz Chix Live for Women Entrepreneurs. If you've been considering a conference for you and your crew, there's not much more thinking to do. Go out and get those gains!
Running a new business can be a daunting task for women entrepreneurs, especially when seeking assistance from mentors or inspiring people who hold expertise in their relevant fields. Luckily, there are some great podcasts available for women who need some valuable guidance or insight into how a business works. These podcasts are creative, offer valuable advices or suggestions, propose novel and innovative business strategies, and inform about the shift and transformations taking place within the market milieu.
Some of the most popular and innovative podcasts for women entrepreneurs are both informative and inspiring. Here are a few you may want to check out for yourself.
BizChix is hosted by Natalie Eckdahl, a performance coach and business strategist. The basic aim of this podcast is to assist women across the globe in scaling their business, guiding them on things that they need to avoid to achieve success. In this podcast, Eckdahl interviews influencers from the industry who provide insight into how businesses can be developed over a period of time.
Stacking Your Team
This podcast is designed to help women entrepreneurs in becoming successful CEOs of their companies or organizations. This includes valuable information on attracting, as well as retaining, the best talent in the industry. Shelli Warren organizes guest interviews, training sessions, and coaching sessions that provide insight into how employees can be hired, removed from their job, or inspired to contribute towards the success of the business.
The Goal Digger Girls
The Goal Digger Girls podcast is in the form of a business workshop that focuses on helping women in accomplishing their dreams and achieving success. They train women on how they can work effectively to accomplish and tackle their goals accordingly. The podcast is hosted by Jenna Kutcher, a photographer and educator by profession.
Quit Your Day Job
This podcast helps the audience explore their sense of purpose in life and discover the unique set of talents they possess. Cathy Heller hosts the podcast and organizes interviews with inspiring people in the industry. These professionals share their personal experiences and narrate their journey of self-discovery to determine if their work goals are aligned with their identity.
Business Boutique is led by Christy Wright, a certified business coach and is passionate towards helping others in achieving their goals. This podcast was created to help women in earning or making money from the work they love to do. She guides people on how they can make money from their work goals and objectives in the best possible manner.
CEO Warrior is hosted by Mike J. Agugliaro and his partner. They help business owners with their work goals and provide them insight into the set of skills or tools that are presently working in the marketplace. This podcast helps struggling entrepreneurs with improvising their work practices, sharing with them stories of people who became multi-millionaires.
Have you ever considered franchising your business? Given the increasingly fast pace of the business world, franchises are often excellent tools when it comes to quickly growing brand reputation. The tricky thing is franchising can either make or break a business. The outcome all depends on whether or not you are prepared. Before making any big decisions, check out our list of important items you need to know about franchising your business.
Organization, Organization, Organization
Successfully franchising a business involves lots of preparation and organization. You need to lay out exact guidelines, rules, requirements, and other details for franchisees. Detailing everything beforehand is the best way to ensure the roll out goes off without a hitch.
Location is Key
You should scout out prime locations for your franchise. It is recommended you take the area, local demographics, and buying habits into consideration before choosing to establish a franchise in any specific part of town.
Get Professional Legal Help
Franchising without seeking the guidance of an attorney is one of the biggest mistakes you could make. Lawyers with experience in franchising laws know just what paperwork is needed to protect you, your business, and your franchisees.
Do Your Due Diligence When Selecting Franchisees
Franchisees are the ones who will be representing YOUR brand, so it is important to consider who they are and their goals. Don't forget to interview each candidate, as meeting and speaking with someone, especially in person, gives a deeper insight into their style than just a basic paper application.
Think it is time to explore franchising for your growing business? Keep the above tips in mind and you will be on your way to making a decision that is right for you and the future of your business.
Chances are you have got quite a story to tell when it comes to money… you just may not know it yet. The money story of an entrepreneur or business owner is what identifies his or her relationship with finances. It determines how you feel about money, your money beliefs, and how you go about using your money.
Believe it or not, your history with money could very well be what is holding your business back from reaching its full potential. For example, if you experienced tumultuous times due to a “bad economy” or an industry disruption, you are probably more likely to invest wisely and carefully. On the other hand, if money was never an issue for your family growing up, you may be more inclined to carelessly invest. Though neither position is necessarily bad, it is ideal to look at finances with a healthy attitude and balanced outlook. Here are a couple of ways you can rewrite your money story in order to set yourself up for success.
- Simplify Your Story into a Single Sentence. The easiest way to identify your overall money background is to condense everything into just one sentence, phrase, or tagline.
- Answer Some Important Money Questions. You will also want to think back to figure out how your story came to be. Recall how you first learned about money, got your first job, etc.
- Make a Short List of your Money Negatives. Next, write down all the negative feelings or beliefs you have about money. Establishing the negatives allows you to focus on the areas that need repair.
Rewriting your money story is all about finding out how you got to where you are today. When you figure that out, you will know what changes need to be made. If you need help figuring out your money story and determining the best next steps for your business, Kickstart Accounting, Inc. is here to help. Please contact us at Danielle@kickstartaccountinginc.com to get started today!