Tax time is quickly approaching. For small businesses, the most important number might be 1099.
As you go through your paperwork and figure out if you owe or should get money back, small business owners may find that payroll taxes are a big determining factor.
“If you received a 1099 form, the IRS also received a 1099 with your income and tax information. Many people mistakenly believe if they did not receive a 1099, they don’t have to report the income they earned. This is a mistake that can cost dearly in penalties,” Black Enterprise warns.
In this article, C. Daniel Baker lays out what the 1099 is and how you can avoid running into trouble with the IRS. Are you an entrepreneur getting ready for April 15? Click through and read more about the 1099 at BlackEnterprise.com.