Am I Supposed to File a 1099-MISC Form?

Am I Supposed to File a 1099-MISC Form?

1099-MISC forms are shrouded in confusion in the online world...or rather the whole US among business owners with contractors.

With so many different boxes, having to figure out who gets one, and calculating out how much you paid out, it can all seem like a super scary undertaking!

Why are clients asking for a W-9 and what the heck is it?

Why are clients asking for a W-9 and what the heck is it?

What is a W-9?

A W-9 is a form from the IRS that let's people know what type of business you have (sole proprietor, LLC, S Corp, C Corp, etc) and other important info like your business name, address, and EIN (Employer Identification Number).

Are Client Gifts Deductible? + Gift Guide!

We work so hard to get new clients. Wooing those who follow us. Speaking to their needs. Putting time into saying the right things. Sales pages just right. Social media on point.

But what about when they jump in?

Do you have a plan in place to keep them happy and feeling appreciated?

If not, I've got just the thing!

GIFTS

Oh yes, gifts. Don't you just love getting something out of the blue in the mail?

A small package addressed to you. The anticipation and curiosity.

Are gifts for clients tax deductible? Find out here and get the female entrepreneur gift guide!

Imagine what this does for a client! It creates an immediate sense of loyalty and pleasure that you were thinking of them.

But are these costs deductible?

Up to $25, yes!

And I know what you're thinking, "Can I possibly get a great gift for so little? Won't it look like I'm being cheap?"

Well that's something you have to decide for your business and brand.

If you have a luxury brand and you send a $5 gift, that may seem cheap. On the other hand, if you work closely with your clients and have a close relationship, a personally picked $10-15 gift might be perfect.

If you are that luxury brand and decide that your clients need a $100 purse, you just need to be prepared to eat part some extra costs. $75 of that purchase won't be deductible, so you'll be responsible for that extra $75 of taxable income.

Need help finding the perfect gift under $25?

I got you girl ;)

 

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Bookkeeper vs. Accountant: What's the difference?

Do you ever have those brain dead moments where you think everyone knows you and what you do and then someone asks, "So what does a/an [insert your profession here] do anyway?"

BAM! You come back to reality and realize you aren't the center of the universe and in fact most people are confused by what you do to make money...am I right coaches/marketers/social media managers/brand designers/basically every online business ever?

Well this happened to me recently. Except for me it's a little different. People know bookkeepers do the books, but they're often confused about where the line between books and taxes is drawn.

"So what does a bookkeeper do exactly? Or I mean, what's the difference between a bookkeeper and accountant?"

I'm going to break it down for you here so you never have to wonder again ;)

The simple answer is bookkeepers do your bookkeeping, accountants do your taxes.

And while that seems like an easy answer...there's a lot of blur in between those lines!

Business Photoshoot: Deductions

There is nothing quite like a grainy, unprofessional photo of a business owner on their website to turn you off in a big way! For this reason, one of my first investments in my business was a photoshoot. 

I think this is an incredibly smart investment for your business! Good photos of you displayed proudly on your website instills trust in your potential clients that you are legit and not some faceless scammer behind a pretty website.

With that said, I don't think you need to go out and book a $2,000 shoot if you only have $200 in the bank. Yes, the photos will be amazing, but you have to trust the process and not jump for big ticket items before they make sense for you business. If you don't have enough to afford a high-end photographer, try looking instead for a smaller studio that does head shots. You'll at least have a clear image on your website that shows your pretty smile and warms the hearts of your potentials ;)

A question I've been asked and see around social is..