June 20, 2024
Ah, the endless joys of tax season! Just when you thought navigating the IRS maze was as fun as finding a skunk at your campground, we’ve got some news that will make you double-check those W9 forms. For all you entrepreneurs, legacy-builders, and stewards of family businesses out there, brace yourselves: the 1099 limit bill didn't pass!
Remember the rumors swirling around like a campfire story gone wild? The talk of increasing the 1099 threshold from $600 to $1,000 was everywhere last year. For those who need a refresher, a 1099 form is what you issue to an unincorporated entity or person for services rendered—think of it as the IRS’s way of saying, "We see you, we tax you."
The $600 limit has been around since the dawn of time—or at least it feels that way. Imagine our collective sigh of relief when we thought we'd get a break and see that limit raised to $1,000. Spoiler alert: it didn’t happen. We're still stuck at $600.
Accounting practitioners near and far have been buzzing about this new limit. But folks, I'm here to burst that bubble: the law never passed. That's right, if you've been collecting W9 forms thinking, "I'm good until I hit $1,000," it's time to pump the brakes. The IRS hasn't changed their tune, and neither should you.
To avoid mid-year headaches and year-end panic attacks, remember Donna's golden rule: no W9, no check. This simple mantra can save you from mad scrambles during the busy season. Trust me, chasing down contractors for forms in December is about as much fun as untangling Christmas lights.
And here’s a nifty tip: if you're paying by credit card, you get a free pass! No 1099 needed. It’s like finding out your favorite fishing spot is still a well-kept secret—pure bliss.
At Campground Accounting, we get it. We’re RV enthusiasts and accounting pros who understand that life is about more than just business. Our mission? To breathe life into your campground ownership while saving you from the chaos of operations overwhelm and decision fatigue. With Donna's passion for a progressive perspective on accounting, we'll help you explore options for growing a robust campground business and press play on your bigger ideas.
So, don't let outdated tax thresholds and myths derail your smooth sailing. Let us handle the number-crunching while you focus on turning your campground dreams into reality. Ready to navigate these turbulent waters? Stick around, and let's make some strategic moves together!
Please follow us on Facebook and Instagram. Please make sure to check out our blog and our website link below. Subscribe to our YouTube channel and hit the bell to be notified when we post. You can email me at donna@campgroundaccounting.com.
Donna Bordeaux, CPA with Campground Accounting
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.