Hey there, studio owners and entrepreneurial dynamos! Ready for a plot twist scarier than finding out your favorite glaze color is discontinued? Grab a coffee (or maybe something stronger), because we're diving into the thrilling world of 1099 forms. Trust me, it's more exciting than it sounds!
So, last year, there was buzz—no, not just buzz, a full-on cacophony—about changing the 1099 reporting limit from $600 to $1,000. Imagine the collective sigh of relief from every small business owner. "Finally," you thought, "a break!" But wait, before you start planning that celebration potluck, here’s the kicker: that change never happened. Yup, you read it right. The limit is still stuck at $600, like gum on the bottom of your shoe.
Let's break it down. A 1099 is that delightful form you send to unincorporated entities or individuals you've paid for services. And while $600 might have bought you a lot more 20 years ago, today, it barely covers a fancy dinner. Yet, despite all the talk, the limit remains unchanged. So, if you thought you could relax and only issue 1099s for payments over $1,000, think again.
Enter Pyop Accounting, your trusty sidekick in navigating these murky waters. Whether you're running a bustling studio or a cozy creative space, understanding financial management is key. Donna Bordeaux, our resident accounting wizard, wants you to remember: "Not a dime without a W-9." If you’re paying someone for repairs, services, or anything in between, get that W-9 before you even think about writing a check. It’s like ensuring you have enough clay before starting a big pottery project—you just don’t skip it.
But here’s a silver lining: if you pay by credit card, you don’t need to issue a 1099. It's like finding out your kiln won't explode after all—a small victory, but a victory nonetheless.
At Pyop Accounting, we’re not just bean counters; we’re your partners in crafting a financially sound and profitable studio. We believe in baking smooth financial systems right into the DNA of your business, ensuring it supports you as much as you support it. Think of us as your guide to achieving financial ease, growing your studio, and sharing it with the community.
So, ready to ditch the confusion and embrace a clear path to profitability? Curious about how to make your studio a main source of income and a worthy investment? Stick around. We've got the tips, tricks, and expert advice to help you navigate these financial twists and turns with confidence.
Stay tuned, and let’s conquer this financial landscape together—one W-9 at a time.
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Donna Bordeaux, CPA with PYOPAccounting.com
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.
