RESOURCES
The IRS can help you start a retirement plan. Call 877-829-5500 or click here.
Tax Forms can be downloaded from the IRS. http://www.irs.gov
California Employement Development Department http://www.edd.ca.gov
California Franchise Tax Board
http://www.ftb.ca.gov
Sales Tax Filing and applications. http://www.boe.ca.gov
EMPLOYEE HIRING
Certain Forms need to be on file to save you from being fined.
Everyone gets their own file, and certain forms must reside within. The better organized you are, the better an auditor feels about you.
INDEPENDENT CONTRACTOR
Don't get caught paying their back taxes because you didn't set up the right forms.
A W-9 form from all your vendors is the rule. If they are corporations, they don't need a 1099, otherwise if they make more than $600 a year, they do. Each unfiled 1099 can carry a $250 fine, plus penalties.
KEEPING FILES ON HAND
The IRS says 7 years, but I've seen audits for longer periods. Ten years is a good rule, and forever is even better.
W9 Independent Contractor Form
New IRS rulings for business.
