There’s nothing wrong with hiring some help! There are great benefits to hiring both employees and contractors. Be sure you know the differences! One of the most notable differences between employees and contractors are the tax implications. Simply put, the employee is responsible for withholding a certain number of taxes for the employee. Contractors are responsible for their own periodic tax withholding and subsequent payments to the city, state, and federal government. For more differences, see the info-graphic below!
Our CEO recently had the honor of paneling a session for young entrepreneurs.
From the desk of @nisa.jones:
“These photos were taken at last night’s Mind Your Own Business event put on by the ladies of @eltuofl. It was actually my first panel session as a business owner and it could not have felt more RIGHT. I appreciate every question, comment, and follow-up from the organizers and audience. The craving for knowledge, especially when it comes to entrepreneurship is one that should constantly be nurtured and revisited time and time again. I am most grateful to @eltuofl for inviting me to a space that allowed me to be authentic and finally speak aloud the thoughts, milestones, and journey the last year has brought. It was a true reflection. I hope those in attendance took away the courage and spark that I spoke about so heavily. You have one life. Do with it as you wish..and if your dream is to own your own business, then come on with it!”
In honor of #blackhistorymonth, we are posting just a few of the MANY notable figures who have paved the way for many today...especially the Open Books Team! These quotes speak to the vitality of trust, delegation, and the distribution of wealth, responsibility, and empowerment! .
Do exceptional work and empower those around you TODAY!
It’s that time of year, folks! If you are a business owner who has utilized the services of a contractor this year, make sure you are compliant with the upcoming January 31st deadline to get those 1099s out! Here is a little guide to help make sure you will be ready! 1. Before you start completing those 1099s, ensure you have accurate and complete info for all of your contractors. This includes names, SSN/EIN and addresses. 2. Acquire and complete the forms! You can find these at your local office supply or online. Start with the basic info such as your EIN, then your contractor’s info. Each 1099 should include the amount of money paid to the contractor, which is entered in Box 7 under the title “Non-employee compensation.” 3. Send copy B to the contractor by January 31. 4. Send Form 1096 and Copy A of each 1099 to the IRS. This is the summary of each 1099 you have completed. If filed electronically, send no later than March 31. 5. Keep a copy of your records, specially Copy C and a copy of Form 1096 for your records. Happy Filing!
Today was a beautiful day for community service. Open Books Financial had the pleasure of distributing coats and groceries at the Center of Hope. Accompanied by @mskyunitedstates there was a lot of great work done today! Stay tuned for the launch of her upcoming business next year. We encourage everyone to find a cause and help where needed. There is plenty of work to do to make our community a better place for EVERYONE. Happy Holidays!