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Blogs by Mary Kimmel


Midyear Bookkeeping Best Practices

May 9, 2019 / by Mary Kimmel posted in Small Business Advice, Chicago Far West Suburbs, Bookkeeping Services, Bookkeeping 101, Business Advice

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Now that the annual springtime flurry of activity that comes with filing your small-business tax returns has passed, you might think you can go on bookkeeping cruise control until you start processing 1099 forms next winter.

In fact, it's important to follow bookkeeping best practices throughout every season. This advice can be particularly beneficial to citizens of Procrastination Nation. Start with this: If you use contract employees or vendors, make sure they submit a W-9 form before you pay them. That way, you'll have that information on file and won't have to chase it down at 1099 time.

Here are some additional suggestions to help keep your organization's bookkeeping in order all year long.

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Midyear Tax Preparation Tips

June 29, 2017 / by Mary Kimmel posted in Chicago Far West Suburbs, Bookkeeping 101

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Depending on how they're structured, different businesses have different tax-filing requirements at different times of the year. But regardless of the type of business you have, taking the following steps at midyear will help ensure you're ready come tax time.

Keep Up to Date on Your IRS Forms
Many small businesses rely on a network of "service providers" — e.g. accountants, electricians, contract laborers — in addition to full-time employees. If you pay an unincorporated service provider more than $600 during the year, you must provide them with a 1099 form at the end of the year. It is good practice to have all new service providers fill out a W-9 form before paying their first bill. Take the time now to make sure you have a W-9 form for each service provider. If the service provider is a corporation, then there's no need to send a 1099, with one exception: All attorneys (paid more than $600) need a 1099 whether they're incorporated or not.

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