Upkeeping, LLC

A word of caution on the “new” SETC Credit.

We've debated on how to break this news to you...
..but here's the deal. Contractors/Freelancers, you shouldn't just go with what your 1099s say as your reportable tax income. Why? Because 1099-NEC rules are tricky.

1099-NEC filers only need to report amounts over $600 that they've paid you via their bank accounts. But if they pay you via their credit card, or payment platforms such as PayPal Business or Venmo Business... that's not reported on the 1099s they send your way. Instead those other payment platforms hold the responsibility to send you a 1099.

Here's where it gets trickier. Those credit card companies and other payment platforms only need to send you a 1099-K if you've received payments over $20k 𝗔𝗡𝗗 have at least 200 transactions*. You might not hit that threshold, so you might not receive a 1099 for those received amounts.

What does this mean for you? It's on you to keep accurate accounting records so that you can report 𝙖𝙡𝙡 of the correct amount of income received.

*this is hopefully changing in 2024 with a proposed $5k 1099-k threshold.

Be wary of Employee Retention Credit advertisements that advise you to "apply" for money by claiming the when you may not qualify. Talk to a trusted tax pro and make sure you review the answers to frequently asked questions: https://ow.ly/SQsY50PrSfg

We had so much fun with our spring/summer workshops! Thankful for Workhorse (for letting us use their awesome space) and PNW Women’s Network for Mandy’s belief in community.

If you’re a small business owner and considering B.I.Y. (bookkeeping it yourself) - watch this short video! These few tips might save you hours and $$$.

https://www.instagram.com/reel/CvXNMhNPIiG/?igshid=MzRlODBiNWFlZA==

✨Workshop Highlight✨ PNWWN hosted a workshop with @upkeeping.co where Erin broke down the importance of bookkeeping and other money topics. We had valuable Q&A, and even some laughs! These events are for YOU because as a network I am building the rooms to support you, your business, and your dreams. Join us at the next event, see the website link in bio for dates and locations. 🎥 @1.up.creative

We had the best time at PNW Women in Business Live!

Erin | Accountant / Bookkeeper on Instagram: "Surround yourself with women who care. With women who’ve been there or will be there. And never ever forget how much power women have when they lift each other up. @pnw_womeninbusinesslive... 20 Likes, 2 Comments - Erin | Accountant / Bookkeeper (.co) on Instagram: "Surround yourself with women who care. With women who’ve been there or will be there. And never ever forget how much power women have when they lift each other up. ...

I’m so excited to share that I am an award winner! If you didn’t know, the
Awards were created to honor and recognize women within the women-led entrepreneurial
community who have preserved through unimaginable odds and achieved remarkable success. Upkeeping is ecstatic to be among the 100 incredible and hardworking winners.🥂

https://www.irs.gov/newsroom/heres-how-businesses-can-deduct-startup-costs-from-their-federal-taxes

Here’s how businesses can deduct startup costs from their federal taxes | Internal Revenue Service Tax Tip 2021-166, November 9, 2021