This episode of Kaizen Time delves into the crucial topic of 1099 forms and their significance for small businesses. It explains how these forms serve as a tool for the government to track income and ensure tax compliance, while also highlighting their importance for businesses in claiming legitimate deductions. The discussion covers common pitfalls, such as paying contractors in cash to avoid reporting and the consequences of inaccurate or missing 1099s. Practical advice is provided on using W9 forms to collect necessary information and the potential repercussions of non-compliance, including penalties and the risk of audits. Ultimately, this episode offers valuable financial advice to help small business owners navigate the complexities of 1099 reporting and maintain sound accounting practices.
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🎙️ Kaizen Time is part of the Blood, Sweat & Business podcast series by Kaizen CPAs + Advisors. We help small business owners make smarter financial decisions—without the fluff.
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