New Year’s means one thing in business: Tax Season! My good friend Rayanne Buchianico joined me to talk about “all things tax” for 2018. We started off talking about 1099s and other reporting requirements. One of the interesting points Rayanne made is that some pieces of the process are not really required – at least not the way most of us think.
This 30 minute interview covers taxes for sole proprietors, s-corps, and lots of related issues.
Rayanne owns ABC Solutions in Clearwater, FL. She is an enrolled agent: A tax professional who is licensed to represent you before the IRS. She is also and MSP and and she specializes in helping other MSPs get their finances straight – and keep them that way.
As strange as it sounds, we spent a lot of time talking about 1099 requirements. Basically, 1099s are good for YOU because they allow you to deduct those expenses from your taxes. But in order for you to do that, someone else (whoever receives the 1099) must then declare that money as income on their tax return.
Quote of the Day: “If you only have one 1099, that means you don’t have a business. You have a job.”
There are also dramatically different 1099 rules for corporations. You have to send a 1099 to any vendor you have paid $600 or more. And here’s a great safety tip: Never pay a new vendor until after they return their W9!
Rayanne’s favorite question (which I asked her): “If I’m a sole proprietor with no employees, can I get a tax payer ID to use instead of my Social Security Number?”
. . . And then we talked about S-corps, C-corps, changing tax rates, 20% reductions in taxable income for 2018, and SO MUCH MORE . . .
. . . And more and more. I am amazed at how much good information you’ll find in this 30 minute interview. Without typing a transcript, there’s no way to cover all the good stuff here. Just listen.
ABC Solutions: https://abcsolutionsfl.com/
Rayanne’s Blog: https://abcsolutionsfl.com/blog/
–> Follow-up blog post on Rayanne’s Blog – Filing 1099-MISC – https://abcsolutionsfl.com/obligations-1099-misc/
Classes Rayanne teaches at Great Little Seminar: http://www.greatlittleseminar.com
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This interview is 30 minutes.
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