Hey TaxCop Crew! Now that we are well past the 1099 deadline (January 31 for those who didn't know) I wanted to take time out to help you get things in order NOW so you aren't stressed come next January when that deadline roles around. I still had clients rolling through and asking questions of how this should be handled, so I figured why not share with the masses and give you the best practices RULE OF THUMB so that you are not rushing come the beginning of the year. Because let's face it after the holiday season tax forms is the last thing most people are thinking about.

In this episode I also give a high-level look at the Form Schedule C that is a part of your 1040 Individual Return. Yes it is a business return, but it is NOT a return that is prepared SEPARATE from your personal return and I find that there are a lot more Schedule C filers than Partnership (Form 1065) or S Corporation (Form 1120S) or Corporation (Form 1120) filers. So if you want to get a good look of what the forms actually look like head over to YouTube to watch the video that I recorded.

FINALLY, I breakdown and tell you the hardcore truth. Working with a professional is helpful, but just like in any industry bookkeepers, accountants, and tax pros aren't created equal. And not all have the same level of background and experience and some of them don't care to and that's fine. I encourage you to be an informed consumer and do what's best for your particular situation. And please stop asking tax pros to provide additional services when all you have engaged with them to do is PREPARE your tax return.

Note: I do not have any affiliation with eForms....and www.irs.gov is a website that should visited often for your source information on what you can and cannot do when it comes to taxes.