bookkeeping

The 1099 Reporting Threshold Is Now $2,000: What Small Businesses Should Know for 2026
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The 1099 Reporting Threshold Is Now $2,000: What Small Businesses Should Know for 2026

Business, Individuals

The 1099 Reporting Threshold Is Now $2,000: What Small Businesses Should Know for 2026

Small-business owners who pay independent contractors have an important administrative change to keep in mind for 2026: the federal reporting threshold for many Forms 1099-NEC increased from $600 to $2,000. That may reduce the number of forms some businesses file next January, but it does not eliminate the need for good vendor records, completed W-9

By Victor Garrido, CPA, EA|2026-09-24T03:17:12+00:00September 30th, 2026|Categories: Business, Individuals|Tags: $2k, 1099, bookkeeping, businesses, compliance, contractors, deductions, expenses, federal, irs, MISC, NEC, payments, reporting, taxation, vendors, W9|

IRS reminds us good tax planning requires good recordkeeping
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IRS reminds us good tax planning requires good recordkeeping

Business

IRS reminds us good tax planning requires good recordkeeping

The IRS in their COVID Tax Tip 2021-89 communication reminds us that "The first step of good tax planning is good recordkeeping." We always recommend to 1) use checks, credit cards and debit cards for your expenses, so there is no need of keeping all the bills and invoices, 2) do not commingle - separate

By Victor Garrido, CPA, EA|2025-01-10T01:56:47+00:00July 13th, 2021|Categories: Business|Tags: accounting, Accounting services near me, bookkeeping, CPA near me, irs, planning, tax|

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The 1099 Reporting Threshold Is Now $2,000: What Small Businesses Should Know for 2026

IRS reminds us good tax planning requires good recordkeeping

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