Everything You Need to Know About 1099s in 2024

business form 1099

For those operating businesses where independent contractors or other non-traditional income payments are being made, 1099s are how you will report income paid to individuals or entities during the tax year. The main purpose of a 1099 is for the IRS to track income that falls outside of the scope of traditional taxes. Businesses, organizations, or individuals are responsible for issuing 1099s if they make such income payments. Similarly, individuals are required to file taxes with a 1099 if they made any income that is not reported under a W-2 or other tax reporting form. 

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10 Benefits of Outsourcing Payroll Services in 2024

why outsource payroll

The modern business world comes with its fair share of challenges. From smooth operations and budgeting to meeting employee needs, your time and effort as a business owner are in great demand. One way to alleviate some of the burden from your shoulders is to use a quality payroll service. There are various benefits to fully outsourcing your payroll to professionals who do this everyday besides the relief that comes from knowing your employees are in capable hands.

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10 Reasons to Use a Quality Bookkeeping Service

why use a bookkeeper for business finances

Quality bookkeeping is one of the foundational pillars of any successful business. Every decision affects your business and keeping accurate and precise financial records is arguably one of the most important decisions you’ll make. Not only does bookkeeping protect your business through the meticulous recording of financial transactions but it also offers the ability to stabilize and grow your company.

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5 Reasons to Use a CPA Firm 2024

benefits of using cpas for business accounting

Utilizing the services of a Certified Public Accountant (CPA) for a business of any size is a wise investment. From reducing expenses to minimizing tax benefits and ensuring compliance, CPAs can help your company save valuable time, effort, and money. The immeasurable benefit a reliable accounting firm brings is the peace of mind you’ll have from the knowledge that every financial aspect of your business is covered. In the Mississippi mid-state area, Watkins & Co. CPAs are your trusted partners – teaming with us provides numerous benefits that reach far beyond the day-to-day financial services we offer. 

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10 Pitfalls to Avoid in Small Business Accounting

small business accounting tips

What common accounting mistakes should small business owners avoid?

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Business Entity Formation and Structure for Small Businesses

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If you’re on the journey of beginning a new business, congratulations! That’s an exciting endeavor and the start of a new chapter of professional life. A vitally important and foundational step that can impact your venture’s future is selecting the correct business entity and structure. This decision can have a significant impact on your company’s long-term financial viability, protection, and growth potential. When it comes to making these important decisions, having a trusted and experienced business accountant by your side can make all the difference. Watkins & Co. has decades of expertise in advising new business startups and we are here to provide the support you need for creating a successful business foundation. 

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Business Expense Tracking and Reimbursement Tips for Small Businesses

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As a small business owner, you may have found yourself bogged down with the ins and outs of financial hassles like keeping track of business expenses and managing reimbursements. But breathe easy – relief is just around the corner! With the right support and effective expense tracking methods, your small business can thrive. All it takes is a few game-changing tips for managing small business expenses and the right professional accounting team on your side and you’ll be set up for successful financial management.

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Payroll and Employee Management for Small Businesses

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As a small business owner, you consistently face numerous responsibilities and are pulled in a million different directions every day. The payroll and employee management aspect of any business can seem daunting, especially if you’re an entrepreneur who does not have a dedicated HR department. At the same time, maintaining a happy and productive workforce and staying legally compliant is vitally important for your company. If this all rings true for you, then you’re in the right place! Watkins & Co. small business accounting experts are here to offer valuable insights and tips on employee payroll and management

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Small Business Tax Deductions: Benefits & Requirements 

tax deductions for mississippi small businesses

Most small business owners cite doing their taxes as one of the most stressful and worrisome aspects of owning a business. Business taxes can be an incredibly tricky task and any wrong turn can have a detrimental effect on your business. On top of all that pressure, tax regulations and deductions vary by location and change constantly. Ensuring that you are in compliance while also maximizing your returns requires precise record-keeping, knowledge of state-specific regulations, and a deep understanding of available deductions. As such, it’s vital to consult with a professional tax firm like Watkins & Co. when determining your small business taxes and deductions. 

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Understanding and Managing Cash Flow for Small Businesses

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Cash flow is the heartbeat of a small business and it’s crucial that you, as a business owner, manage this essential element effectively. Proper cash flow management can help you track expenses and revenue, identify potential problems early, and help guide your decision-making process. Yet cash flow can potentially be one of the biggest challenges you face. A U.S. Bank study found that 82% of recent small business failures reported that cash flow factored into their failure. So the question remains, how do you effectively manage cash flow for your company? Watkins & Co CPA experts are here to weigh in on the best cash flow management strategies.

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Watkins took one of the biggest headaches in my business and made it simple! Excellent, consistent results.

-Travis – Brandon Mississippi