Do you count gift cards given to employees as cash payments? Have a system for easy reimbursement for taxes when an employee is overpaid? Treat vendor payments as payroll before you receive a Form W-9? If you don't, you could be looking at serious fines from the IRS. Avoid these 10 common payroll and bookkeeping mistakes that small business owners tend to make.
Form 1099 should be issued to independent contractors and vendors who provide your business with over $600 in services. Failing to do so could lead to steep penalties.
Hiring your first employee (or finally giving the founders an actual paycheck) is an exciting step in a business..