Between basketball practice, double duty girl scouts (selling cookies with our young entrepreneur in the pic — and the meeting), plus a haircut… it’s shaping up to be a busy weekend!
But let’s be real, it sounds pretty much like every other weekend! Am I right? #momlife
This kind of a weekend reminds me how much we all have going on #allthetime.
And add the fact that we are running businesses and a family (or even just trying to maintain a personal life), and it becomes *essential* to maximize our efforts so we get more results out of the same or less efforts.
I think of it like this: “Do Less… But Better.”
And one of the key areas on my 2022 list to “do less better” is… drumroll please…
“Wait, can I get penalized for not *receiving* enough 1099’s?”
I just got this great question and thought you might be wondering it too.
The bottom line is No — it is not your responsibility to make sure you receive a 1099 from your clients, but you do want to make sure that you aren’t 1099’ed directly from a client when they paid you via credit card. (Keep reading for more scoop on getting “over-1099’d”.)
“Belinda, why are you talking so much about 1099’s all of a sudden?”
Great question — 2 reasons:
1 – The deadline is Jan 31st, and the penalties can be steep, for getting them filed.
2 – I’m here to simplify this seemingly complex topic of your business money and get it handled… so your money becomes the tool it is meant to be and not to feel like you’re the tool being managed by your out of control money.
Check out my free template now so you can better understand the whole process, no matter which side you are on.
Plus, I’ve been fielding so many questions over the past couple of weeks both on filing and receiving 1099s, I thought you might have some questions too.
So check out Monday’s video for a helpful Q&A:
OK there you have it. Last call for our 1099 cheat sheet to get this done this week (before the Jan 31st deadline) — just hit reply if you have any questions.
— > Do you have to issue your assistant a 1099? < —
MAYBE… but maybe NOT.
Whether or not you have to issue a 1099 to a contractor that worked for you in 2021 depends on… *how* you paid them!
Typical of the IRS, they have not made the whole 1099 “situation” easy.
Seriously, 1099s and tax time can be so confusing for many entrepreneurs — and the penalty for late or wrong filings doesn’t help. (So you aren’t alone if you have felt this way too.)
The deadline to file 1099s is January 31st…
… which is fast approaching.
Help has arrived for you!
I created an easy (& free) template to end the confusion for who and how much you need to file 1099s for.
This will help you:
Know who you need to file a 1099 for
Understand who you can exclude
Avoid *getting* duplicate 1099s (so you can avoid paying extra in taxes!)
Ready to pay yourself better? Click here
to download your free guide and training.
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This is the gentle kick-in-the-pants you have been looking for, with the step-by-step plan that makes it easy to know what to do to turn your net worth—and self-worth—around once and for all. Click Here to Learn More...
