Private Practice Accounting Blog

I paid for someone to do my website – What do I do?

Jan

I paid for someone to do my website – What do I do?

How do I know if I need to report it? Alright if they aren’t an employee, and they are an independent contractor, yes you do have to report it if you meet certain thresholds. Was the amount over $600? Was the payment to an individual or an entity that is not incorporated? If you answered yes to the two questions about, then you need to file a 1099-Misc for the payment. To do that you need info from the person you pay. Usually, you collect this info before you pay the person via a W-9, but if you didn't you…

Mar

By Toni Cameron

Apps, Estimated Taxes, Taxes

I made some money, now what?

Alright - so you are a freelancer, maybe working on the side, or a small business owner making some money, which is awesome. The downside is you need to pay taxes on that income, and you need to figure out what you owe. Do you need to make estimated tax payments? If you fall into both of the following categories you had better pay up: You are expecting to owe at least $1,000 or Your withholding will be less than: the smaller of 90% of your 2015 taxes or 100% of your 2014 taxes. I am not going to cover…

What are Financial Statements and why do I care?

Mar

By Toni Cameron

Cash Flows, Financial Statements, Template

What are Financial Statements and why do I care?

Let’s get to the most important part first, namely why you should care about your financial statements. Your financial statements show how your business is doing, they provide various ways to measure goals and output, and, if you don’t know what’s going on in your business, they will show you. Most significantly, they will let you know if you are making money. Your financial statements will help you answer questions like: Can I hire a new employee? Do I have enough money to pay my bills? Can I spend this money on new computers? Am I reaching my goals for…