To keep your real estate business in good shape, you need to be smart with your money. This process can be challenging for the untrained business leader. Following these key financial tips can help you manage your cash flow and correctly file your taxes each year.
W9 Form
This important form asks for a worker’s taxpayer ID, along with other contact information. It also identifies whether the person needs to file a 1099 form.
1099 Form
By the end of January each year you need to send non-employees this form that shows the income they earned working in your business. The worker will file this form with the IRS. However, you only need to fill it out and send it to the worker if he or she earned at least $600 the previous year.
