I bring my 1099s with my other paperwork, but always have more income to report than what's on them. My CPA hardly looks at them because what I report is usually more like double what's been reported to the IRS. That's probably why your CPA wants them, too. I assume you have some kind of system to track your income so you can report it accurately, not just on what's on your 1099s.
Note to newbies: I'd expect nearly all of us would have more income than 1099 income except notaries who do no GNW, work exclusively for the same signing service(s) and/or title company(ies), and have earned at least $600 from each. Naturally, we're required to report ALL income to avoid penalties, if ever audited.
That's why every new notary should be sure to have some kind of accounting system to track their income as they go. (It's also essential to managing your business to track your income vs. expenses!) Quickbooks is probably the most recommended, but there are other software options available these days, including a couple that are designed specifically for our business. Some may be less expensive than QB.
We don't talk much about accounting when start-up costs are discussed, but maybe we should.
|
