Profit MindedHeads Up: Taxes and Year End
It is just about time for small business owners to tear themselves away from the final end of year sales push (and holiday madness) to take a couple of hours to get their financial ducks in a row for year end financials and taxes. In addition for online businesses there are a few new wrinkles that just popped up - in particular the IRS is cracking down on 1099's in general and the 1099-K for online income reporting in particular. The word is that the IRS is sending 20,000 letters out this week about 1099-Ks. If you get one, don't panic immediately - it may just be a general inquiry about what you are doing with them - but take the time to understand and respond. If you don't get a letter, not to worry but do remember that 1099-K income has to be included as income - no matter how small it is.
Here are some current article on year end financials and tax.
Is your part time business legal?
Non-filers beware - who's that knocking at your door?
