Financial Snickens

Business Forms 101


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It’s easy to get overwhelmed with all the different forms necessary to run a business. However, knowing which forms you need for specific types of employees is essential to keep all your accounts and tax information organized and updated.  

In this episode, I walk through the most common forms required to keep your business on track.  

In this episode, you’ll also hear: 

  • Understanding employee tax forms  
  • Business partnerships, contractors, non-employee compensation 
  • When to use 1099 Miscellaneous forms   
  • Must-listen moments:  

    [00:01:27] The W4 is the form that employees fill out, and a W2 is what you get when you are an employee, and you get a record of your work. 

    [00:03:31] If you hire somebody to do a service, if you hire someone to build a website for you, provide bookkeeping services, provide advice on something, you hire a marketing firm, anyone that's providing you a service–you need to get a W9 from them 

    [00:06:08] 1099 NEC, these are for independent contractors, and it is for contractors and freelancers. You are required to file this form if you have paid anyone over $600 and they are an LLC or a sole proprietor. 

     

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    Financial SnickensBy Alisa McCabe