Are you ready to unravel the intricacies of 1099 forms? Then buckle up, because our CPA extraordinaire, Michelle, is here to help you navigate this often confusing territory. We'll be dissecting the frequently encountered 1099 MISC and 1099 NEC forms, and delving into the recent changes made to the 1099K form. Michelle will explain the vital role W-9s play in dealing with vendors and contractors, and how the IRS uses this information. Plus, she'll offer insights into her own decade-long business journey, emphasizing the importance of continual education to keep up with shifting tax laws.But the knowledge journey doesn't stop there. The latter half of our conversation focuses on the critical aspect of differentiating your personal and business expenses and ensuring that your reported gross revenues align with the 1099K form obtained from merchant processors. You'll learn how to verify the accuracy of your 1099s and understand the correct way to classify employees versus contractors. And because we appreciate the support we receive from our listeners, we're giving a special shoutout to all the moms out there cheering us on. If you're a small business owner seeking to make sense of your financial obligations, this episode is an enlightening and essential listen.https://www.michelletraczcpa.com/ This program is brought to you by:Balanced Virtually Be sure to visit BizRadio.US to discover hundreds more engaging conversations, local events and more.

CPA Chat: Dissecting 1099 Forms & Business Expenses

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