Big news for many small business owners is coming with the online company Outright.com. This particular company is responsible for implementation of one of the best and easiest online accounting services in the industry today. Outright.com is a particularly effective way to organize any company’s business finances in one place and remarkably effectual for the smaller business owner.
There are several extremely attractive reasons to look into what Outright.com can do for your business. Any business owner can certainly profit from using Outright in more ways than one. It is a great way to reduce overhead that may be wasted with having business finances operated the old fashioned way. With Outright.com a small business owner can eliminate spreadsheets, avoid manual data entry and certainly promote a much Greener company direction by getting rid of piles of paper. One particular way that has Outright standing out from similar companies in the same business is the leadership they have displayed with the tax form 1099K.
Things change with business accounting and one of the changes on the small business accounting horizon is the tax form 1099K. The new 1099K tax form has been dubbed one of the most contentious forms in recent tax history for any online small business. This tax form will affect any online company which has produced $20,000 in sales coupled with at least 200 transactions in any tax year. The gross income reported to the IRS will be reflected on the 1099K which will be delivered from third party payment systems such as PayPal. What does this mean for a small online business? Outright.com has detailed the facts in easy to understand layman’s terms through their online site.
Outright has produced a wonderful 1099K tax form infographic on the matter as a usable resource on their website. This particular tax law change comes under the umbrella of the Housing Assistance Act of 2008 and is designed to close the tax gap or the amount of tax liability not paid on time for online businesses. Nearly all online sellers with electronic business sales working through companies such as EBay and Amazon that meet the criteria will feel a pinch with these changes, but clients that use this source for support will stay ahead of competitors in the industry that have not taken advantage of what Outright offers for small business financial services.