Public corporations are required by law to make certain financial documents available to the public upon request. The easiest way is to post them conveniently on the corporation’s website. Here is a sample financial statement with comments to help.
Don’t forget to complete and submit a 1099 to any individual to whom you paid $600.00 or more in a calendar year as a subcontractor, casual laborer, or in rents, commissions or interest. Business owners are responsible for collecting W-9s in order to process 1099s at the end of the year. This is an important area. Contact us with any questions.
HOT TOPIC: STATE SALES TAX RATE INCREASE
The state sales tax rate increases to 5.75% on September 1, 2013. This is an increase of .25%.
This Business Tax Checklist is a great way to help organize your records at the end of the year–but remember, some items may not be relavent to your situation. ALWAYS track the cities/counties in which you earned income!