I have had my small tax business since 2003; and over the years I’ve retained more clients than I lost. I’m glad to know that of the clients lost, most of them were due to my straight, by-the-book, no-nonsense approach to income tax preparation. My goal has been and will always be three-fold: To provide […]
1099-Misc: Other Income vs. Nonemployee Compensation
One of my small business clients received a form 1099-misc from one of her customers for whom she’d performed a business service. The customer unknowingly reported the income using box 3: “Other Income” when she should have reported it in box 7: “Nonemployee Compensation”. So what’s the difference? One is for payment for services performed, […]