Failure to File Form 1099-MISC: An Expensive Mistake

Whether you’re working your side hustle or working your business full-time, issuing 1099s is a crucial, yet often overlooked aspect of running a small business. Can you really afford to ignore your obligation? It’s a pretty expensive mistake.

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Photo by Markus Spiske on Stock Snap

Who needs to file Form 1099-MISC?

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5 Top Tax & Accounting Tips for New Freelancers

Everyone has a side hustle these days. Earlier this year, Bankrate released a report claiming over 44 million American adults are earning money outside of their main source of income.

Of course, I’m one of them. I started freelance writing as a side hustle in October of 2015 and turned it into a full-time gig ten months later.

Maybe you’re considering a freelancing to save for a big purchase, pay down debt, or just pursue a passion you hope to eventually take full-time.

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Photo by Ben Kolde on Unsplash

Unfortunately, many people don’t consider the financial aspects of the side hustle until they’ve made a few mistakes. Whether your freelance work earns just a few dollars a month or a several thousand, tracking your profits and paying taxes are non-optional. Here are a few essential steps to get started on the right foot.

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How to Find a Small Business Friendly Bank

As a small business owner, finding a small business-friendly bank was actually one of the more challenging aspects of setting up my business! When I began my search, I quickly discovered that many banks charge hefty fees unless you keep a large balance on your account. Others make small business owners jump through hoops to prove they’re a legitimate business. That’s why I was excited to tackle this assignment from FreshBooks – How to Find a Small Business Friendly Bank.

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Photo by Tim Evans on Unsplash

 

If you’re looking for a bank to handle your small business checking, savings, investing, and financing needs, give it a read.

Let me know in the comments: what’s your #1 concern when searching for a small business bank?